Apartment Rent Growth in Las Vegas Remains Strong Over National Average

The Las Vegas real estate market is benefiting from a sustained job and population growth this cycle. Population gains in Las Vegas over the past several years are double the national rate, with the bulk of that coming from in-migration, particularly from Southern California.

The population influx has kept demand for apartments growing, and rents are spiking as a result. Over the past four quarters, Las Vegas’ apartment rents grew at over 7%, one of the highest figures in the nation. This is more than double the national index of around 3%, and more than triple the metro’s historical average of about 2%.

The robust rent growth over the past several years has propelled Las Vegas’ average asking rents to new highs. At the end of the second quarter, asking rents averaged about $1,090 per month, which is approximately 25% higher than their prerecession peak in the region. While the majority of the metro’s existing inventory is comprised of mid-level properties, the bulk of this cycle’s new development has been more high-end units, where rents average around $1,300 per month.

Rent gains are solid in these more upscale assets despite the influx of new units, but they still trail the gains being seen in existing stock. The more affordable homes are experiencing more robust demand, with some of the lowest vacancies in the metro when compared to low- or high-end homes, as well as the strongest rent growth across asset classes. Average asking rents for mid-level properties are over $1,025 per month, almost 30% above their prerecession peak.

Looking forward, CoStar forecasts that apartment rent growth will likely remain strong in the second half of this year. If the current trend continues, average asking rents in Las Vegas are likely to continue reaching new highs in the market.

Thank you for reading our post, “Apartment Rent Growth in Las Vegas Remains Strong Over National Average.”  Thank you to CoStar and Megan Cambone for the original article. For more Las Vegas rental market information, tips on moving to Las Vegas, Las Vegas real estate market news, information on Las Vegas homes for sale, buying a home in Las Vegas, or general real estate information please visit our website www.lasvegasrealestate.com.