Las Vegas Rental Market Statistics 2022 + 2023

Las Vegas Rental Market Statistics 2022 + 2023

Our residential real estate market is on fire. Some of the leading local and national authorities on such subjects believe Southern Nevada is better equipped today to weather a national economic downturn. Most economic indicators suggest the local housing market is likely to remain stable into the foreseeable future. Recent real world Las Vegas rental market statistics prove this to be true.

Las Vegas Has Strong Rental Demand

The Las Vegas valley has strong rental demand and we are seeing increased rental prices. Our rental market is active. Entry level rental homes in the Las Vegas valley begin around $1,700/mo and there is strong demand for rentals upwards of $7,500/mo for guard gated Red Rock Country Club in Summerlin.

“We have a lot of people coming in from other states that are able to work from home,” Susy Vasquez, executive director of the housing association, said in an interview. “That really is what’s pushing rents, is the ability to work from home and the number of people that are coming to Nevada because it is cheaper to live here than in the surrounding states.”

Current Stats: 130 new Nevada residents every day which equates to 5.4 new Nevada residents per hour! Where are these people coming from? 44% are coming from California along with 4.4% from Florida, 4% from Arizona, 4% from Texas and 3.8% from Washington.

Below are four real world examples of houses recently rented across the Las Vegas Valley…from $1,700/mo to $7,000/mo.

Las Vegas Rental Statistics Example # 1

The first investment property example is of a higher-end rental on TPC Las Vegas golf club which could be purchased purchased for 1.2+ million and rented for  $5,500/mo+. While this investment price range may be outside of many investors radar it’s important to note there is a shortage of luxury rentals in Las Vegas. If you can afford a higher purchase price the higher rent rates come along with it. Swipe right to view photo slider.

Las Vegas Rental Statistics Example # 2

Westwood Village neighborhood: Thurston St. Henderson 89074

  • Market rent – $2,200/mo
  • Market value – $450k

Las Vegas Rental Statistics # 3

Green Valley Ranch:  Thunder Ridge Circle Henderson 89012

  • Market rent – $2500/mo
  • Market value – $500k

Las Vegas Rental Market Statistics Example # 4

  • Market Value – $1,400,000
  • Market rent – $7500/mo

5 Key Rental Market Points:

Consider these five key points provided by Brian Gordon, a principal at Applied Analysis, a leading local research and economic analysis firm:

1. Economic and population growth support demand in the housing market. Positive trends in the Southern Nevada economy continue to push the local housing market forward. As population grows, so too does the local housing market. While official population statistics are only released annually, more recent indicators of population confirm growth is continuing in Southern Nevada.

2. Southern Nevada’s development pipeline continues to generate demand. Southern Nevada now has nearly $26 billion worth of notable investments throughout the valley, including $14 billion invested in projects currently under construction. The development pipeline is highlighted by the $1.2 billion MSG Sphere at the Venetian planned to complete in late 2020, as well as the $690 million Palms Casino Resort wrapping up its overhaul. The construction and operations phases of major developments provide employment opportunities for locals and newcomers.

3. Positive employment growth extends its streak. The local economy added 21,600 net new jobs during the past 12 months, bringing the total number of employees to 1.02 million. A larger and more diverse workforce will lead to a more stable housing market in Southern Nevada.

4. Single-family housing market trends suggest stability. Resale home sales data during August 2019 trended positively, increasing on a month-to-month and year-over- year basis. The number of single-family homes sold remained strong, with nearly 3,200 resale closings in the MLS. Importantly, the median price continued to rise, growing 3.4 percent from the prior year to $305,000 as it approaches its prior high watermark of $315,000. It is also worth noting that more than half (52%) of homes sold during that month were on the market for 30 or less days.

5. The balance between home prices and incomes will be important going forward. Housing affordability is becoming an increasingly greater concern for a number of households in Southern Nevada. Finding a balance between growth in home prices and household incomes will be important. August housing data suggests the single-family home price is up 3.4 percent from a year ago. Additionally, the latest wage data for local residents is up nearly 3 percent (2.9 percent) from the prior year. Current conditions suggest the housing market is settling into a more sustainable pace of price appreciation, which should bode well for Southern Nevadans

Low Property Taxes

Low property taxes are one of the main reasons Las Vegas investment properties are so attractive. On average property taxes are about 1/2% (.005%) of the purchase price. For example, a property purchased for $350k would incurred annual property taxes around $1,750 annually ($146 monthly). This public search page can be used to determine current property taxes for any property in Las Vegas and Henderson: Clark County Treasurer.

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