For Las Vegas residents, it’s no surprise that rents are on the rise. The percentage increase, however, might come as a shock. According to March 2022 data from rental platform Zumper, rents for both one and two-bedroom apartments have climbed over 25% in the last year.
The median rent for a one-bedroom apartment in Las Vegas is $1,270 a month. The median rent for a two-bedroom apartment comes in at $1,560 per month. Other cities in Nevada have also seen significant rent spikes in the past year.
For example, median rent on a two-bedroom apartment in Henderson, Nevada stands at $1,790 per month, which is a 28.8% increase over last year. Rent increases in Reno, however, have been less steep. You’ll pay median rent of $1,640 per month for a two-bedroom apartment in Reno, which is an annual increase of approximately 10%.
How do rents in Las Vegas compare to other cities?
Las Vegas ranks number 46 on Zumper’s list of 100 U.S. cities ranked by rent growth over the last year.
These are the five most expensive cities in the country with their median monthly rents for a one-bedroom apartment:
- New York, NY: $3,260 per month
- San Francisco, CA: $2,910 per month
- Boston, MA: $2,660 per month
- Miami, FL: $2,500 per month
- San Jose, CA: $2,420 per month
These are the five least expensive cities in the country with their median monthly rents for a one-bedroom apartment:
- Wichita, KS: $650 per month
- Akron, OH: $680 per month
- Lubbock, TX: $690 per month
- Shreveport, LA: $730 per month
- Lexington, KY: $800 per month
How much do you have to earn to afford rent in Las Vegas?
The National Low Income Housing Coalition ranks each state by the hourly wage a worker would need to earn to afford a two-bedroom home. Nevada ranks number 22 of all states for highest housing wage.
According to the coalition’s statistics, you would need to earn $21.83 an hour to afford a two-bedroom rental home in Nevada. A minimum-wage worker in Nevada would need to work an astonishing 73 hours per week to afford the rent on a modest one-bedroom unit at fair market rent.
What’s causing the high rents in Las Vegas?
Las Vegas has become a magnet for out-of-state homebuyers and renters. Compared to home and rental prices in many other major U.S. cities, prices in Las Vegas are less expensive. For example, as we recently reported, median rents in Miami have skyrocketed 38.9% over the last year to $2,500 per month for a one-bedroom apartment.
Las Vegas also boasts many other advantages that attract newcomers. These benefits include year-round sunshine; access to retail, restaurants, and entertainment; and no state income tax. Additionally, more people are now working from home. Remote workers realize they can move from more expensive regions to less expensive regions and experience tremendous savings.
As more people flock to Las Vegas, home prices and rental rates have skyrocketed. It’s a matter of simple supply and demand. The higher the demand for Las Vegas housing, the more prices will continue to increase. These rapid price hikes are putting pressure on lower-income Las Vegas residents who are not getting wage increases that match the higher cost of living.
What are your thoughts on Las Vegas rents?
How have the recent rent hikes in Las Vegas impacted you? Will you move to a less expensive area? Please post your thoughts in the comments section.
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