Year-Over-Year Rent Price Analysis

The subject of today’s snapshot is for Downtown Las Vegas, Nevada. Based on our analysis, Las Vegas’ year-over-year average rents increased across all bedroom types.

Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Las Vegas 1–2 bedroom rents from February 1, 2021 – February 1, 2022:

As the table shows, 1BR units increased by 10% from last year or $108 more, and the 2BR units increased by 24% from last year or $325 more. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.

Market Activity: Las Vegas, Nevada

Are you interested in investing in Las Vegas? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the Las Vegas rental market that can help you with your investment analysis and overall decision.

• Price-to-Rent Ratio
  • Avg 2BR House Price: $371,951 (According to Redfin)
  • Avg Annual 2BR Rent: $19,908 ($1,659 x 12 months)
    • Price-to-Rent Ratio: 19
• Population Growth:
  • Las Vegas’ population increased by 10% over the last decade from 2010-2020 (According to US Census)
• Major Companies & Institutions: NV Energy, Aristocrat Technologies, Station Casinos, Switch, Southwest Gas Holdings, CF Corporation, Wynn Resorts, International Game Technology, Las Vegas Convention and Visitors Authority, Rimini Street, University Medical Center of Southern Nevada, Konami Gaming, Sunrise Hospital & Medical Center
• Employment Growth: 4% (According to US Bureau of Labor Statistics)

About Rentometer

Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Las Vegas. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.

This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.