How much was rent in Las Vegas before the pandemic?
The cost of a one-bedroom apartment in the Las Vegas Valley has gone up more than $400 since the start of the pandemic, according to a new study.
The average rent for a one bedroom in the valley was $1,145.68 at the start of 2020, and as of the end of October 2024 that figure had jumped to $1,547, a $402 increase, according to data from online statistical website Numbeo which pulls from U.S. Census Bureau and the Consumer Price Index. In comparison, the average rent for a one bedroom in the valley was $640 in 2012.
Zillow has the median price for a rental apartment in the Las Vegas Valley currently at $2,000 as an average for all bedroom counts, which is a $31 dollar increase year over year.
Rental rates dropped in the Las Vegas Valley up until the end of September from a glut of new supply coming on the market, according to a study from Redfin.
The median asking rent for all bedrooms in the valley was at $1,475 at the end of September, a 1.5 percent decrease from August and a 1.7 percent increase from September of last year, according to Redfin. Many Sun Belt cities are starting to see large month-over-month rental rate drops, including Jacksonville, Florida, (-11.3 percent) Raleigh, North Carolina, (-10.6 percent) and San Diego (-10.4 percent).
A Zillow rental study from February found that Las Vegas households now needed to make at least $69,810 annually to be able to afford rent in the valley, which is above the median household income, according to the census.
Most people (74 percent) making under $50,000 are struggling to afford housing payments across the country, according to a new study from Redfin. One quarter of those people said they have skipped meals to afford monthly housing costs and also a quarter said they have sold household belongings to make rental payments.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
