Here’s where you’ll find the valley’s highest, lowest rents
If you’re looking for the cheapest rent in Las Vegas, head to the eastern portion of the valley, according to a new study.
Rental rates per square foot are the lowest in the 89142 ZIP code, which is east of Nellis Boulevard and includes such neighborhoods as Orchards, Winterwood and South Christy, according to a new study from RentCafe, which pulled source data from Yardi Matrix.
In that ZIP code, renters can get approximately 1,242 square feet for $1,700.
The most expensive rental rate per square foot can be found in ZIP code 89135 — Summerlin South — where $1,700 gets you only 857 square feet.
Approximately 71 percent of the Las Vegas Valley’s ZIP codes (27 of 38) offer more than 1,000 square feet for $1,700, including 89156 (north of 89142) and 89115, which is partially located within the city of North Las Vegas and encompasses the neighborhood of Sunrise Manor.
The average aggregate rental rate in Clark County dropped around 2 percent this year, to approximately $1,400, according to the Nevada State Apartment Association, but remain high as they rose substantially over the past two years during the COVID-19 pandemic.
Forecasts show rents will start rising slowly sometime in 2024, but not in the first quarter, said Robin Lee, executive director of the trade group. Rents won’t rise even close to what the market saw in 2021, when inflation soared coming out of the pandemic, Lee said.
“The prediction is that the increase will hit at or below 5 percent and stay flat through the next four or five years,” she said.
The pipeline for multifamily development construction has been hit by increased inflation and construction costs. Local real estate brokers predict vacancy rates for apartments will rise next year, but the average rental rate for the Las Vegas Valley is expected to remain flat or rise slightly.
The RentCafe study said $1,700 is the approximate average rent across the U.S.
Southern and Midwestern cities such as Memphis and Oklahoma City have some of the cheapest rents in the nation, RentCafe said. The highest rates in the country are in Manhattan, where $1,700 will get you only 211 square feet.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.