Rents are down across Las Vegas Valley, report says

Rents were down across the board in the Las Vegas Valley to end 2025, according to a new report.

Zumper’s December report for the valley has one bedroom prices down in every enclave, with Paradise seeing the biggest drop at 14.3 percent year-over-year to end 2025. Henderson was second with a 4 percent decrease, then Spring Valley at 3.6 percent, then North Las Vegas at 3 percent, Las Vegas at 1.7 percent and Winchester at 0.8 percent.

The Winchester area, which is to the east of the Strip and north of Harry Reid International Airport saw the biggest month-over-month decline in rents to the end of December with a 5.8 percent drop, according to Zumper.

“Rates are down across the board in the Las Vegas metro area for the month of December,” said Crystal Chen, one of the authors of the Zumper report. Chen noted the overall one bedroom rate in the state of Nevada was $1,277 at the end of the year, meaning the Las Vegas Valley was the only area in the state to see a drop.

Paradise has the most expensive one bedroom rents at $1,500, and of note its area encompasses parts of the Strip. Paradise is followed by Henderson at $1,430, Spring Valley at $1,350 and North Las Vegas at $1,349. The city of Las Vegas has the cheapest rents at $1,150, however of note the Zumper report does not tabulate rents in the city of North Las Vegas.

After ballooning during the pandemic, rental rates have come down from record highs in 2022, returning to pre-pandemic norms. The Las Vegas Valley’s overall rental market is expected to be flat in 2026, with small gains in certain areas.

A recent Lending Tree report found that Las Vegas has the seventh lowest gap between the cost of renting and owning a home in the state. According to the company’s estimates which pulled U.S. Census Data from 2023 to 2024, the median rent is $1,739 a month and the median housing cost for a home with a mortgage is approximately $2,025, which makes for a $286 gap and places the city 94th in the country out of the 100 largest metro regions.

On average across the country, homeowners pay approximately 36.9 percent more a month than renters, and the median rental rate in the country and San Francisco has the biggest cost difference between renting and owning with a mortgage.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.