How expensive is Las Vegas’ rent compared to Austin, Denver and Salt Lake City?
The Las Vegas Valley’s rental rates are lower than four out of five metros with similar populations, according to a new report from Zumper.
Clark County’s median price for a one-bedroom rental, according to Zumper, sits at $1,250 at the start of June. The highest out of the five metro regions is Denver County, Colorado, which sits at $1,512, followed by Sacramento County, California ($1,500), Austin, Texas (Travis County) at $1,476 and Portland, Oregon (Multnomah County), at $1,425. Rent is lower in Salt Lake County, Utah ($1,230).
The cost of a two-bedroom in the Las Vegas Valley sits at $1,500, a 3.2 percent drop month over month in June, however year over year that number is flat.
Zumper’s latest national rent report shows a significant shift in rental patterns across the country as rents are either flat or declining in most of the major metro areas because of a number of factors, the largest being a massive influx of apartment units that have come online this year.
The median one-bedroom rental rate in the U.S. held steady in July, while two-bedroom rental rates dropped 0.3 percent to $1,905 last month. Regarding year-over-year trends, one- and two-bedroom rents are down 0.7 percent and 0.3 percent, but Zumper CEO Anthemos Georgiades said the overall rental market is still defying the economic headwinds right now.
“Even with ongoing economic uncertainty, the U.S. rental market continues to demonstrate striking resilience,” he said in a statement. “While the national rent rates are slightly down from last year, that softness is misleading. In the context of a historic wave of new supply, the limited decline in rents is a strong indicator of how powerful renter demand remains.”
Overall, the valley’s rental rate ranks as the 65th most expensive metro in the country, down two ranking spots since June and puts its overall rate just ahead of Knoxville, Tennessee and behind Buffalo, New York.
Las Vegas has also seen a rise in senior renters over the past decade, outpacing the national average in that category.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
