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Rent prices continue to rise in Las Vegas, but remain lower than national average

Rent increases for 13th straight month in Las Vegas
Posted: 6:35 AM, Jan 03, 2019
Updated: 2019-01-04 07:59:13Z
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LAS VEGAS (KTNV) — Rents are still on the rise in Las Vegas. However, they are below the national average and much cheaper than many cities in California.

According to ApartmentList.com , rent in Las Vegas have increased by 4.4 percent in the last year.

That means that rent has increased for 13 months straight.

"Finding affordable apartments is getting harder and harder because so many of the older complex's are being converted to luxury apartments and all the new ones are starting off above market rent," said Zar Zanganeh, owner and broker at Luxe Estates & Lifestyles.

Right now, we are $20 below the national average for a 2 bedroom. The median rent for a 2 bedroom in the Las Vegas valley is $1,160. The national average is $1,180. Rents have increased 0.2 percent nationwide over the last year. That means they are increasing at a much faster pace in the Las Vegas area.

"There are over 10 billion dollar projects happening in Vegas at this moment so we have an influx of labor coming into Las Vegas and all of those people need to live somewhere," Zanganeh said.

The median rent for a 1 bedroom is $930.

The lowest median rent in the nation can be found in Anniston, Alabama. You can rent a 2 bedroom apartment there for approximately $436 per month.

The most expensive apartments can be found in California. The median rent for a 2 bedroom in Danville, California, is $5,472. You'll pay approximately $5,186 in Cupertino and $4,933 in Los Altos.

Except for a few cities in New Jersey, New York and Massachsetts, cities in California dominate the list of 75 cities with most expensive rent.