Only 4% of LV apartments on market going for $1,000 a month or less, market tracker says

The average cost of a studio apartment costs around 900 bucks a month and the average cost of a 3-bedroom apartment is around $2,000, current rental market trends show, painting a grim picture for tenants in Las Vegas. 

At a time when recent reports from UNLV researchers show that in Southern Nevada “7 of the 10 most common occupations do not earn the income needed to afford rent for a studio apartment”, June 2022 market trends compiled by the online housing search platform Rent.com confirms that it might be impossible for much of Southern Nevada’s workforce to afford apartment rent.

The average cost of a studio apartment in Las Vegas in June is 15% higher than in June of 2021, and costs $875, whereas the average cost of a 3-bedroom apartment has increased by 25% percent and is currently costing $1,950. 

The average rent of a two-bedroom apartment, which is $1,622, has gone up by 14 percent from 2021. The average cost of a one-bedroom apartment has seen a small decrease of 4% at $1,372. 

Statewide, the cost of rent has increased 20% in the last two years which is preventing many from finding affordable places to live in.

The U.S Department of Housing and Urban Development defines affordable housing as a situation in which people do not have to spend more than 30 percent of their income on housing and utilities.  

To be able to afford a studio apartment in Las Vegas (Downtown and South LV) at the current rate of $875, a family/individual will need to have an annual income of  about $36,000. 

However, the most common occupation in the Las Vegas area is a retail salesperson (a job held by 28,590 workers according to UNLV’s findings) with median annual wages of  $25,570 a year. 

According to Rent.com, there is no availability of apartments with prices ranging from $501 to $700, making it impossible for typical retail salespersons to afford a studio apartment in Las Vegas. 

The portal’s market tracking shows 26% of apartments in Las Vegas are priced between $1,500 to $2,100 a month, and 60% of apartments in Las Vegas are priced $2,101 and above. Apartments that cost between $701 to $1,000 constitute a mere 4% of apartments on the market.

In some individual neighborhoods, the rents are substantially higher. 

Priced at $1,674, the average cost of a studio apartment in places like Centennial Hills and Lone Mountains have seen a 53% increase from last year.