Monthly Las Vegas Rental Report: How Much Can Landlords Expect for Rent? (October 2026)
LAS VEGAS, NV – Southern Nevada’s median completed lease price fell to $2,000 in September, down $45 from August and just $5 above its level one year earlier. Newly released Las Vegas REALTORS® residential rental market data shows that both median and average lease prices declined during the month, while the number of properties leased held nearly steady.
A total of 1,882 residential rental units were leased through the MLS in September, compared with 1,889 in August and 1,913 in September 2025. New rental listings fell to 1,962, down 6.1 percent from August and 5.9 percent from one year earlier.
September rental market at a glance
The figures below cover Southern Nevada residential rental activity reported by Las Vegas REALTORS®. Prices reflect completed leases.
| Market measure | September 2026 | August 2026 | September 2025 | Annual change |
|---|---|---|---|---|
| Median completed lease price | $2,000 | $2,045 | $1,995 | +0.3% |
| Average completed lease price | $2,405 | $2,582 | $2,276 | +5.7% |
| Residential units leased | 1,882 | 1,889 | 1,913 | -1.6% |
| New rental listings | 1,962 | 2,089 | 2,086 | -5.9% |
Average and median rents both decline
September’s $2,000 median represented a 2.2 percent monthly decline. The average completed lease price fell more sharply, dropping $177 to $2,405, a 6.9 percent decrease from August. Compared with September 2025, however, the median increased 0.3 percent and the average rose 5.7 percent.
The monthly average has moved considerably in recent reports. Our August edition, covering July’s activity, reported an average of $2,384. That figure climbed to $2,582 in August before falling back to $2,405 in September. The median has followed a different course, declining from $2,100 in July to $2,045 in August and $2,000 in September.
Changes in the mix of properties leased can affect both measures, particularly the average. September’s results therefore do not mean that every rental home lost 6.9 percent of its rental value. The median’s small annual increase provides a more restrained view of pricing than the average’s 5.7 percent gain.
Leasing activity holds steady as new listings fall
Completed leases declined by only seven properties from August, a 0.4 percent decrease. That was a much smaller monthly change than August’s 14.1 percent decline from July. September’s leasing volume was also 1.6 percent below its year-earlier level.
New listings fell by 127 from August to September. These figures measure properties newly listed during the month, rather than the total number available for rent. They do not establish whether overall rental inventory or vacancy rates increased or decreased.
Longer-term figures show little change in median rent
Over the trailing 12 months, the median completed lease price remained $2,006, unchanged from the preceding rolling period and up just 0.2 percent from the comparable year-earlier period. The trailing 12-month average reached $2,300, up 0.5 percent from the preceding period and 2.5 percent from one year earlier.
Completed leases totaled 23,818 over the trailing 12 months, down 1.4 percent from a year earlier. New listings totaled 22,563, also down 1.4 percent. Taken together, those figures show modestly lower activity alongside very little annual movement in the longer-term median lease price.
What this means for Las Vegas landlords
September’s figures give property owners reason to review their asking rents carefully. The monthly median has declined for two consecutive months, and the latest $2,000 figure is nearly unchanged from a year ago. Owners preparing to list a property should base their expectations on recent completed leases for similar homes in the same neighborhood, along with the properties currently competing for tenants.
A home’s size, condition, amenities and location remain essential to that comparison. Regional figures provide useful context, but a higher marketwide average does not establish that an individual property can command a higher rent.
For a customized rental analysis, contact Shelter Realty Property Management at 702-376-7379 to discuss your property and current rental conditions in Las Vegas, Henderson or North Las Vegas.
Data Source: Las Vegas REALTORS® Residential Rental Market Data for Southern Nevada, September 2026, through LVRdata.com, a collaborative effort between Las Vegas REALTORS® and Las Vegas-based Applied Analysis. Figures are from the dashboard captured October 14, 2026.
