LAS VEGAS, NV – The Las Vegas rental market – just like any other aspect of the real estate market in Southern Nevada these days – is still experiencing record degrees of growth, with prices that are rising at levels not seen in well over a decade. Rental prices, while showing signs of slowing down and stabilizing in recent months, are nonetheless approaching amounts that rival the boom period of Las Vegas real estate seen just prior to the mid-2000’s burst of the housing bubble.
But obviously – as all things are not created equal – some areas of Las Vegas are commanding higher rental fees than others. But while rental fees continue to rise, a new study reveals that not all things are created equal, as obviously there are some areas of Las Vegas that are just plain more expensive to rent in than others. The study broke things down by individual zip codes, noting which ones were pricier than their neighboring peers.
The study analyzed 4,400 zip codes in over 130 markets, and based on that established national, regional, and state rankings for rental costs. In Nevada, the Las Vegas Valley – zip code 89123 – is the most expensive area in the state to rent, with the 2019 average price coming in at $1,789 per month; this amount represents an increase of 6.6 percent from 2018.
In second and third most expensive the study indicated a tie; zip codes 89521 (Northern Nevada) and 89436 (Reno) average about $1,685 a month. In fourth place comes Henderson – zip code 89012 – with the average rent amounting to $1,541; a jump of 7.7 percent from last year, the study notes. And finally, in fifth place, Clark County zip code 89141 has an average rental cost of approximately $1,523 a month.
|RANK||ZIP CODE||CITY||AVERAGE RENT|
However, it should be pointed out that overall, the cost of living in Las Vegas is still well below the national average, especially when compared to neighboring states such as California, where the rent in zip code 90024 – Los Angeles – will set you back a cool $4,944 a month (up 4.1 percent from 2018). However, the most expensive zip code in the United States to rent in currently is Manhattan, NY (10282), where the average rent comes in at a whopping $6,211, a 12.4 percent year-over-year increase.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.