Las Vegas Neighborhoods by Average Rent Prices

Las Vegas Neighborhoods by Average Rent Prices

If you’ve ever thought of living in Las Vegas, you might wonder what it would be like — and if you could afford it. With all of the cool amenities it offers, not to mention the perks residents get like discounted show tickets, Las Vegas might seem like an expensive place to live. However, the average rent is surprisingly affordable.

Whether you’re looking to live under the lights of Downtown or the quiet suburbs of Southwest Las Vegas, there’s definitely something in your price range.

What is the average rent in Las Vegas?

Las Vegas is seeing a lot of fluctuation in its rent prices. Since the city limits aren’t really restricted by mountains or other constraints, there’s plenty of room to grow and continue building new developments as needed. There are also a few areas going through a revitalization and attracting new crowds of residents.

Overall, the city has seen a 12.8 percent increase in rent prices year over year, bringing it to about $1,188 on average. For a city like Vegas, that’s a pretty reasonable price to pay, especially since you’ve got endless fun and excitement at your doorstep. Plus, you’re right in between California and Utah, two states with plenty of outdoor activities, from national parks to relaxing beaches, and you have access to one of the best international airports in the nation.

While the Entertainment Capital of the World is traditionally known for jobs in the service and entertainment industry, Vegas is seeing lots of other business opportunities pop up for residents since the affordable cost of living is bringing in business owners. With a growing job market and ample room to grow, this city isn’t slowing down any time soon.

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The most and least expensive Las Vegas neighborhoods

No matter what you value in a neighborhood, Las Vegas pretty much has it all. It’s not all lights and excitement in the city, and there are quieter areas. What will really affect the price of your rental comes down to amenities.

If you’re close to restaurants, shopping and fun activities, you’ll pay a bit more. But if your budget doesn’t allow it, you can always find the happy medium and nestle yourself in between the noise of the city and the quiet of the suburbs — with equal access to everything.

The most expensive neighborhoods in Las Vegas

The more expensive neighborhoods tend to be in two types of areas that are almost completely opposite of each other. On the one hand, you have areas near all the classic Las Vegas attractions on the Strip and on the other hand, you’ve got the suburbs that are far away from all of the lights. Although they’re in different areas that seem nothing alike at first glance, they actually have a few things in common.

Both of these types of neighborhoods are near restaurants, shopping and other amenities. The Downtown and East Village areas are near all of the hustle and bustle of the Strip, with plenty of access to restaurants, casinos and high-end stores, along with the Vegas shows.

The other neighborhoods are located away from the main action but have almost all of the same amenities — without the crowds of the city. Since they’re so far away from the central part of the city, most of these neighborhoods have created their own mini-cities within the community, complete with parks, dining and splash pads. Particularly, Southeast Las Vegas has recently seen new developments, like hundreds of brand new apartments, which has increased its average rent by more than 43 percent over the last year.

*May not be a true market representation due to insufficient inventory

The least expensive neighborhoods in Las Vegas

Since most of these neighborhoods sit right in between the secluded suburbs and the big city action, there aren’t many big amenities located directly within them. These areas aren’t as quiet as the suburbs that are further away from central Las Vegas, so you’ll still get the feel of living in the city, but without immediate access to lots of restaurants and shopping.

However, these areas are close enough to both the quiet and the busy that you can easily reach whatever you’re in the mood for. Feeling like a classic Vegas buffet dinner and a show? You’ve got plenty of them on the Strip within a reasonable 10-20 minute drive. Or, if you’re ready for a day out visiting a quiet boutique strip mall, you’ve got places like Summerlin that are also fairly close, so you can experience whatever you’re in the mood for without having to trek across the entire city.

Canyon Gate has seen a decrease in rent prices — which might be an opportunity to jump at. While it’s one of the more affordable places for rent, it’s right on a golf course and feels like living at a resort in many ways — grass, palm trees and even ponds full of blue water.

*May not be a true market representation due to insufficient inventory

Average rent prices in Las Vegas neighborhoods

To get an idea of the average rent prices throughout Las Vegas, check out the chart below.

*May not be a true market representation due to insufficient inventory

Find your Las Vegas neighborhood

Regardless of your living preferences, you’ll find something that tickles your fancy in Las Vegas. You’ll experience one of the most interesting and diverse cities you can imagine.

Find an apartment here and you’ll constantly be surprised by what the city gives you.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in November 2020 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

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Published at Thu, 03 Dec 2020 14:00:18 +0000