Rent is going down in Las Vegas – and so is the amount of people moving to Las Vegas.

Rent in Las Vegas has decreased slightly over the last year, and is lower than the national average, a new report shows.

Rents across the Las Vegas Valley have decreased by 2.2 percent in the first quarter of 2023 compared to the same period last year The average rent is now $1,430 a month, according to a report from the Nevada State Apartment Association, which represents rental housing owners in Nevada.

The national average rent is $1,660, according to the report.

The report represents data from 11 submarkets in Clark County. In the first quarter, rents were down in nine of those 11 submarkets. The submarket with the lowest rent was south outlying Clark County, where the average rent was $910, while the most expensive was west outlying Clark County, where the average rent was $2,357.

The drop in rents in Las Vegas was attributed to the new multifamily housing stock, and lower demand for multifamily housing, since the pace of people moving to Las Vegas has slowed, according to Robin Lee, the executive director of the NVSAA.

Lee told KTNV news, “while there will continue to be fluctuations in availability and price, it is clear that residents have plenty of options in great multifamily properties, which are vital to any community.”

The report showed there is a 9.6 percent vacancy rate for multifamily units, which is above the historical average of 7.8 percent. The vacancy rate has more than doubled since 2021 when it was 4 percent and NVSAA projects that vacancy rates could reach 11 percent by the end of 2023. Increased vacancy rates are due to tenants looking for lower rents, moving in with family or friends, relocating to more affordable markets and evictions in Las Vegas.

Unfortunately, in the past year, there have been at least 58,500 evictions filed in Clark County, which is about 160 percent of the average during pre-pandemic years.

Available rental inventory should increase in Las Vegas. The NVSAA reports there are at least 26 multifamily developments in progress in Las Vegas that are projected to finish development by early 2024. With the addition of these developments, which will bring about 8,300 units to the Las Vegas market, the multifamily housing inventory level will increase by 4.6 percent by early 2024.

Here is the average rent for Clark County, Nevada in the first quarter of 2023, and the obvious change from last year.

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