LAS VEGAS (FOX5) — As newcomers continue to flock to Southern Nevada, Las Vegas renters are finally seeing some relief, according to new data.
According to a report citing data from a Realtor.com August rental report, Las Vegas has seen the most significant percentage of price cuts for rentals compared to peak numbers.
Rental prices in Las Vegas have fallen 13.6%, matching the decline in Atlanta and slightly surpassing the cuts in Austin, Texas. The median asking rent for August in Las Vegas was $1,443, down from a peak of $1,671 in June 2022.
“Rents continue to soften in these markets. Specifically, median asking rents have declined year over year for 35 consecutive months in Las Vegas,” said Jiayi Xu, an economist for the website.
The Austin, Texas-based real estate website tracks studio, one-bedroom and two-bedroom units advertised for rent on Realtor.com. The data also includes private rentals.
Xu said Las Vegas experienced rapid growth during the COVID-19 pandemic, when the valley saw a surge of new residents from the Sun Belt. That movement created a high starting point for corrections, according to Xu.
Robert Little, a real estate associate for Re/Max Advantage, said Clark County has seen about 50,000 new residents in the past year, a 2.1% year-over-year increase.
“The rental market here has remained strong for as long as I can remember, and I’ve been licensed since 2007,” Little said, adding that individuals move to Las Vegas for opportunity, affordability and lifestyle.
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