What will happen with Las Vegas Valley rental rates in 2026?

Rental rates in the Las Vegas Valley will likely remain flat next year, according to a new report.

The average price of a one-bedroom unit in December was $1,150, which made the valley the 67th most expensive metro region in the country, according to Zumper. Month over month from November that rate was flat and year-over-year that rate was down 1.7 percent.

Crystal Chen, one of the authors of Zumper’s new report, said Las Vegas renters can expect somewhat similar trends next year.

“Las Vegas will likely have a year of soft but stabilizing rental conditions in 2026. The supply pipeline is finally beginning to ease and with far fewer deliveries scheduled for next year, vacancies should gradually come down, giving the market room to firm up,” she said.

Rent growth in the valley could go up approximately 1 to 2 percent, added Chen, and there are a number of factors currently putting pressure on the overall housing market.

“Elevated home prices and stubbornly high mortgage rates will continue to keep many would-be buyers in the rental market longer, helping support baseline demand even as the local economy (in Las Vegas) cools,” she said. “Concessions will remain common and renters will continue to have the luxury of being selective. But with supply tightening and no new construction wave behind it, this may be one of the last years where Las Vegas renters enjoy this level of leverage.”

The multifamily construction pipeline in the Las Vegas Valley has essentially dried up after a financing boom took place during the pandemic when rates bottomed out due to Covid restrictions and supply chain issues related to the pandemic. Las Vegas is also lagging behind other Sun Belt cities when it comes to building more apartment units to meet growing population demand.

The average price for a two bedroom in the valley was $1,410 in December, which is a 0.7 percent increase month over month and 4.7 percent drop year-over-year.

Zumper’s report outlined the current state of the overall U.S. renters market in its report, finding that 59 percent of renters are cost-burdened and spend approximately 40 percent of their paychecks on rent.