Rents continue their free fall in the Las Vegas Valley, report says

Rents in the Las Vegas Valley continue to decline despite most of the rest of the country starting to flatten out, according to a new study.

May’s rental report from rental marketplace Zumper shows that most all of the areas in the valley have seen declining rental rates both month over month and year over year. The biggest drop year over year was in Henderson, where rents decreased 8.3 percent from May 2025 to through May 31.

Rents dropped 4 percent year over year in North Las Vegas and have fallen 3.3 percent in the city of Las Vegas over that same time period.

The biggest month-over-month declines, according to Zumper, are North Las Vegas (5.9 percent), Paradise (3.3 percent) and the city of Las Vegas (0.8 percent). Crystal Chen, a spokesperson for Zumper, said the valley continues its overall free fall regarding rental rates, bucking recent national trends.

“What stands out about Las Vegas right now is the timing. Nationally, the rent correction is essentially over as prices are within 0.2 percent of where they were a year ago, and annual declines have narrowed for five straight months,” she said. “But Vegas is still moving the other direction.”

A wave of multifamily construction kicked off during the COVID-19 pandemic when rates bottomed out because of lockdowns and supply chain issues. Most of those apartment complexes financed a few years ago have now come online in the valley, creating a glut of new supply for potential renters.

The enclave of Paradise (which encompasses the Strip) remains the most expensive area to rent within the valley, with one-bedrooms priced at $1,450. Henderson was the second priciest with rent at $1,440, and Spring Valley came in third with rent at $1,350. The least expensive place to rent in the valley, according to Zumper, is North Las Vegas with one-bedrooms priced at $960. The city of Las Vegas ranked as the second least expensive with rent at $1,190.

Chen said this is part of a broader Sun Belt story playing out across the country.

“Markets that built aggressively coming out of the pandemic, including Vegas but also San Antonio, Houston, and Phoenix, are still working through that inventory, and property owners are leaning on lower rents and concessions to fill units,” she added. “Until that supply leases up, renters in those markets are likely to keep seeing prices soften. Right now, Vegas renters have real options and negotiating power.”