The average cost of a studio is around $900 per month and the average cost of a 3-bedroom apartment is around $2,000, according to current rental market trends, painting a grim picture for Las Vegas renters. .
At a time when recent reports from UNLV researchers show that in southern Nevada “7 of the 10 most common professions do not bring in the income needed to pay the rent for a studio apartment”June 2022 market trends compiled by the online housing search platform Rent.com confirms that it may be impossible for much of the Southern Nevada workforce to afford apartment rent.
The average cost of a studio apartment in Las Vegas in June is 15% higher than in June 2021 and costs $875, while the average cost of a 3-bedroom apartment has increased by 25% and currently costs $1,950 .
The average rent for a two-bedroom apartment, which is $1,622, is up 14% from 2021. The average cost of a one-bedroom apartment saw a slight decrease of 4% to $1,372. $.
Statewide, the cost of rent has risen 20% in the past two years, making it difficult for many people to find affordable housing.
The US Department of Housing and Urban Development defines affordable housing as a situation in which people do not have to spend more than 30% of their income on housing and utilities.
To be able to afford a studio apartment in Las Vegas (Downtown and South LV) at the current rate of $875, a family/individual would need to have an annual income of approximately $36,000.
However, the most common occupation in the Las Vegas area is retail salesperson (a job held by 28,590 workers according to UNLV findings) with a median annual salary of $25,570 per year.
According to Rent.com, there is no availability of apartments with prices ranging from $501 to $700, making it impossible for typical retail sellers to afford a studio apartment in Las Vegas.
The portal’s market monitoring shows that 26% of apartments in Las Vegas cost between $1,500 and $2,100 per month, and 60% of apartments in Las Vegas cost $2,101 and above. Apartments that cost between $701 and $1,000 represent only 4% of the apartments on the market.
In some neighborhoods, rents are considerably higher.
Priced at $1,674, the average cost of a studio apartment in places like Centennial Hills and Lone Mountains has seen a 53% increase over last year.