Las Vegas Monthly Average Rental Rates SPIKE in May. Average Monthly Rental Rates Rise $667/Month!

Average Monthly Rental Rates in the Las Vegas Valley have soared $667/month from April to May. 

Average Monthly Rental Rates in April were $1537/month and average monthly rental rates in May were $2204/month. 

Monthly rates are up a whopping $909/month since January.  Average Monthly Rental Rates in January were $1295/month.

The median monthly rental rate remained stable at $1295. 

I actively work the rental market and started watching the stats as I watched inventory decline and prices rise in March.   

I expected a slight rise from May but nothing of this nature. 

Last Month's Report. 

Next month I do expect a slight decrease in Average rates and an increase in median rates.

Many factors may be pushing rents up:

• Fear of purchasing a house from a "declining market"
• Steady Influx of New Residents
• Solid Economic Conditions
• Rise of Foreclosures forcing families to move out of their homes
  
• Pool season