The average rent in the city of Las Vegas is $1,073 per month, up 7.7 percent over last year, according to a report from Reis, Inc. While that's not the highest rent in the country, an honor that has been held by Manhattan for decades, it is the nation's fastest climbing rental rates.
The national average rental rate growth is 4.2 percent.
The asking rent on apartments in the Las Vegas area is up by 8.3 percent over the same time last year.
Rents are rising as landlords build more homes. New construction includes more amenities, and the price of homes continues to rise. By contrast, the average 30-year fixed mortgage on a median priced home in Southern Nevada would cost about $1400 per month.
Not surprisingly, apartment vacancy rates has also risen by about 1 percent over last year, according to the Reis report.
All of this points to a quiet pushing out of lower income residents, while those who have the income might simply try to buy a house. Rental rates will continue to rise, especially if the housing market weakens.