Las Vegas residents need to make nearly $70,000 to afford market rent, according to a new Zillow report.
In the housing site's rental market report, typical rent in Las Vegas was listed at $1,745, a 1.9% increase from last year, but was slightly lower than the previous month. Residents would need to earn a salary of $69,800 to afford the market rent.
Since the pandemic, Zillow reports rent has skyrocketed across the nation, rising 29.4%. Two-thirds of the increase happened in 2021.
San Jose, California saw the biggest increase, rising from a typical rent in 2020 of $2,979 to $3,177 in 2024.
Zillow predicts slower rent growth in the future: "The macro economy – meaning prices, jobs and income growth – should continue to slow down. This change is all about trying to slow down inflation and ease the financial squeeze on people who haven’t seen the perks of a booming market. A slower economy generally means slower rent growth," the report said.
Read the full report here.
