The typical asking rent for all rental types in the valley currently sits at $1,716, which is flat month over month from December and only up 0.1 percent year over year in January.
“Nationally, affordability is at a four-year high and rent growth is expected to remain modest in 2026,” added Healy. “Local conditions in Las Vegas reflect many of the same broader forces reshaping the rental market.”
Zillow’s report outlined the cause of a softening rental market across the country in its report.
“Much of the shift comes down to supply,” reads the report. “Although the flow of newly completed apartment buildings peaked in the summer of 2024, more buildings are still adding to the stock of available rental units. At the same time, a cooling labor market is helping keep the number of vacancies elevated. With more options available, renters now have more negotiating power for renewals and new leases than they have had in a long time.”