Las Vegas Renters: Why Are They Staying Longer?

young couple sitting in cozy apartment
  • Las Vegas renters now renew leases for an average of 26 months — the longest in the Western U.S.
  • High mortgage rates and home prices are locking potential buyers into long-term rentals.
  • Investors are capitalizing on declining turnover by offering multi-year lease incentives.
  • Limited housing supply and affordability are shrinking renter mobility across Las Vegas Valley.
  • Experts caution renters could miss key buying windows if interest rates drop by late 2025.

The rental market in Las Vegas is behaving differently in 2024 — renters are increasingly choosing to stay put, with average lease renewals stretching to 26 months. Driven by high mortgage rates, limited housing supply, and rising home prices, this trend has major implications not just for tenants but for landlords, property investors, and the broader Las Vegas economy. We spoke with local real estate authority Steve Hawks to understand the forces behind this shift — and what it means for the future of renting and owning in Las Vegas.

Lease Renewals in Las Vegas Climb to 26 Months

According to RealPage data, renewed leases in the Las Vegas area now average 26 months — outperforming other major western markets like Phoenix, Denver, and Salt Lake City, where lease renewals hover between 22 and 24 months. This makes Las Vegas the city with the longest average lease renewal duration in the Western United States.

But what’s behind this climb? It’s more than just a metric of longevity. Increasing lease durations suggest Las Vegas renters want consistency and financial predictability. In neighborhoods like Summerlin and Green Valley, renewals are even trending beyond the 26-month average. This shows that stable communities are becoming places where people rent for a long time.

Steve Hawks, a Las Vegas real estate expert, notes that this increasing tendency to stay put is tied closely to regional housing activity: “We’re seeing longer leases in zip codes that also have the lowest buyer activity — it’s all connected.”

Why Las Vegas Renters Are Staying Put

Several major economic and lifestyle factors are contributing to the surge in long-term lease renewals among Las Vegas renters:

High Mortgage Rates

From late 2022 into 2024, the Federal Reserve’s fight against inflation led to a series of rate hikes that have pushed mortgage rates beyond 6.5% in many cases. As mortgage payments become significantly more expensive, fewer renters are transitioning into homeownership.

A standard 30-year fixed mortgage on a $450,000 home (with 20% down) could yield monthly payments over $3,000 when including taxes and insurance. For many, especially first-time buyers, this cost is prohibitive compared to rent payments of $1,600–$2,200 across much of the Las Vegas Valley.

High Home Prices

The median home price in Las Vegas continues to hover around $450,000, according to the Greater Las Vegas Association of Realtors. That’s a significant jump compared to pre-pandemic levels, and prices remain stubbornly high due to ongoing supply shortages.

Even those who might be financially ready to buy are balking at locking themselves into a home purchase near cycle-high prices.

Stability and Predictability

For many Las Vegas renters, particularly millennials and Gen Z professionals, the value of stability has never been higher. With inflation touching every aspect of daily life — from groceries to gasoline — avoiding moving costs, deposits, and rent fluctuation is not just convenient, it’s strategic.

“Younger renters aren’t taking financial risks like older generations,” says Hawks. “The high cost of living has made caution the default.”

row of suburban homes under sunny sky

Limited Housing Inventory, Shrinking Mobility

The Las Vegas for-sale housing market is plagued by a chronic inventory shortage. Homeowners who previously locked in low 3% mortgage rates are reluctant to sell and face far higher financing costs for a new purchase. This reluctance reduces new listings, causing bottlenecks in buyer mobility.

According to U.S. Census Bureau data, Las Vegas has among the lowest homeowner mobility rates in the region. Combined with high rental occupancy across multifamily units, options for both buyers and renters are limited.

For tenants, this means fewer opportunities to upgrade, relocate affordably, or transition into ownership. The practical result? Stay put.

The Affordability Squeeze Is Locking in Renters

Affordability remains the defining factor in rental decision-making throughout Clark County. While Nevada sees no state income tax — a draw for many residents — housing costs have risen faster than incomes for much of the last five years.

If you’re renting in a multifamily unit with a lease locked in before late 2022, chances are you’re paying hundreds less per month than you would under a new contract today. This spreads out even further when factoring in associated move-in costs, new security deposits, utilities, application fees, pet fees, and more.

For renters already stretched thin, renewing is both the cheapest and least disruptive choice.

real estate investor reviewing documents

What This Means for Property Investors

This pattern of longer lease renewals is good for real estate investors and property managers.

Reduced Turnover = Higher Net Operating Income

Each turnover — whether due to relocation, upgrade, or eviction — comes with substantial costs:

  • Apartment reconditioning: $700–$1,200+
  • Marketing and vacancy period: Estimated $500–$1,500 per month
  • Leasing personnel time and onboarding costs

When tenants stay for 24–36 months, these costs all but vanish.

According to Hawks, “Smart investors are seeing these lease renewals as hidden equity in their portfolio. What looks like tenant retention is really revenue stability.”

landlord handing keys to tenant

Landlord Shifts: Flexibility to Reduce Churn

In direct response to tenant demand for stability, landlords across the Las Vegas Valley are adjusting lease terms and incentives to reduce churn.

Among the most popular strategies:

  • Multi-Year Lease Discounts: Offering reduced monthly rent (usually 3–7% less) for tenants who sign a 24- or 36-month lease.
  • Stability Packages: Bundled services like trash and pest control, pet-friendly accommodations, and on-time payment rewards.
  • No Annual Increases: In exchange for a long-term agreement, landlords may freeze rent for 24 months.

These lease features result in happier tenants and stronger portfolios. In the competitive multifamily sector, they’re quickly becoming the norm.

Are Renters Missing Buying Opportunities?

While renting provides short-term security, could it still be a missed opportunity?

Steve Hawks cautions that by remaining renters, some tenants may miss key buying windows if rates drop quickly. “Those locking in leases today could miss homebuying windows if the market shifts mid-2025. Interest rates are volatile — if they drop, property competition could explode.”

Timing the “perfect” market is nearly impossible, but renters focused only on current affordability might overlook fast-moving opportunities to enter ownership in more affordable outer zones like:

  • North Las Vegas
  • Enterprise
  • Anthem
  • Aliante

These developing suburban areas often feature more inventory, newer construction, and lower per-square-foot costs than central neighborhoods.

construction workers building rental housing

Is This Just a Phase — Or the New Normal?

The ongoing question is whether these extended leases represent a momentary reaction or a structural shift in the Las Vegas rental market.

Several indicators suggest it could be the latter:

  • National homeownership rates have declined steadily among millennials.
  • Developers across Las Vegas have pivoted toward build-to-rent projects targeting long-term tenants.
  • Cultural shifts are reducing the urgency around homeownership, with many preferring the flexibility that renting provides.

That said, should mortgage rates descend below 5% and wage growth continue, some portion of pent-up buyer demand will reenter the market — potentially breaking the current lease renewal trend.

Advice for Las Vegas Renters: Do the Math on Waiting

If you’re a renter, consider the total financial picture before signing a 24- or 36-month renewal:

Step 1: Track Your Rent Over Time

If you’re paying $1,900/month and agree to stay two more years, that’s a $45,600 commitment — before utilities and insurance.

Step 2: Compare Buying Costs

A condo or townhome in North Las Vegas might cost $325,000. With 10%—20% down, total monthly costs could be just above $2,000/month — but you’re building equity and benefiting from appreciation.

Step 3: Use a Rent Vs. Buy Calculator

Free online tools or consultations with local real estate professionals like Steve Hawks can help you calculate your break-even point based on appreciation forecasts, tax factors, and payment scenarios.

Also, Nevada’s no-state-income-tax rule favors property owners due to better returns on equity growth.

aerial view of Henderson Nevada neighborhood

Where Investors Should Look Now

Not all areas of Las Vegas are created equal when it comes to lease longevity. Investors should focus on micro-markets where turnover is rare and rent growth is steady.

Here are neighborhoods showing strong lease renewal performance:

  • Spring Valley: Diverse population and proximity to the Strip.
  • Henderson: Family-friendly suburb with excellent schools and parks.
  • Downtown Las Vegas: Rising popularity among millennials and remote workers.

Steve Hawks suggests utilizing zip code-specific data and heat mapping to target properties with proven history of tenant retention, such as 89147, 89141, and 89074.

Rent or Buy? What’s the Best Bet in 2024?

Ultimately, your choice to rent or buy should align with your timeline, risk tolerance, and personal goals.

Buying:

  • Long-term equity
  • Stable monthly payments with a fixed mortgage
  • Financial benefits like appreciation and tax deductions

Renting:

  • Flexibility if mobility or job change is expected
  • Lower upfront costs
  • Ability to avoid market timing risks

For many Las Vegas renters today, the safest choice is to renew and observe, but staying informed is key.

What Does This Mean for You?

The Las Vegas rental market is stabilizing — just not in the way you might expect. Extended lease renewals signal a market where renters are choosing predictability, landlords are refining tenant retention strategies, and investors are tuning into long-term portfolio health.

If you’re a renter, now is the time to calculate your cost of waiting. If you’re an investor or landlord, it’s time to think beyond 12-month cycles.

As Hawks puts it, “Don’t chase the market. Understand your position, and make smart, informed moves.”

Want personalized insight? Contact Steve Hawks for a free market analysis or rent-vs-buy consultation tailored to your financial horizon.

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