Location: Las Vegas-Henderson-North Las Vegas, NV | Metro: Las Vegas-Henderson-North Las Vegas, NV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,970 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,530 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 89004 stands at $1770 for fiscal year 2024, indicating a robust rental market. The absence of specific market rent data suggests that the FMR closely aligns with what renters are willing to pay, pointing towards a balanced but potentially tight rental environment. This inference is supported by the median home value of $692,030, which is indicative of an area where homeownership is accessible but not without significant financial commitment.
The 11.8% renter share in ZIP 89004 reflects a dynamic where a substantial portion of residents prefer or require renting over owning. This could be due to various factors including affordability, job mobility, or lifestyle choices. A lower renter share might imply less immediate housing pressure, but it also suggests that the majority of residents are homeowners, which can indicate a stable community with long-term residents. However, the presence of a sizeable renter population can signal ongoing demand for rental properties, even if it's not overwhelming.
The lack of detailed data on price-cut shares and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. Nevertheless, the combination of a defined FMR and a high median home value points towards a market where demand for both rentals and homes is steady. In such a scenario, landlords and small-portfolio investors should expect consistent interest in their properties, though they may need to be competitive in pricing to attract tenants.
The rental market in ZIP 89004 appears to be stable, with a reasonable balance between supply and demand. Investors should consider the potential for long-term growth in rental income, given the relatively high median home value and the steady rental demand implied by the FMR. Engaging with local real estate trends and understanding the community's needs will be key for success in this market.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.