The cost of housing is on the rise in Las Vegas and is due to several factors. Consider that there is a shortage of affordable housing in Las Vegas to begin with. Building a stadium for the Raiders and all the other construction is progress, the valley needs an additional 60,000 construction workers alone to keep up with demand. Many of the hedge fund investors who bought up all the foreclosed home when the market tanked for 1/3 of what was owed were able to lease those home for much less because of their relatively small investment while they waited for the home values to return. Many of this investors have since sold off those homes which means there is one less lost cost home for rent on the market. Simple supply and demand has created the current market condition. Las Vegas only trails Seattle and San Jose in growth making it the third fastest among 35 metro areas according to Zillow. Single family homes are what are being built and not so much on large apartment complexes.
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