Rents are dropping across the Las Vegas Valley, according to a new report from Zumper.

One-bedroom apartment rents dropped 18.8% in July year over year, the biggest drop in the valley, in Winchester, which includes the north end of the Strip and to the east, according to the apartment rental platform.

The second biggest decline was in North Las Vegas (14.5%), followed by Spring Valley in the southwest valley (9.7%), Henderson (6.5%), Enterprise in the far southwest valley (3.3%), Paradise in the southeast valley (1.3%) and the city of Las Vegas (0.8%), according to Zumper.

Crystal Chen, a spokesperson for Zumper said there is really good news for renters right now heading into the busiest time of year for apartment searches.

“In the broader Las Vegas area, every submarket we track in our latest metro report is now showing annual declines for one-bedrooms,” she said. “Enterprise is a good illustration of that broader pattern as the all-bed median rent there is down 3.3% year over year while active listings in that submarket are up about 8% when comparing Q2 2022 to Q2 2026.”

Two-bedrooms rental rates decreased or were flat across the board both month over month and year over year in July except for North Las Vegas, where they climbed 1.3%, according to Zumper.

The Las Vegas Valley saw a multifamily building boom during the pandemic when interest rates hit historic lows. The valley is now seeing those new apartments hit the market, causing owners to offer rental concessions as owners chase tenants across the valley.

Now, the valley is leading the nation in rental concessions among the nation’s 50th largest metros, according to a June rental report from Zillow. It found that 51.7% of Las Vegas-area apartment listings offer concessions, which is well above the national average of 39.7%.

Chen said this equates to the age of adage of supply meeting demand.

“That kind of steady supply growth aligns with what we’re seeing across the valley more broadly, as more listings generally mean more room for renters to negotiate,” she said. “Whether rents fully return to pre-pandemic levels depends on how quickly that new supply gets absorbed and how migration and job growth hold up from here, but the current data suggests renters hold the leverage.”

However, Zillow’s latest rental report shows that rent growth is speeding up across the country as leasing is taking place at a rapid pace that is now outpacing multifamily construction, but concessions are still on the table for many renters in multiple cities.

“The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede,” reads the report. “Even as rent growth picked up speed, two in five listings still offered a concession, a lasting benefit of the construction boom.”

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