Market Comparison
Phoenix vs Las Vegas
Side-by-side investor intelligence — pricing, yield, cash flow, growth, and overall opportunity score.
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Phoenix, AZ
Grade C
Median Price
$445,000
Median Rent
$2,150/mo
Las Vegas, NV
Grade C
Median Price
$430,000
Median Rent
$2,050/mo
Overall Winner
Phoenix, AZ — 8 of 13 metrics
| Metric | Phoenix | Las Vegas |
|---|---|---|
| Median Home Price | $445,000 | $430,000 |
| Median Rent (monthly) | $2,150 | $2,050 |
| Rental Yield | 5.80% | 5.70% |
| Avg Cap Rate | 5.60% | 5.50% |
| Price-to-Rent Ratio | 17.2 | 17.5 |
| Population Growth | 1.40% | 1.50% |
| Job Growth | 2.50% | 2.40% |
| Vacancy Rate | 7.30% | 6.60% |
| 5-Yr Appreciation | 71% | 60% |
| Property Tax Rate | 0.80% | 0.60% |
| Landlord Friendliness | 8/10 | 7/10 |
| Opportunity Score | 60/100 | 60/100 |
| Future Outlook | 82/100 | 75/100 |
Phoenix commentary
Phoenix's near-term rent growth has flattened, but the long-term thesis remains intact. Underwrite to 2024 rents, not 2022 peaks.
Full Phoenix market →Las Vegas commentary
Vegas works for diversified buy-and-hold investors. Avoid heavy STR concentration on the Strip corridor due to permit volatility.
Full Las Vegas market →Advertisement