This influx has resulted in a shortage of inventory in the residential market. One local broker, Rob Jensen, who specializes in luxe homes in guard-gated communities, notes that available inventory in upscale areas is down 48% from this time last year. And potential buyers keep coming.

“Many of them find it difficult to locate and purchase exactly what they’re looking for. So they decide to rent while they continue their searches, or wait for their dream homes to be built. In this market, building a new home could take from one to two years,” he says.

Beyond the waiting game, the choice to rent makes sense for folks dipping their toe into desert real estate for the first time.

“There are also people coming in from Los Angeles who sell their homes at what they perceive to be the top of the market, and then want to rent while they decide where exactly they want to live,” Jensen adds.

Others interested in high-end rentals include athletes and team executives with the NFL’s Raiders and the NHL’s Golden Knights, who, as Jensen astutely notes, may not have long-term contracts with their teams.

These factors add up to a blazing rental market with prices that surpass even landlords’ expectations. For a glimpse at the high-end market in Sin City, we’ve scoped out the 10 most expensive rentals in the Las Vegas area right now.

Remember, these are just list prices. Renters who feel lucky can roll the dice on negotiating a better deal. Las Vegas residents know it never hurts to try.

Price: $25,000 per month
Midcentury modern classic: This sprawling 7,256-square-foot home is located in the heart of the Historic District, closer to downtown and the Arts District than the Strip.

It’s a bit of a surprise to see a midcentury modern atop the list. Not because the seven-bedroom home isn’t spacious, but because it’s not part of the new construction in the hills overlooking the Strip, where Las Vegas’ most expensive residential properties are found.

Sited on a 1.23-acre lot, the mansion offers a pool as well as two separate casitas. Other bonuses include three fireplaces and a gourmet kitchen with Sub-Zero, Wolf, and Miele appliances.

Price: $23,500 per month
Fun and elegance: Built in 2003, this three-story Tuscan villa is located in family-friendly Summerlin.

Measuring 9,377 square feet, the five-bedroom home features high ceilings, an open floor plan, and luxe finishes. A game room on the lower level comes with a built-in bar and home theater. A lovely pool and separate casita make this property even more appealing.

Price: $20,000 per month
Fore! This seven-bedroom, Mediterranean-style mansion is located in the guard-gated Southern Highlands Country Club.

Built in 2015, it is offered partly furnished. Some of the finer features include an open gourmet kitchen, billiard room, and rooftop deck with views of the Strip. There’s also an amenity you don’t find in many rental properties: a hookah lounge!

Price: $19,000 per month
Up where we belong: It’s not all homes on this list!

This luxury high-rise condo is located in the Veer Towers in CityCenter, which offers tenants direct access to the Aria, the Crystals luxury mall, the Waldorf Astoria, and, of course, the Strip. This three-bedroom unit on the penultimate floor comes with furnishings, finishes, and art worth more than $800,000.

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Price: $18,000 per month
Waldorf wonder: This luxe three-bedroom penthouse is located in the prestigious Waldorf-Astoria Residences and comes fully furnished.

Highlights include a 36-color lighting system and a home automation system that controls the blackout shades.

Tenants have their own elevator, concierge service, and valet parking, plus access to hotel amenities. This rental is also located in CityCenter, within a quick stroll of shops and the Strip.

Roll the Dice: 10 Most Expensive Rental Properties in Las Vegas Right Now appeared first on Real Estate News & Insights | realtor.com®.