I'm not sure how many homes are actually for rent, but I'd figure your rent would probably be at least $1400/mo. The avg home is something like $310k now. Unlike a year or so ago, at least there are homes available.
Most tend to like either Henderson (southeast) or Summerlin (northwest). As bad as traffic is, you should try to find something reasonably close to where you work. Stay away from the lettered streets, especially D street, and MLK, Washington, & Bonanaza. That tends to be the roughest part of the city. (I mean close to the I-15, because if you head several miles west on, for example, Washington you start approaching Summerlin).
I'm with State Farm. When I moved here, my insurance skyrocketed to something like $2500/yr (up from about $1,000/yr in Pennsylvania). Now that I'm older and have been accident free for nearly 10 years (knock on wood), it's more reasonable. I have 2 high-performance cars (GN + GTP) and my full coverage insurance is about $1900/yr -- and will go down for my 10th anniversary.
In July, I'll have lived here 10 years, so I'm a transplant.