The "best" areas depend on what type of lifestyle you are looking for in Vegas. There are nice quiet suburbs and of course the craziness along the Strip and downtown.
I prefer Henderson and Summerlin personally.
The rental rates are pretty inflated in my opinion--probably because many people bailed on their mortgages and are all renting. I think it's a simple a case of rental demand outpacing supply. Who knows.
I am also thinking of relocating there in December. I am currently living in South America and want to monitor the economic situation in the U.S. before making a move back.
I hope others weigh in with their thoughts regarding Vegas.
Best of luck to you!