Rendering is always slower then playback:
When rendering from 1080p avi to 1080p mp4 it usually renders at around 5- 12 fps
What version of Vegas are you using..as maybe you should enable GPU rendering to speed things up a bit
(this is available in vegas 10+)
one trick i usually do is buffer the full project first : shift+B with the full time selected) ( if you have enough RAM for it)
then render it with the settings you like ( this also decreases the time needed as most frames are buffered in RAM already )
is your source the same fps as you are rendering to or lower/higher… if it’s higher it usually works better when you render to a lower one..if its lower this can increase the time needed to render.
an extra thing is decreasing the number of tracks/layers… the more layers the longer it takes to render
not sure where but there is a tutorial on how to merge tracks
hope this helps a bit