Las Vegas rents increased by 21 percent (year-over-year) in the first quarter of 2022, but thanks to a recent report by the Nevada Apartment Association, we know that rent increases are finally starting to slow.
Thankfully, many apartment industry analysts agree that the rental market is slowly returning to pre-pandemic conditions, and that’s good news for renters but what’s next for the Nevada rental market?
In this article we will break down some of the latest information about the local rental market and offer you insight into what to expect in the future.
Average Rent In Nevada
Renters who are relocating to Nevada from California, or other states, will be pleased to know that the average rent for an 893 square foot apartment in Las Vegas is currently $1,471 per month.
This is a tremendous value, considering that the same unit in San Diego would rent for over $2,700 per month.
Nevada renters can also take heart in knowing that apartment construction is quickly catching up with demand in Nevada as over 7,000 apartment units were under construction during the first quarter of this year.
Could Rent Control Be In Nevada’s Future?
Even though rental property supply is slowly catching up with demand across Nevada, the real estate market continues to prove difficult for homebuyers who earn less than $85,000 per year, and many people are giving up on their dream to purchase.
This naturally places a strain on the rental market because those people are going to be renting soon, and elected officials are now considering rent control as a viable way to slow rent increases in the state.
With rent control remaining a hotbed issue, it’s unlikely that Nevada will see rent control become law anytime soon as there are plenty of groups across the state that oppose this legislation and are willing to fight it.
Contact GoldenWest Management
Are you thinking of hiring a property manager to help you stay ahead of changing laws across the state that affect the rental market? If so, you’re making a smart choice.
Besides helping you to get the most ROI from your property, a property manager also closely follows all of the State and Federal rental laws so you don’t have to.
At GoldenWest Management, we specialize in local property management for single-family and multifamily properties in Nevada.
To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
