Thanks to recent data, we know that Las Vegas apartment rents are now finally starting to cool after increasing by more than 20 percent in 2021.
Yes, monthly rents are still about $50 more expensive than they were a year ago, but they are expected to continue decreasing as vacancies climb, and the housing market cools.
Good News for Renters
Obviously, lower rents are good news considering that most renters have been struggling in recent years with rent increases, but the big question is how long will rents in Las Vegas continue to cool?
Most economists feel that rents are going to continue sliding through the end of this year since the average vacancy rate increased 3.6 percent in the third quarter alone and the cooling is expected to continue into 2023.
Slower Growth Projected for The Coming Year
The Las Vegas rental market continues to offer ample opportunity for investors, especially as homeowners are slashing prices on their properties, eager to sell before the cooling housing market reaches epic levels.
The good news is that the Las Vegas jobs market continues to remain strong and when you combine the lure of a good job, low cost of living, and affordable home, we may see more people relocating to the Las Vegas area in the coming year to rent or buy.
Rental Affordability is Still a Problem for Most
Despite the good news that rents are cooling across Southern Nevada, the reality is that they still are too high for many people, including senior citizens, who often must go without cable or internet just to pay rent.
One bright side of the housing crisis is that unless the Federal Reserve changes its approach to interest rates, we can expect to see more homes for rent in Nevada next year.
The current housing market conditions are very similar to the great recession of 2008 and it’s likely that most homeowners will want to rent out their properties rather than let them sit vacant while they wait for the housing market to rebound.
Contact Us
If you’ve been thinking of renting out your vacant Las Vegas home, GoldenWest Management can help!
Our team has decades of combined property management experience in Nevada, and you can count on us to rent your property for top dollar.
To get a property management quote, contact us today by calling (866) 545-5303 or clicking here to connect with us online.
