Thanks to a recent article by the Las Vegas Review Journal, we know that more apartment inventory is coming to the Las Vegas area, but will it be enough inventory to slow rent increases?
Alta Southern Highlands, the new rental complex that’s under construction in Las Vegas, is going to be a 228-unit upscale apartment complex that will also include many high-end finishes and amenities including yoga studios and a fitness center.
Construction of the project was delayed during the pandemic but since the economy has slowly reopened, this project is on schedule to open next year.
Will this project help slow rent increases which have continued this year? The answer to this question is yes and no. Yes, this project will attract more renters who are searching for (Class A) high-end apartments, but the reality is Las Vegas also needs more Class B and Class C rental properties as well.
Even though the Las Vegas economy has struggled over the last 15 months, the rental market has continued to see strong rent growth as the average rental rate for an apartment in the Las Vegas area has increased by 22 percent in the last year.
With Las Vegas having the highest rent growth among the top 50 metro areas in the United States, the area badly needs more apartment inventory but that inventory could still be a few years off as apartment construction slowed during the pandemic.
Thankfully, 6,300 new apartment units are under construction in the Las Vegas area, with 50% being built in the Summerlin and Spring Valley areas, so once that inventory comes to the rental market, we can expect it to make a positive impact on the Las Vegas rental market.
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