Poor Economy Driving Apartment Rental Rates Down - 8 News NOW

Poor Economy Driving Apartment Rental Rates Down

Posted: Updated:

LAS VEGAS -- The number of people renting apartments is going up nationwide, according to a new Reuters's report. However locally, the trend appears to be the opposite. With less demand and renters looking at homes, rent rates are being driven down as complexes struggle to get tenants.

No matter where you are in the valley, chances are you'll come across a sign attempting to attract renters as apartment complexes do all they can to bring in business. But affordable options like renting or buying a home for about the same price is driving down the rental rates at apartments. It was moving day for the Medina's less than a week ago, but now it's time to unpack and settle in.

"It was a hectic situation because we were looking for the right area to move into," said Rome Medina who recently moved into apartment.

Before deciding on their apartment though, the family did quiet a bit of apartment hunting. What they found is that there are better deals than in years past.

"For instance you get the paper with their old price crossed through and the new price knocked off by a couple of hundreds dollars," Medina said.

"Prices have dropped dramatically. We use to charge $1,000 for two bedroom apartments and we had to drop them all the way down to $700," said Ginger Reed who manages the Mesa Ridge apartments.

She says besides dropping rates many complexes are doing what they can to bring in new renters. "All the giveaways that I possibly can to keep me in business and to keep the complex from going broke," Reed said.

"The apartment community was king back then and today I don't see a lot of that," said CEO Steve Antuno, Property Management Las Vegas.

Antuno is an apartment locator and says those great deals complexes are offering are partly because of the stiff competition for renters who might become home buyers instead. "You're going to pay certainly no more and possibly less than you would to rent," he said.  Antuno says it's unclear just how long the low rent rates for apartments will last.

Still, Medina says he doesn't plan to pay them for that long. He plans to look at buying a home in the coming years. "After I establish my career I defiantly want to buy a house down the line. It is something we are looking forward to," said Medina.

Antuno says another reason people are looking at renting a home instead of an apartment is because some complexes have stricter guidelines when it comes to credit.

  • Las Vegas NewsLas Vegas NewsMore>>

  • State finds adults changed student answers on tests at Kelly Elementary

    State finds adults changed student answers on tests at Kelly Elementary

    Wednesday, April 16 2014 4:32 PM EDT2014-04-16 20:32:56 GMT
    LAS VEGAS -- The state says that one or more adults at Kelly Elementary School changed answer sheets on standardized test given in spring 2012. More>>
    The state says that one or more adults at Kelly Elementary School changed answer sheets on standardized test given in spring 2012. However, they have not been able to determine which individual or individuals did it.More>>
  • Gloria Lee Pleads 'Not Guilty' in most recent charges

    Gloria Lee Pleads 'Not Guilty' in most recent charges

    Wednesday, April 16 2014 2:22 PM EDT2014-04-16 18:22:26 GMT
    LAS VEGAS -- The woman accused of setting fire to her pet store pleaded not guilty to charges of insurance fraud. Gloria Lee appeared in Clark County District Court Wednesday morning. She was indictedMore>>
    The woman accused of setting fire to her pet store pleaded not guilty to charges of insurance fraud.More>>
  • Nevada Supreme Court removes Schaefer from ballot

    Nevada Supreme Court removes Schaefer from ballot

    Wednesday, April 16 2014 6:07 PM EDT2014-04-16 22:07:34 GMT
    CARSON CITY, Nev. (AP) -- The Nevada Supreme Court has upheld the removal of a state controller candidate from the June primary ballot because of his residency status.Justices unanimously agreed with a lower court ruling that Democratic candidate John Michael Schaefer is not qualified to run for the constitutional office.The secretary of state's office challenged Schaefer's eligibility after obtaining information that he was registered to vote in California and last year ran for the Los Angel...More>>
    CARSON CITY, Nev. (AP) -- The Nevada Supreme Court has upheld the removal of a state controller candidate from the June primary ballot because of his residency status.Justices unanimously agreed with a lower court ruling that Democratic candidate John Michael Schaefer is not qualified to run for the constitutional office.The secretary of state's office challenged Schaefer's eligibility after obtaining information that he was registered to vote in California and last year ran for the Los Angel...More>>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.