LAS VEGAS (KLAS) — Southern Nevada was home to some of the highest rental prices for apartments and homes in the nation during the COVID-19 pandemic. 8 News Now spoke to experts from Rent.com for more insight into what is ahead for renters for the new year.
Senior managing editor of Rent, Brian Carberry, said if you are in the market to rent a home or an apartment, now is the right time because Southern Nevada is following a seasonal trend. Generally, during the winter prices are flat due to low demand.
“It’s an interesting time right now because you truly don’t know what’s going to happen in the rental market,” Carberry said.
Right now, a one-bedroom apartment or house in Southern Nevada goes on average for about $1,374, which is down 11% from last year.
A two-bedroom is at $1,562, down about 2% from last year.
“As we get into the new year, there’s a lot of different things that could be at play. You’re looking at inflation costs still up, possible recession and housing market, prices for mortgage up significantly compared to where there was, this time last year,” Carberry said.
He said if the housing market remains cool, the demand for home rentals and apartments will go up. Carberry is seeing a trend where people who use smaller units are already gravitating toward two and three-bedroom apartments as people look to cut costs and move in with roommates.
“Right now in a seasonal pattern, prices down, but I wouldn’t be surprised if we saw them increase as we get into April and May and into the summer,” Carberry said.
The net demand for apartments was down in 2022 for the first time since 2009, according to Real Page analytical firm. Rent turnover was also near a historically low rate.