LAS VEGAS (KLAS)– Over the past two years, the record home prices across Southern Nevada have priced out many home buyers and driven up rental prices.
The rental market tends to follow the housing market, and now that Southern Nevada’s housing market has cooled what can renters expect?
“The good news is that the increases have lessened their pace,” said Jon Leckie, lead researcher at Rent.com. “But the bad news, it seems those higher prices are here to stay.”
Among the cities with the most significant decreases in two-bedroom rent prices, North Las Vegas came in ninth on a list compiled by Rent.com. “North Las Vegas was an area that saw some decreases in two-bedroom apartments and Las Vegas proper also,” noted Leckie. Reno also made the list, as well as Irvine, California.
Leckie said if someone is happy where they are, consider staying. It’s still a landlord’s market, and they’re much more willing to work with someone who has been a good tenant. He also suggests that if one’s lease is coming up, do some research and find out what rent has historically been like in the area, and what the yearly increases have been.
“If you’ve done your research maybe you can get your landlord to make those increases more in line with what we’ve seen historically, rather than what we’ve seen over the last few years,” he said.
Other options to consider would be asking a landlord for a concession, signing a longer lease term, or, if it’s not needed, offering to give up a designated parking space to potentially get a credit or discount on your rent.