Las Vegas is hot market for renting apartments; 2017 had highest rate increase

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For many, the first of the month means rent is due, and that rent is a little pricier than it has been.

A recent report says Las Vegas was the hottest rental market in 2017 closing the year with the highest rate increase, which is up by 6.3 percent among large cities in the U.S. 

According to the website, Rent Cafe, the average monthly cost of rent in Las Vegas for 2017 was $964.

Mirla Pastor is searching for a new apartment.

“It’s kind of tough seeing that,” she said about the hike in rent.

In a report citing researcher Yardi Matrix, Las Vegas closed out the year as the fastest growing rental market among large cities in the nation. 

Detroit ranked second, and San Diego followed third.  Now, if apartment hunting wasn’t stressful enough climbing prices certainly are not making it easier on people, like Pastor, who’s looking for three bedrooms to house her family of five.

“I need more space; my family is getting bigger,” said Pastor.

8 News NOW asked the Nevada State Apartment Association about the numbers here locally. They said the area is still recovering from the economic downturn. 

Why?

According to the Nevada State Apartment Association Las Vegas had the largest decrease in rent during that time, so now what’s probably the largest increase is showing.

The NVSAA described the demand for renting as being “good. The association says several other factors are generally involved, including fewer home purchases, and more demand from an aging population and newcomers. 

Luxury apartments are also the hottest trend in what’s being built right now, the Nevada State Apartment Association said. 

I’ve looked in different areas of the city, and they all seem to be going up,” Pastor said.

According to Rent Cafe, the city is growing, and apartment construction picked up in 2015.

Pastor says she’s willing to give up shorter commutes in exchange for one minor, but important thing.

“Closets to store things you’ll probably never use,” Pastor said.

Even with the higher prices, Las Vegas has a lower average rental rate compared to other cities, including Phoenix and definitely Denver. 

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