Apartment rental rates on the rise; renters feel pressure from the spike

Local News

LAS VEGAS (KLAS) — Renting an apartment is going to get a lot more expensive in some areas because the price of rent is going up at numerous communities across the Las Vegas valley.

Many renters are feeling the effect of the increase when they renew their lease.

So why are apartments, including the older and smaller ones getting so pricey?

Abi Wright moved into a Summerlin apartment five years ago. The older 2-bedroom unit hasn’t changed much, but the rent has gone up numerous times.

“They’re not upgrading the appliances; they’re not changing out the carpet,” said Wright.  “Every year that I’ve lived here since then, the rent has gone up and up and up and up.”

According to Wright, her rent started at around $865, but that no longer the case.

“I’m now paying in excess of 1,100,” Wright said. “It’s hard enough just trying to maintain bills and groceries and any kind of extracurricular for the kids, on top of a car! Something’s got to give.”

The hike in apartment rentals isn’t just in Summerlin. Experts say it’s happening all across the valley, and it’s been going on for a few years.

“It’s just the factor of an appreciating market,” said Jim Brooks, realtor.

According to Brooks, rental rates have spiked since 2013 due to the high volume of people looking for apartments because apartment companies are looking for a profit, they’ll keep raising the rent.

“Since the demand is there, everybody is increasing the rates and as long as there’s the demand to do it, we’re going to see the market continue to increase on monthly rental rate increases,” Brooks said.

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