LAS VEGAS (KLAS) — It’s estimated half of the population in the Las Vegas valley are renters and with the rising rent prices, many are finding it tough to afford the monthly payments.
Rental prices at some properties are at an all-time high. According to Rent.com, the monthly rent for a one-bedroom apartment ranges from $1,200 to $1,700 depending on the location. Just one year ago, the average one-bedroom was around $1,100.
“We are seeing more of an increase over the last month than ever before. With rising interest rates those that may be looking to purchase homes may no longer be in the market therefore more renters are in the market. Not just coming from California and New York and other states. Keep in mind interest rates play a huge part in rentals,” said Greg Chin of eXp Realty.
Chin said there are some things potential renters should keep in mind. He said property owners are looking for renters with a good credit score, which is at least 650. Landlords usually want a renter to make a salary three times their rental amount and have a good rental history.
Chin said you can save money by searching in different zip codes, reaching out to larger complexes that might offer move-in deals, or checking with mom and pop landlords who may be willing to negotiate a lower rent in exchange for help maintaining the property.