LAS VEGAS (KLAS) — New data about the housing crisis is showing that rent is climbing and apartment inventory is low.
According to Rent.com, apartment rental prices are up about 3 to 4% for one- and two-bedrooms nationwide.
“I don’t think that this is sustainable in long run, these rent prices being up so high. Prices for one bedroom are relatively flat, a little bit down by 4%, but two bedrooms are up 14%,” said Brian Carberry with Rent.com of the Las Vegas market.
Last year, rent across the country went up by 26%.
In hot markets like Austin, Texas, people are paying 80% more than last year.
“They’re paying almost $1,000 more now than they were at this time last year,” he said.
Carberry said he believes that prices are still increasing, but at a slower pace.
Regardless of where you live, everyone could use a little help negotiating their rent. But is there room for that right now?
“A lot of landlords aren’t willing to negotiate because the demand is so high, and competition is so fierce,” Carberry added.
Here’s how to negotiate apartment rent for your next lease:
- Ask if there is wiggle room in rent price (this is more favorable if the landlord knows you)
- Ask to sign a 24-month lease as opposed to a 12-month lease to lock in today’s monthly price
- Parking spaces can sometimes be negotiated back
“See if you can negotiate that parking back, parking is one of the top amenities that people are looking for, especially families that have multiple drivers. If you can give that back to a landlord, they may be willing to cut a little bit off your rent price, and market it to someone else and get that money from another renter,” Carberry suggested.
To see all rental trends in southern Nevada, visit this link.