LAS VEGAS (KLAS) — Many viewers have reached out to 8 News Now about rent increases they are currently facing across Southern Nevada.
Some residents who have reached out say their rent is going up by $200 to $300 and sometimes even more.
The Nevada State Apartment Association points to supply and demand impacting the sharp rental rate spikes.
According to the association, demand for apartments has gone up, and supply has significantly decreased.
Susy Vasquez is the Executive director for The Nevada State Apartment Association and says usually there are about 10,000 to 11,000 units available to rent in Clark County.
Currently, there are 6,800 units available to rent and that is despite 3,600 new apartments being added over the past year.
Vasquez says people continue to move to Nevada from out of state.
“These people from out of state have just gobbled up all of these new units and so typically there is more units available. There isn’t,” adds Vasquez.
She estimates about 40% of those moving into the state are from California.
Vazquez says when people started working from home during the COVID-19 pandemic and realized they may be able to do that more permanently, many moved to Nevada which is more affordable than other neighboring states.
It’s estimated that the average rent for an apartment in 2018 was $966 compare that to the current estimate for rent which stands at $1,237.
Vasquez says if people start moving out of Nevada, if for example, they can no longer work from home and have to be back to their offices in other states, rent prices may stabilize or decrease.
She also advises tenants concerned with an increase in rent to contact their landlord to explain the situation.
Vasquez says another solution might be to try to sign a six-month lease, to pay part of the increase and then pay the remainder of the increase in the next six months.