LAS VEGAS (KLAS) — A new study by the University of Nevada, Las Vegas shows an interesting trend in rent prices across the valley. Rent is increasing in lower-income areas while decreasing in higher-income areas.
The study, which looked at multi-family units, was done in the first quarter of the year.
“What our study showed is that neighborhoods that had significant increases in new construction behaved systemically differently in terms of rent levels compared to neighborhoods where construction levels were limited or completely absent,” Shawn McCoy, Director of the Lied Center for Real Estate at UNLV explained.
8 News Now spoke to Black and Cherry Real Estate Group and they agree with the trends the study finds.
“Rents over like maybe over $1,800-$2,000 a month, those are softening a bit due to more inventory in the market. The ones under $2,000-$1,800 we’re seeing some of those rents climb,” Ashely Hawks of Black and Cherry Real Estate Group said.
This doesn’t mean you can expect your rent to change.
“These results are not intended to give the long-term trends of the city. They are intended to give homeowners and policymakers where rents are changing in the city and give hypothesis as to why and what types of policies can help improve homeowner affordability,” McCoy said.
“I don’t see too much changing anytime in the near future unless something changes with the fed or unemployment or something drastic, I anticipate things to stay the same,” Hawks said.
Overall McCoy told 8 News Now like anything else it all comes down to supply and demand.
You can find the full study here.
