LAS VEGAS (KLAS) — The rental market is getting more competitive than ever, according to a new report by Realtor.com.
The report stated that the median rent in Las Vegas is now $1,600, 39% of the local average income and much higher than the 30% national average.
Las Vegas is now the 7th least affordable large city when comparing rental prices to income, the report added.
In a competitive rental market where some have said it’s cheaper to find a room at a home or a roommate, more people are changing gears.
Shirley Cessna told 8 News Now she rents a room in a home and saves hundreds of dollars doing so when compared to renting an apartment.
“It’s more affordable to rent a room, but you have to weigh the pros and the cons,” Cessna said. “I would say about $500.”
She said that rental prices are up, and that makes finding an affordable place to live very difficult.
“Recently, the prices have been more than doubling,” she continued.
Although this makes it more appealing to consider renting a room rather than an apartment, Cessna reminds everyone that there is a lot to think about.
“The cons, of course, are your safety, sometimes your comfort, compared to the pros of being able to save a few dollars to afford something for yourself,” she said.
Finding a room to rent can also prove difficult, Cathy Brooks told 8 News Now. She said trying to find a house to take in her and her three dogs means there is less inventory from which to choose.
“Single family home of a certain size, a certain price range, with a certain geographic parameter, and then you add dogs, the number goes from like, there’s this many, and it goes (shrinking sound) … really really fast,” she said.
Comparing current rent prices to last year, they are up about 25%, according to the report.