LAS VEGAS (KLAS) — From food to basic necessities, everything is beginning to cost more, and now these rising costs are starting to affect those trying to find an affordable place to live.
According to Rent.com, the average rent for a one-bedroom apartment is now around $1,500. This is up from an average of $1,167 reported in February 2021.
People living in Las Vegas may be used to paying lower rent prices compared to other areas, but throughout the pandemic, these prices have gone up, forcing individuals to make tough decisions.
According to local tenant Patrese Davis, her rent went up $200 at her apartment complex in the northeast valley.
“Now I am paying $1,266,” said Davis. “The jobs and the rent are not adding up. I’m going to start looking next month to move somewhere else to find somewhere else cheaper I will be able to afford.”
Real estate expert Christian Morgan said that with low inventory, rentals are going fast, and with more people moving to Las Vegas, he doesn’t see it slowing down anytime soon.
“The properties that are the most sought after are getting applications within hours of going on the market,” Morgan said. “I see the rental market continuing to increase in value and the prices are just going to go up.”
Earnest Rhymes told 8 News Now that his rent went up hundreds of dollars at the end of last year and that it wasn’t going to work for him. He decided to leave for Pueblo, Colorado for a bigger rental home on more land.
“It was just too much, left California for that reason, that was why I came to Vegas.,” Rhymes said. “Pay didn’t go up, but rent did. I just can’t do it, it was either Colorado or Texas.”
Rhymes said originally he wanted to buy a home in Las Vegas, but with the way the market was going, he knew he wouldn’t be able to, which is also the reason why he left the area.