Searching for affordable rental properties proves difficult for many, experts cite rental shortage

Local News

LAS VEGAS (KLAS) — Finding an affordable rental is proving to be a difficult task these days.

A recent report shows the valley has some of the highest rent increases in the country.

“The cheapest I found right now is $1800,” said Amanda Justice who is currently looking for a rental.

Justice is one of many renters stuck trying to find an affordable place.

However, finding a three-bedroom rental on her budget isn’t easy.

“The prices I see I don’t see it matching the place they are renting it for,” she tells 8 News Now.

A recent report from Apartment Guide shows rent is up 45% in Henderson from a year ago.

The Las Vegas area is near the top of many rental increase lists.

“We have a housing shortage which also means we have a rental shortage,” said Trish Nash a real estate agent.

She adds that it is easy to spot new apartment complexes going up because the demand is there.

8 News Now reporter Joe Moeller took a look at the online real estate website Zillow to compare newer two-bedroom apartments across the valley.

His findings included similar apartments would cost $1660 in the northwest part of the valley, $1850 in the southwest, and upwards of $1700 in Henderson.

The most affordable area he discovered was the northeast area with rentals around the $1485 price tag.

Nash tells 8 News Now owners are seeing what they can get.

“If it is a newer home you can get for more, if there is a pool you can ask for more, so it really what will the market bare. A lot of owners investors are putting out there to see, can I really get $2400,” she said.

However, Nash says many are not finding what they want.

Joyce Hamblin moved from Las Vegas to Utah last week.

“If I could move back in a heartbeat I would,” she said.

After looking for two months in Las Vegas Hamblin says prices and availability forced her out.

“We desperately needed something and this was the first one so we had to load up and move,” expressed Hamblin.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

8 news now breaking and daily news sign up

CONTESTS

Pro Football Challenge

Don't Miss

Trending Stories