LAS VEGAS (KLAS) — Rising rent costs have been an ongoing issue around the valley. Yesterday, 8NewsNow shared a new report that shows a 45% increase from last year.
As prices go up, many viewers have reached out to 8NewsNow about the challenges they face to stay afloat.
We have been receiving emails and calls from viewers about rent hikes, even going up hundreds of dollars.
One resident tells 8NewsNow that her rent hike of almost $200 forced her to need a job after being retired.
Marianne Cook, a resident in Centennial Hills, says she has been living at her apartment complex since 2018. She is 67-years-old, retired, and on a fixed social security income.
Recently, she was told her rent was going up by $181 a month for a two-bedroom one bath apartment.
When she tried to negotiate, she says management told her:
“I pay my rent on time and was never late. How about a break? Look at others that couldn’t pay their rent and were evicted.
She says part of the problem is due to so many people not being able to pay rent, leaving others to bear the burden of paying higher rent.
Cook says prices are high around her neighborhood and relocating to another part of the valley would mean an additional cost on top of down payments and moving fees.
Her solution was to get a part-time job to avoid more problems.
Cook’s new rent hike goes into effect in November and she is nervous about how long she can keep working.
John McClelland with Coldwell Banker Premier says construction delays caused by the pandemic and the migration from neighboring states is fueling the rise in rental prices. “It’s supply and demand,” he adds.
If you are looking to move, this local real estate agent share the following tips to help you stand out among other applicants:
- Set aside time to prepare
- Have your funds ready
- Create a cover letter and have a list of referrals
- Resolve any past rental issues
- Talk to an agent to discuss your specific needs
Inventory and pricing is expected to scale back during the holidays, according to McClelland.