Las Vegas housing has been a topic of much discussion in the past few years. With the pandemic and the mass exodus of people coming from California, it seemed nothing was available. At least not at any cost the average local could afford. At the beginning of the boom, rentals were so scarce that people were bidding on rent prices.
Recently in Las Vegas rental vacancies have been more prominent. And prices have come down as a result of the supply-and-demand ratio changing. According to the Review Journal, Nevada State Apartment Association reported that rental prices were down almost 2 percent in this year’s third quarter. The average rental in Las Vegas was $1,451 per month during this time. That’s $29 per month less than the average was in the second quarter of 2022.
Monthly rent is still higher now than it was this time last year, by about 3.4 percent. But the dropping prices are expected to continue. This comes as a relief to many tenants who suffered to keep up with rent during the price hikes in recent years. Without rent control, landlords were increasing rents at an alarming rate. This left many tenants homeless or really hurting to pay their rent.
The vacancy rate is also climbing as rent prices lower. Which is to be expected. Higher supply equals lower demand, which equals more room for prospective tenants to be cautious about their rental agreements. The average vacancy rate in this year’s third quarter was up 7.5 percent, according to the Nevada State Apartment Association (Review Journal).
Home ownership in Las Vegas has also taken a drastic turn this year. With mortgage rates spiking and owners slashing their sale prices to offload houses. Bad news for home owners. Good news for renters.
*Story originally appeared on 96.3 KKLZ