Rent affordability has become a common topic in the news, showcasing the current state of the Las Vegas rental market. A market that is in demand and appreciating steadily. And the trend seems to be continuing. Single family homes have seen some of the highest appreciation rates, with condos and town homes following. It is not uncommon to see an average sized home leasing in today’s market for one dollar per square foot, with many communities that feature area and community amenities fetching a higher rate. Additionally, homes that have been remodeled or upgraded are renting quickly for a premium. Since 2018, Nicklin has observed an average of a 4-8% year-over-year rent appreciation, with most homes re-leasing for a higher rental rate than the year before or a rent increase put in place at lease renewal. A strong Las Vegas economy with job growth is contributing to the demand and price appreciation.
Currently, in the Las Vegas valley, which includes North Las Vegas and Henderson, there are approximately 1675 homes, condos and town homes active and available on the market through the local MLS. Out of those properties, only 146 are priced at $1000 / month or less. Properties for rent under $1500 / month (but more than $1000) amount to 415. Properties priced over $1500 make up the majority amount of inventory at 1113.
These statistics clearly show the appreciation that has occurred in the rental market, with higher priced properties taking over. As we head into summer, we can expect the rental market to continue this trend and for high demand to exist.
Follow next week’s blog as we discuss the new developments that are occurring in Las Vegas which are contributing to a strong economy.
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Contributed by Nicklin Property Management.