Rents still rising in Las Vegas

A for rent sign on display on the side of a down town apartment building.

According to www.rentcafe.com (https://www.rentcafe.com/average-rent-market-trends/us/nv/las-vegas/), rents are continuing to rise in the Las Vegas valley. The average apartment is approaching $1500 / month, while many neighborhoods throughout Las Vegas are well over $2000 / month. As a result, many landlord’s are making sharp increases in rental rates when their properties come available or simply raise rents on existing tenants who’s leases are up or coming up.

Since Nevada has no limits, or a rental cap, Landlord’s are able to raise the rent with no restriction. Granted, some Landlord’s understand that a sharp increase may create a vacancy at their property and so, they approach a rent increase reasonably, only increasing to cover their higher ownership expenses and some. A vacancy results in lost revenue and vacancy expenses, such as utilities and necessary repairs. Thus, even if the property re-rents for a substantially higher rate, the cost of a vacancy can wipe out any profit.

Rental inventory continues to remain slim, thus, rents are continuing to rise as demand persists. Additionally, the higher cost of owning a property, such as insurance, taxes and repairs will result in higher rents as owners look to offset their expenses.