High Rental Rates trending in Las Vegas Valley
A drastic change on rental rates has been seen as a trend in the Las Vegas rental Market currently. With so many apartments and homes that are for rent, finding the right one has been a challenge for some. Report Analytics show that from $850 as an average this has increased at a rate of 7.2% of $743 from 2011.
The Las Vegas economy is getting healthier and employment is down and wages and income are rising, albeit kind of slowly, but they're rising," said Lied Institute Director Edward Coulson. "The demand for housing is going up. Property values are going up the last couple of years and that's a cause and consequence of rents going up. It's been a pretty steady upward trend for the last couple of years."
- Las Vegas Review Journal.
With the increase of 40,000 residents during the last year alone and an improved economy that is affecting the decision making for residents when it comes to housing occupancy rates have increased at 93.8% this past year alone.
A low inventory for home sales makes it hard for homebuyers to choose their perfect home that leads to the increase of rental values. There is also homeowners that lost their homes to foreclosures and short sales that they rather live in a home rather than rent.
The increase of home rents started about 18 mos ago. A home that was rented at $900 in 2011 is now at a value of $1300. Seven hills, Summerlin, Green Valley and Anthem are among the subdivisions that have been sought after.
Apartment rents rose the most in the northern part of the valley at 11.3 percent over the past year to $869 a month. Its occupancy rate rose nearly 3 percentage points over the past year to 95 percent.
The southwest valley had an 8.4 percent increase to $1,024 a month, the highest in the valley, according to Applied Analysis. The northeast, where occupancy was the lowest in the valley at 89.3 percent, had the lowest rents at $689 a month.
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