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Monday, Jan. 23, 2023

Did the cost of rent in Las Vegas decrease in the last quarter of 2022?

Todd Butterworth, The Nevada Independent
yes

According to a report by the Nevada State Apartment Association, the Las Vegas housing market saw its first rent decrease in a decade during the fourth quarter of 2022. The $1,420-per-month average is down from $1,451 in the third quarter of 2022 and below the current national average of $1,620.

Experts attribute the decrease to a combination of inflation, seasonality, economic uncertainty (about mortgage rates and a possible recession), and an increase in the vacancy rate to 8.6%. This is above the 6% norm and more than double what it was at its lowest level in 2021.

The Las Vegas market may see further rent decreases as 9,300 new apartments are under construction, and eviction litigation could free up more rental units.

The Reno-Sparks market also experienced a rent decrease to $1,490 per month from $1,520 in the previous quarter.

See a full discussion of this at The Nevada Independent

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The Nevada Independent is a nonpartisan, nonprofit news and opinion website founded in 2017 by veteran political journalist and commentator Jon Ralston. The site and its supporting channels are focused on ethical, unbiased and transparent journalism. In general, we aim to gather and disseminate important public information and increase civic engagement. We are supported by corporate donations, memberships, event ticket sales and sponsorships and foundation grants. We disclose all our members and donors. Donors have no influence over our content, ever. The Nevada Independent is the dba for Nevada News Bureau, Inc., a 501(c)3 nonprofit founded in 2010 by Elizabeth Thompson, who now serves as one of The Nevada Independent's managing directors and its Editor.

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