Las Vegas Ranks Number 2 for fastest rising Rents
Our pockets are being hit hard right now with the growing inflation starting to hit our everyday lives more and more. From groceries to gas the pinch is real. Southern Nevada residents are taking a big toll on all of those areas and most importantly, if you are renter you are beginning to feel this more than many other areas of the country.
When looking at the largest 15 metros in the United States the Las Vegas metropolitan area is ranked #2 with a median rent in 2022 showing an increase of +24.8% moving the median rent from $1,190 in 2019 to $1,485 currently. Only Sacramento California has risen higher than Las Vegas coming in at an increase of +25.3%.
As a REALTOR and a resident of Las Vegas we have been shouting to everyone that this “bubble” you feel is not a bubble but a housing shortage. The pandemic has allowed many to move to better climates, tax helpful cities and to just plain make a change in their lives once they realized “they need more room”. Huge amounts of people upsizing and downsizing while taking advantage of the historic low interest rates has made a seismic shift in our housing community. While this was taking place in the housing market to Buy/Sell a home - it has taken an even stronger toll on renters.
Renters, many who often want to buy a home, are now staying in the rental market which is impacting the availability of rentals. Builders are taking note but also taking advantage of these higher rental rates to build and increase their luxury rental market. All while leaving the middle income earners to struggle in finding a place called home.
Developers for the rental market have not been able to keep pace as the same as new home builders have had struggles as well. The influx of people moving around and the pandemic limiting supplies and labor forces to build - we have created a real need for affordable housing and rentals everywhere.
Is there a light at the end of the tunnel? Probably not for some time to come. The phrase I hear most often is I will wait for the market to change. If you have time let’s compare notes sometime. Don’t go by the news as this information is “eye catchers” - if we lived our lives by the news systems we would be doomed. Just like you work with a Specialist Doctor that studies and focuses on that area of medicine, just like you go to a specific Lawyer/Attorney for a specific specialty - get with a REALTOR who works full time in the field, who plugs in and studies the market from many sources and can provide data to back up what we are seeing to come.