Rents in Las Vegas Dropping to Start 2024, According to New Report
LAS VEGAS, NV – As per a new report released by Zillow, in the Las Vegas Valley rents showed a distinct decline to kick off 2024, with experts saying now is a good time to be looking for an affordable new apartment in the city.
As per Zillow’s January rental market report, 16 major metropolitan areas in the United States saw a decrease in the average rental asking price at the beginning of the year; among those 16 was Las Vegas, where the average January rent was $1,745, which represents a 0.3 percent decrease from December 2023.
Senior Zillow economist Orphe Divounguy noted that there are several factors in Las Vegas that are contributing to lower rents – such as a cooling job market – resulting in landlords lowering their rates and offering additional perks in order to entice new tenants to sign on the dotted line.
It’s not a bad time to find a new apartment in Las Vegas. Rents are relatively soft right now, annual growth is just $33, and a slight monthly decline is the sixth largest among major metros,” he said. “Concessions offered by landlords, such as free rent or parking, are on the upswing too, and are now offered for nearly 40 percent of Zillow’s local rental listings. But the surge in rents in 2021 and 2022 means they’re now $400 more expensive than before the pandemic.”
Despite Zillow’s report noting the rental decrease in the aforementioned 16 major metropolitan areas in the country, the overall average rent in the United States is nonetheless 29 percent higher than it was prior to the COVID-19 pandemic, with average increases over the last four years of 7 percent annually. In contrast, prior before the pandemic took hold of the nation, the average yearly rental increase rate was 5.5 percent.
Aside from Las Vegas’ 0.3 percent decrease from December, the highest drops in rent in the country were in Austin, Texas (0.5 percent), San Diego (0.4 percent), Buffalo, New York, (0.4 percent) and Riverside, California (0.3 percent).
In addition, experts note that there is less of an incentive for renters to buy homes these days, due to the fact that house prices are increasing at a much faster rate than rent; given the current stability in the rental market, many are saying that is much more feasible to remain a tenant for the time being as opposed to a homeowner.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.