Category Archive : Rentals

LAS VEGAS, NV – The high rents that many Las Vegas residents have been struggling with recently are expected to remain at their current levels for the time being, according to a new report.

The one-two punch combination of 40-year high levels of national inflation and increased interest rates brought about by the Federal Reserve’s several recent rate hikes – done in an attempt to curb inflation – have contributed greatly to the strain that’s hitting many Southern Nevada renter’s wallets, said Las Vegas economist Mike PeQueen.

“Rent is probably the single largest expense for anybody at this point,” he said. “While it’s a bad sign for the community, it’s not really unexpected because we’ve all watched with interest the last couple of years as residential real estate prices have increased. That is great for people that own homes. For people that rent residential units, it makes the price of living in residential units more expensive, and that over time does hurt a community.”

In addition to inflation and higher interest rates, the realities of supply and demand have also remained a constant factor; simply put, there are fewer apartments in Vegas than people who want to rent them, allowing some landlords and property managers to charge premium rates.

Also, the mid-2000’s recession saw a drastic reduction in the number of homes being built; that, coupled with another construction decrease during the COVID-19 pandemic, has resulted in a high degree of scarcity when it comes to residential homes. With that being the case, many prospective homebuyers are turning to rentals to tide them over, exacerbating the demand for them even more and correspondingly driving up rent even further.

Currently, the average rent for a 2-bedrrom apartment in Las Vegas runs $1,600 a month, with that number reaching as high as $1,800 in more affluent and in-demand places such as Henderson.

PeQueen notes, however, that rents will eventually drop down to more manageable levels once more apartments and houses are built in Southern Nevada and the national economy stabilizes; it will just take some time for that to happen, he said.

“Until we see lower interest rates, and a chance for developers to catch up with what’s in the pipeline of building already, we’re probably not going to see much relief on rents,” PeQueen said. “We have seen recently the rate of increase of rents in Southern Nevada has started to top out. So I don’t think they’re going to shoot up a lot from here, but we’re probably not going to see decreases in rent at this time.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Greater Las Vegas Short-Term Rental Association (GLVSTRA) filed a lawsuit earlier this month against both Clark County and the state of Nevada on behalf of property owners looking to offer their homes for rent via services such as Airbnb and Vrbo, alleging that laws and ordinances passed to regulate the industry are “unconstitutional.”

While legal experts are expecting the GLVSTRA lawsuit to most likely be unsuccessful, the organization is nonetheless proceeding with their case, originally filed on August 2.

The main point of the lawsuit is that the 2021 passage of Assembly Bill 363 by the legislature allowing short-term rentals in the state – and subsequent required local ordinances governing the industry passed by Clark County when the bill went into effect in July – are violating the rights of property owners, according to GLVSTRA co-founder Jacqueline Flores.

“Clark County has the most restrictive STR ordinance in the nation,” she said. “The lawsuit we filed was our last alternative because state and local officials just went too far to the point where their regulations require these homeowners to give up some of their Nevada and U.S. Constitutional protections in order to be allowed to operate.”

“And the regulations include some of the highest fines and punishments, of up to $10,000 and jail time, for simply renting for less than 31 (consecutive) days,” Flores added, who claimed that approximately 80 percent of homeowners within Clark County would be unable to operate rentals under the current restrictive rules.

Currently, Clark County is setting up a lottery process to grant licenses to a limited number of prospective short-term renters within its jurisdiction; however, Flores insists that property owners should be allowed to rent their homes out whenever and however they want – especially in light of the current economic woes plaguing the country – unfettered by local regulations or limitations.

Flores also argues that a healthy rental market improves the local economy, as renters will need to hire maids, cleaning services, handymen, landscapers, plumbers, contractors, and other individuals and companies that assist in maintaining rental properties.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Due to a law that just recently came into effect making short-term rentals legal throughout state of Nevada, the Las Vegas City Council voted last Wednesday to adopt changes to their own already-existing rules governing the industry in their jurisdiction in order to properly conform to the new statewide guidelines.

Renting homes via services such as Airbnb and Vrbo have been legal and regulated in Las Vegas, North Las Vegas and Henderson for the past ten years. However, they have only recently been legalized throughout Nevada as a whole due to Assembly Bill 363 – originally passed by the state legislature in 2021 – that was signed into law by Nevada Governor Steve Sisolak in June.

With the law legalizing short-term rentals statewide now officially in-force as of July 1, it was necessary for the Las Vegas City Council to essentially “clean-up” their current rule set to match the state’s additional new rules.

These changes include a mandate that current short-term rentals have a 2,500-foot buffer from businesses with non-restricted gaming licenses; a ban on rentals located within apartment buildings; a minimum duration for overnight stays being established for rentals; and a maximum cap on the number of occupants at any given rental.

This goes along with Las Vegas’ current rules, such as 660-foot distance from other rental homes, a maximum of three bedrooms, and a limit on the number of overall license applicants.

Currently, Las Vegas has almost 200 short-term rental properties; renters who were in business prior to the new state guidelines regarding distance from businesses will be grandfathered in and not be required to move.

Violation of the rules adopted last Wednesday by the Las Vegas City Council from the newly-established state guidelines carry fines anywhere from $500 and $1,000 to as high as $10,000, depending on the type and severity of the transgression. The new rules are officially in-force as of this week.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new Las Vegas Valley apartment complex finally held its ribbon-cutting ceremony last week after previously burning down while in the middle of its construction phase a year-and-a-half ago, necessitating its developer to essentially begin the project once again from scratch.

Ely at Fort Apache originally caught fire just before midnight January 18, 2021, and quickly engulfed in flames that required the combined efforts of almost 100 firefighters from different departments throughout the valley; when all was said and done, the project laid in ruins and worked needed to begin anew.

But begin again is just what developer The Calida Group did, and last Tuesday they celebrated the long road back when they cut the ribbon on the 206-unit complex near Tropicana Avenue and the 215 Beltway. Finishing touches are bring put upon the building, and the first tenants are expected to begin moving in near the end of August.

The Calida Group confirmed that there were no injuries or deaths associated with the fire. After conducting an investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives officially announced on January 27, 2021 that the blaze destroyed the first attempt at bringing Ely at Fort Apache to reality was an act of arson, causing approximately $35 million in damage and losses for the developer.

It is not currently known where on the construction sire the fire started; Clark County Deputy Fire Chief Warren Whitney has confirmed that a suspect “has been identified but there is not enough evidence at this time to support an arrest warrant. The case is still open and under investigation.”

The newly-reborn Ely at Fort Apache boasts numerous luxury amenities for its tenants, including a 5,900 square foot clubhouse featuring a hospitality bar with Wi-Fi, game room, and full cardio and strength facility; concierge services to cater to personalized member needs; an outdoor kitchen equipped with BBQ grills, a kegerator and under counter refrigerator space; an outdoor ping pong table or in the game room; and close access to dining, shopping, entertainment, golf, and parks.

For more information on Ely at Fort Apache in Las Vegas, contact Elysian Living LLC at (844) 407-2903 or visit https://www.elysianliving.com/property/ely-at-fort-apache

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Upholding the decision previously made by City Clerk Jackie Rodgers, the North Las Vegas City Council at their August 3 public meeting voted 4-1 to remove a historic measure from the upcoming November ballot that would have established the first rent control measure in Nevada amid steadily-raising cost-of-living concerns for residents.

Rodgers previously determined that out of 3,396 signatures on a petition to include the measure on the November ballot, only 2,679 were valid, dropping the amount below the required 3,968 signature threshold. In addition, Rodgers claimed that there were differences in language from the original petition and the proposed rent control measure, which also rendered it invalid.

At the August 3 meeting, North Las Vegas Mayor John Lee led the motion to approve the city clerk’s determination that the rent control measure was “insufficient” to be included on the ballot. Only Councilman Richard Cherchio opposed the vote.

Prior to the decision, city attorneys, real estate agents and officials from the Culinary Union – the organization officially backing the rent control measure’s inclusion on the ballot – had presented hours of testimony to the Council, but ultimately, Lee stated that he felt that the decision should be decided in the legal system instead.

“Everything that was spoken today looks like it’s going to be interpreted in court,” Lee said. “I can’t interpret state law and I do believe that this needs to be somewhat adjudicated.”

Currently, there are no rent control or rent stabilization laws in Nevada. The proposed measure would have established a law that would have prevented rent increases of over 5 percent per year.

Culinary Union Secretary-Treasurer Ted Pappageorge pledged to appeal the City Council’s decision – if necessary, in the Nevada Supreme Court – in a statement released shortly after the vote.

“The actions of the North Las Vegas City Council today is a clear example of how the current leadership has failed to respond to the urgent crisis North Las Vegas residents are facing,” he said. “Voters, not politicians, should decide on Neighborhood Stability and the only way that can happen is if the measure is on the ballot on November 8, 2022.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The efforts of North Las Vegas residents to get a proposed rent control measure voted upon in the upcoming November elections has been rejected after the City Clerk determined the number of signatures on the petition was “insufficient” and, therefore, the measure was unable to be included on the ballot, reports say.

The rent control measure, which is sponsored by the city’s Culinary Union, sent a challenge to the determination on Friday that maintains the method that North Las Vegas City Clerk Jackie Rodgers used to determined the number of signatures required for the measure had violated the Nevada Constitution.

Currently, there are no rent control or rent stabilization laws in Nevada.

The attorney alleged that the Clerk had used turnout figures from the June 14, 2022 primary election, as opposed to the June 11, 2019 general election to determine the needed signatures; according to the state Constitution, the number of signatures from registered voters for an initiative petition is “equal to 15 percent or more of the voters who voted at the last preceding general county or municipal election.”

Ted Pappageorge, secretary-treasurer of the Culinary Union, insisted that – according to the Nevada Constitution – the rent control measure was completely valid and deserved to be included on the upcoming ballot.

“We will not be deterred,” he said. “The Culinary Union submitted 3,396 signatures, and we are confident in their validity. The City of North Las Vegas is misreading the law as to how many signatures are required.”

However, City Clerk Rodgers determined that out of the 3,396 signatures on the petition, only 2,679 were valid; 3,968 signatures are required for a measure to be included on November’s ballot. In addition, Rodgers claimed that there were differences in language from the original petition and the proposed rent control measure, which renders it invalid.

The Culinary Union’s attorney has requested that the North Las Vegas City Council review the Clerk’s decision not to include the rent control measure on November’s ballot at their next public meeting on August 3.

“The Committee respectfully requests the City Council to review and disapprove the Certificate and instruct the City Clerk immediately to complete her review by using 476 as the required number of valid signatures for sufficiency,” the attorney said.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Throughout the COVID-19 pandemic, Las Vegas residents saw their rents increase by what some would consider to be unsustainable degrees; the subsequent increase in gas prices and inflation – which, as of June, hit a whopping 9.1 percent – have only served to put additional financial stress upon not only Southern Nevada residents, but people nationwide.

Currently, the local average Vegas rent is $1,480 a month, which is still $140 cheaper national average of $1,620; nonetheless, it still represents a steep increase over previous years, when the average rent jumped 23 percent year-over-year from 2019 to 2020, and then an additional 11 percent in 2021.

However, experts are predicting that as 2022 continues, rents should finally start to stabilize as local Vegas residents’ leases come up for renewal, offering them a slight respite from the economic onslaught so many Americans are dealing with on a daily basis.

According to Nevada State Apartment Association (NVSAA) Executive Director Susy Vasquez, the skyrocketing rents that have plagued so many Vegas inhabitants should start to calm down as the year progresses, with an additional increase of only approximately 5.5 percent expected by the close of 2022.

“Currently, the apartment market appears to be normalizing and stabilizing,” she said. “We are not going to be experiencing that year-over-year rent growth that we have been seeing in the double digits. We’re going to be experiencing more single-digit rent growth moving forward.”

While the economic chaos and uncertainty seen during the pandemic may be waning, Vasquez says new headwinds in the economy could impact the rental market. That includes inflation’s impact on driving up mortgage rates, and consequently, slowing home sales.

While rising home mortgage rates and house prices are driving up demand for rental units from those who are currently priced out of homeownership, local and state lawmakers are working with developers to fast-track construction on new housing; this goes hand-in-hand with the 7,440 units currently under construction in Clark County, which is expected to reduce the demand for rentals and drive lease prices down.

“They really are looking to minimize the amount of time that it takes to get those shovels into the ground, not only with affordable housing, but any housing development,” Vasquez said. “I think they’re looking more at land areas that they have, and looking to see what they can put on that land in a quick amount of time in order to relieve the pressure of supply.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Residents of North Las Vegas have been pushing hard to get the signatures needed to get a measure that would introduce rent control legislation on the ballot in November’s upcoming elections, and their efforts to prevent rent increases in light of prevailing cost of living concerns appear to have paid off.

476 signatures were required for the measure to appear on November’s ballot; North Las Vegas residents managed to gather approximately 3,400 of them before the July 1 deadline by beating the streets and knocking on doors.

If the measure ends up getting the support it requires at the ballot box this fall, it will place a cap on the amount that landlords can increase a tenant’s rent amid a climate in Southern Nevada where living costs have continually increased – rents in North Las Vegas have jumped nearly 30 percent since 2020 – pricing some out of the market, according to Culinary Union secretary-treasurer Ted Pappageorge.

“T​​he day has finally come and we’re here to submit the petition for neighborhood stability,” he said.

This effort represents the first time an attempt was made to get a rent control measure on the books in North Las Vegas since the 1970s, and – if successful – would tie maximum rent increases to North Las Vegas’ Consumer Price Index (CPI), mandating that rent hikes could not exceed 5 percent year-over-year.

The next step of the process was a recent meeting between members of the city council and redevelopment agency to discuss the potential economic impact of the measure upon the region if it passes in November.

Currently, there are no rent control measures on the books in Nevada, and if one is successfully implemented in North Vegas, it remains to be seen if it will survive the anticipated legal challenges that will be brought against it.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In an effort to combat skyrocketing rents making it difficult for some residents to put a roof over their heads, a commissioner in Clark County is proposing that a mandatory “affordable housing” law be put into effect as it relates to every new apartment complex erected within the county’s limits.

Commissioner Michael Naft said that multiple constituents have reached out to him as of late, asking for help in addressing the county’s high rents which are making life unaffordable for many working-class families and individuals.

“I’ve got a binder on my desk of people who contact my office and say that their landlords raise their rent by $700, month over month,” he said. “It’s not sustainable for our community. I see this as a way to incent the developer to do the right thing.”

Similar rent control laws have been enacted throughout the country, particularly in regions where the average rent has effectively priced some families out of the market entirely. Nevada state law has allowed local municipalities to implement such laws since 1999, although to date none have chosen to do so; if passed, Clark County would be the first in the state to do it.

Naft’s proposed law, if it comes to fruition, would mandate that apartment complexes with 250 units or more would need to establish 10 percent of them as “affordable rentals” that are geared towards those making 80 percent or less of the region’s median income, which in Clark County would amount to $45,000 or less annually.

Currently, the average rent for a one bedroom apartment in Clark County is approximately $1,600 per month; over the course of the last two years, rents have jumped to a high degree, with wages reportedly not keeping pace with the cost-of-living increases.

Executive Director Susy Vasquez of the The Nevada State Apartment Association released the following statement, saying that her organization would be willing to support Naft’s proposed legislation.

“As presented, the Nevada State Apartment Association is currently neutral, leaning towards supporting the item,” she said. “We look forward to continuing conversations and ultimately providing a purpose driven solution which will bring added stability to our community.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Commissioners in unincorporated Clark County approved an ordinance on Tuesday to regulate short-term rentals, officially legalizing an industry in the region that includes services such as Airbnb and Vrbo that operate online marketplaces for lodging, primarily homestays for vacation rentals and tourism activities.

The ordinance comes as a great many neighborhoods across the country have issued previous complaints regarding short-term rental customers disturbing their neighbors with noise and wild partying, which has been a long-standing complaint in regards to the service.

Previously, short-term rentals were not legal in Clark County; however, in 2021, Assembly Bill 363 was voted into law, and decreed that as of July 1, 2022, it would be legal for companies such as Airbnb and VRBO to operate within the county. Furthermore, the county was also tasked with regulating the new industry, and lawmakers had been working ever since – based on public feedback –  to craft an ordinance for that purpose.

Clark County commissioners on Tuesday discussed numerous new regulations that would govern the industry within its borders, including occupancy limits, minimum stays, distance separation, and the responsibilities rental operators.

The short-term rental ordinance (full report can be read here) passed Tuesday includes the following provisions:

• Not more than 1% of housing in the county can operate as short-term rentals
• No more than one license per person
• Maximum occupancy of two people per bedroom or 10 people per unit
• Bookings must be a minimum of two nights
• Minimum two-night stay for every reservation
• Not within 1,000 feet of an existing short-term rental
• Not within 2,500 feet of a resort hotel (state-mandated)
• Hosts must allow the County to inspect the residential units without advance notice
• Allow misdemeanor citations for violations of this ordinance, thus opening the possibility of criminal liability for issues as minor as the placement of trash

A 24-hour telephone hotline will be made available to local residents to report any issues relating to short-term rentals in their neighborhood; those operating the rentals will be required to have personnel in their employ that will be able to respond to and address reported issues within a 30-minute time span.

John Choi, Airbnb’s Head of US West Public Policy, issued a statement on the news of the new ordinance, criticizing Clark County for what he called passing rules that are “stricter than what is required by state law.”

“From the start, Hosts on Airbnb have offered to work with Clark County Commissioners on rules that allow regular people to share their homes to earn extra income and to support the region’s tourism economy, both of these are needed now more than ever as residents continue to navigate economic headwinds,” he said. “Today Clark County commissioners passed new rules that are stricter than what is required by state law and will take money out of the pockets of Nevada residents and the local tourism economy.”

“Short-term rentals have been a lifeline for residents who rely on the income to make ends meet and for travelers looking for safe, comfortable accommodations that offer more space and control over their environment,” Choi continued. “Now is the time for the tourism sector to work together to bolster Clark County’s economy and hospitality industry.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Palms Apartments, an apartment complex adjacent to the famed Las Vegas Strip, has been sold for $33 million, via an announcement last Wednesday by the real estate agents that brokered the deal.

The 200-unit apartment building, located at 713 East Sahara Avenue, was purchased from Miami-based Florida East Coast Realty, LLC by an undisclosed buyer on May 2 via a limited liability company based out of California, according to Clark County property records.

The garden-style Palms Apartments is a two-story building that offers units ranging in size from 700 to 1,500 square feet, and offer floor plans that have up to three bedrooms and two bathrooms, according to Thomas Dean of Coldwell Banker Commercial Premier, who represented the buyer.

“This older, vintage property provided my client with a great value-add opportunity in a very hot market,” he said. “They have an extensive Capex plan and are excited to add this to their Las Vegas portfolio.”

Las Vegas has been experiencing a large number of apartment building sales in 2022; Topaz and Viridian, two large apartment communities that are located adjacent to one another on West Viking Road, were announced as having been sold earlier in May in an off-market transaction worth a total of $129.7 million.

In addition, in March the 220-unit luxury apartment complex South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million, and Fremont9, a ritzy apartment complex located in Las Vegas’ downtown area whose constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, sold for $80 million and will soon be christened with a new name.

And finally, Jade, a 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, sold for $124.5 million in late January.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – With inflation still hurting most Americans in the wallet and prices in the housing market skyrocketing nationwide, a new report indicates that among the major metro cities where costs are increasing the most, Las Vegas is now currently ranked number two in terms of rising rents, leading to concerns over affordability despite signs that the market may be starting to stabilize.

Among the 15 major metros covered in the report where rents are rising the fastest, residents of the Las Vegas-Henderson-Paradise area are experiencing one of the highest percentage rent increases from pre-pandemic 2019 to 2022, as per a study released by San Francisco-based rental software firm Stessa Inc.

Southern Nevada is ranked number 2 in terms of rent increases, with the median rent in 2022 currently $1,485, which represents a jump of 24.8 percent when compared to the median rent in 2019, which was $1,190.

The Las Vegas region comes in closely behind the Sacramento-Roseville-Folsom, California metro area, which took the number 1 spot with its 2022 median rent increasing 25.3 percent to $1,830, compared to $1,461 in 2019.

The main factors driving the rent increases in Southern Nevada include limited inventory, coupled with a rapidly-recovering post-pandemic economy that has driven fierce competition among prospective tenants, leading to many – especially those with a degree of affluence – paying for rentals well above the initial asking price, according to the Stessa report.

With rising real estate prices, 70 percent of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home,” they said. “And as more high earners enter or stay in the rental market, builders and developers are incentivized to provide more luxury units, which means less new stock to meet the needs of low and middle-income earners.”

Nationally, median rents rose 12.5 percent in 2022 to $1,445, up from $1,284 in 2019.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com