Las Vegas rent trends, Rent.com says national monthly rent trending downward
LAS VEGAS, Nev. (FOX5) - Rent.com shows prices dropping nationally, but not so much for our Las Vegas market.
The Nevada State Apartment Association report says that Las Vegas apartment rents are starting to decline but that’s comparing quarters. The NVSAA says the asking rent during the third quarter averaged $1,451 per month. That’s down from $1,480 during the second quarter, but up from $1,403 last year.
Year-over-year, rent prices are still high in the valley.
According to Rent.com, rent prices are trending down month-over-month for the first time this year.
The site says the average rent in Las Vegas is up by as much as 11% for a three-bedroom apartment renting for $1,961. Rent.com’s rental market trends break down the most affordable and most expensive neighborhoods.
Rent.com says the most affordable neighborhoods to rent in the valley starts with the Northern Strip Gateway, where the average 1-bedroom apartment rent goes for $700. Then, West Las Vegas where renters pay $850 and East Las Vegas where rent goes for $895.
The most expensive neighborhoods to rent according to Rent.com begins with the Financial District where the average 1-bedroom goes for $4,500, followed by east Village at $2,755 and Angel Park Lindell which goes for $2,397.
Caitlyn Ureta was born in Vegas, she just moved back from Phoenix a month ago. She’s living with her grandparents now to try and save money and find an affordable room to rent.
“There’s a lot of scammers out there, there’s a lot of scammers and the price of apartments is wild,” Ureta said.
Ureta works full time as a concierge at a strip hotel and casino.
“It’s so hard to find someone that is allowing dogs, and I even tell them ahead of time like my dog is very quiet- chihuahuas have the worst reputation of being yappers and he’s not like that he would literally sleep all day,” Ureta said.
Her budget is between $800-$1,000.
“A lot of the places that I can afford they are in really rough areas. Even parts that are near the strip, they’re kind of rough I’m not going to lie there are also some rough areas. It’s convenient yes but it’s not worth it for me because like I said I’m by myself,” Ureta said.
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