LAS VEGAS (FOX5) -- There's no end in sight for the rise of apartment costs in the Las Vegas Valley for 2020, experts say. Rent prices continue to rise as the number of move in-ready spaces goes down.
It may seem like there's more than enough to go around, but experts told FOX5 it's far from that. As quickly as they're built, the spaces are rented.
A new report from the Nevada State Apartment Association showed that the supply of empty apartments has been cut in half over the past decade.
The average price of rent is up almost 5% since this time last year.
Realtor Steve Hawks said he's heard that story countless times. He helps renters become buyers.
"The locals are being pushed out by people coming in from all over the country with a big chunk of change," he said. And new apartments are being built "everywhere."
More than 12,000 new apartments have been built since 2015 with another 3,800 on the way. For the first time in years, new builds are filling in areas closer to the Las Vegas Strip.
"There’s a lot of available land that they can’t put single family houses there, they can’t put high rises there, so apartments are a great bet and a huge win for developers," Hawks said.
What's a win for them is causing some renters to lose sleep. And experts say 2020 won't be the year we see those rent trends reversing.
Hawks added that there aren't enough affordable, single-family homes being built, and that's why more people are forced to rent. Many apartments in Southern Nevada are owned by big companies with a lot of money, he said, so they don't need to drop their rent prices to fill their buildings.