Undercurrent

LV apartment rents easing amid talk of rent control 

By: - July 13, 2022 11:16 am

“Rents are expected to moderate this year as vacancy rises from the all-time low set in 2021,” according to the Nevada State Apartment Association. (Photo: Ronda Churchill)

Apartment rents in Las Vegas are up 11.2% from a year ago, according to data released by the Nevada State Apartment Association Executive Director Suzy Vasquez says local rents are increasing about half as fast as they were last year.

A report based on data provided by CoStar pegs average second quarter rent at $1,480 a month, up from $1,322 a year ago.  

The NVSAA says the report indicates rents in Southern Nevada are beginning to soften. The news comes as Culinary Local 226 is seeking to place a rent control initiative for North Las Vegas on the ballot, and lawmakers discuss the possibility of state legislation.  

The second quarter vacancy rate of 6.7% is up 2.4% from a year ago, according to the report. 

“Rents are expected to moderate this year as vacancy rises from the all-time low set in 2021,” said Vasquez. “Las Vegas continues to attract new residents with its affordable cost of living compared to other western markets, especially California. Local rents are still lower than the national average apartment rent of about $1,640 per month during the second quarter.”

NVSAA says some 7,400 local apartment units are under construction, mostly in Henderson and Summerlin. That amounts to about a 4% increase in inventory.

Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Please see our republishing guidelines for use of photos and graphics.

Dana Gentry
Dana Gentry

Dana Gentry is a native Las Vegan and award-winning investigative journalist. She is a graduate of Bishop Gorman High School and holds a Bachelor's degree in Communications from the University of Nevada, Las Vegas. Gentry began her career in broadcasting as an intern at Channel 8, KLAS-TV. She later became a reporter at Channel 8, working with Las Vegas TV news legends Bob Stoldal and the late Ned Day. Gentry left her reporting job in 1985 to focus on motherhood. She returned to TV news in 2001 to launch "Face to Face with Jon Ralston" and the weekly business programs In Business Las Vegas and Vegas Inc, which she co-anchored with Jeff Gillan. Dana has four adult children, two grandsons, three dogs, three cats and a cockatoo named Casper.

MORE FROM AUTHOR