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Apartment Rent in Las Vegas Lowering During Coronavirus Pandemic

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Apartment Rent in Las Vegas Lowering During Coronavirus Pandemic

LAS VEGAS, NV – According to recent reports, apartment rental rates in Las Vegas have shown some degree of lowering amid the ongoing coronavirus pandemic, and once the summer hits, prospective renters could expect to see that trend continue. Typically, in the summer season, rents in Vegas tend to grow, but the circumstances surrounding the pandemic are unprecedented, experts are saying. Amid stay-at-home orders and governmental mandates that non-essential businesses must remain closed in order to curb the spread of the coronavirus, many Southern Nevada residents are finding themselves embroiled in mass unemployment and with limited financial means.

With that being the case, many local landlords and property management companies are finding themselves forced to curtail rent increases, or in some instances, even rolling them back to a degree. The Nevada State Apartment Association notes that rental increases in the region are typically 6 to 7 percent annually; however, this year, it has actually gone down by a half percent so far.

If the current pandemic continues to cause economic havoc in Las Vegas, the rate of rental vacancy is expected to increase as some residents are forced to move back home or in with friends; while stimulus checks and unemployment insurance is currently helping those out of work make rent, this is only a temporary solution, many say, and more assistance is needed.

Las Vegas has begun the early stages of re-opening its economy, with a limited number of restaurants being allowed to open their doors for business under strict social distancing and sanitary guidelines. However, it is currently not known when the Vegas business scene will be allowed to fully reopen, or how long it will take the city to recover from the economic damage the lock-down – in effect since late March – has wrought.

In addition, some desperate local businesses have announced their intention to reopen against Nevada Governor Steve Sisolak’s orders, risking fines and jail time. However, experts are saying that it will not take long, once Las Vegas is back in business, for the economy to recover and the rental market to begin to trend upward once again.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.