Las Vegas Apartment Rents Back Up After Pandemic; Expected to Further Increase, Reports Say
LAS VEGAS, NV – According to reports, after an initial drop in the early days of the COVID-19 pandemic, Las Vegas apartment rents have remained strong in the second quarter of 2020 while vacancy rates were stabilized due mainly to Nevada Governor Steve Sisolak’s moratorium against residential evictions.
While Vegas rents showed definite signs of rebounding after the initial outbreak, they nonetheless have grown at a slower rate than before COVID-19 hit; local rents increased 2.2 percent during the second quarter, which while positive, nonetheless pales to the 7 percent rent growth year over year, reports say.
The average vacancy rate for local apartments was 6.8 percent during this period, representing a .4 percent increase from 2019 but a decrease of approximately 11 percent during the midst of the mid-2000’s recession.
Las Vegas rents in the second quarter of 2020 have averaged $1,105 per month, which represents a $25 increase from the same period of time in 2019 but only a 5 percent increase from the region’s peak levels before the recession; from 2015 through 2019, rents in Vegas grew at a steady and regular rate.
Governor Sisolak’s moratorium against residential evictions, combined with numerous forms of governmental assistance on the federal, state, and local level, have enabled approximately 90 percent of renters in Nevada to make their monthly rent; however, with the cessation of federal enhanced unemployment benefits at the end of July, along with the end of the moratorium come September, experts expect rental numbers to take a potentially drastic turn in the third and fourth quarters of 2020.
Another factor contributing to vacancy rates is the increased development of apartment complexes prior to the pandemic in order to satisfy the growing demand for housing options in light of Las Vegas’ blooming economy and job market. Currently, Las Vegas has 3,117 apartment units under construction as of the second quarter of 2020, and upon completion, this will also drive up vacancy rates correspondingly.
Shelter Realty is a Real Estate and Property Management Company specializing 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.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.