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Las Vegas Apartment Rates Rising Steadily Once Again Due to Strong Demand

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Las Vegas Apartment Rates Rising Steadily Once Again Due to Strong Demand

LAS VEGAS, NV – New data from Redfin indicates that apartment rental rates in Las Vegas are increasing faster than the national average, a development driven both by strong demand and an overall limited amount of inventory, among other factors.

Many other cities in the Southeast and Southwest United States have seen rental rates dropping when compared to last year, with the average rate having increased 1.7 percent by the end of April and 1.1 percent year-over-year. However, Las Vegas has bucked that trend, with rates having increased 2.4 percent by the end of April and 1.7 percent year-over-year.

Furthermore, Colliers International’s recently-released first-quarter report noted that the situation in Las Vegas could get worse come 2025, as by that point the pipeline for new multifamily projects in the valley will have dried up, which in turn could lead to a significant spike in rental rates.

The forward-looking supply and demand fundamentals for multifamily continue to be strong and will get stronger through 2025-2026,” the report stated. “This is due to a strong economy and the current difficulties that persist to start new projects in this environment. Sales will continue to be slow in the foreseeable future until we can experience improvements in the capital markets. But overall, we’re very bullish on the performance of Las Vegas apartments going forward.”

1,130 new apartment units were added to the Las Vegas Valley in the first quarter of 2024, which represents an increase from the 543 units added during the same period one year prior. In addition, more apartment construction projects were recently finished in Henderson, North Las Vegas, and the southwest valley, and currently another 6,625 multifamily units are currently under development.

And finally, the Redfin report noted that another contributor to rising rental rates in Vegas are the still high level that interest rates for home mortgages currently are at.

Elevated mortgage rates are likely bolstering U.S. rental demand, and as a result, propping up prices,” the report said. “The average 30-year-fixed mortgage rate is more than double the 2.65 percent record low hit during the pandemic. Some renters are putting off their home purchasing plans because monthly payments for homebuyers are near their all-time high.”

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.

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