Apartment rental rates up across Southern Nevada
LAS VEGAS (KSNV) —
Renter Marlin Dart has lived in Southern Nevada since he was 6 years old, and he has seen it all.
Dart knows first-hand that the apartment rental business is red hot, but his Green Valley neighborhood, he believes, is worth it.
"Before they were going up about $50 every lease, but the last one jumped $200 on the last lease," says Dart.
According to Applied Analysis, apartment rental rates are up more than 23-percent in the past six years. The average one-bedroom unit is currently averaging $882, and a two-bedroom apartment is $1,066.
"It's still cheaper than San Francisco," George Trombley with Blackbird Realty and Property Management says.
"Rents are increasing all over the valley, largely because of what's going on. Raiders stadium is being built, and the newspaper says there's a need for 60,000 more construction workers," says Trombley.
It's not just apartments. Trombley says rental houses are another hot commodity, and it's supply and demand.
Over the weekend he listed four new availabilities and received 110 leads for interested customers.
Landlords, he says, can afford to be picky about who they're renting to.
"Make sure you've got a good landlord reference. That affects you. Credit; all landlords are checking credit," says Trombley.
"It's everywhere. Because I looked around, where I'm at is cheaper than most in my neighborhood," says Dart.
Dart will pay the extra $200 a month and stay where he is. For now, buying his own house is not appealing.
"I worry about the bottom falling out again. People are overpaying for what they're getting now I believe. I think the time to buy was eight years ago," says Dart.