Buck Wargo posted on the Las Vegas Review Journal that based on last week's report by the research firm, Applied Analysis, the average cost of Las Vegas rental during the third quarter is $850 a month, which is 7.2 percent higher than that of last year. It is the 12th consecutive increase, on a quarterly basis, from a low of $743 a month in the middle of 2011, according to Applied Analysis.
The data gathered is re-echoed by the Lied Institute for Real Estate Studies, which showed similar findings of an increase in rents by 12.1 percent over the previous year to $850 a month. This is just $27 or three percent below the peak in 2007. Results of their study also show that the vacancy rate dropped by 1.3 percent points in the past year, making it at its level of 7.9 percent since 2007.
Edward Coulson, Lied's Institute Director said, "The Las Vegas economy is getting healthier and employment is down and wages and income are rising, albeit kind of slowly, but they're rising." He added, "The demand for housing is going up. Property values are going up the last couple of years and that's a cause and consequence of rents going up. It's been a pretty steady upward trend for the last couple of years."
The latest rent trend data given by Rent Jungle shows that as of August 2015, the average cost of apartment rent within ten miles of Las Vegas is $1083. The price for one-bedroom apartments is $826 a month on the average, while it is an average of $1035 for two-bedroom apartments. According to this site for rental housing, over the past six months, the average apartment rent in Las Vegas has gone up by $82 or 8.2 percent, with the increase for single-bedroom units reaching $48 or 6.2 percent, and for the two-bedroom escalating by $102 or 10.9 percent.
Rent Jungle reveals that the most expensive neigborhoods in Las Vegas are Meadows Village, Sun City Summerlin, and Sheep Mountain, while the cheapest apartments for rent can be found in Downtown East, East Las Vegas, and Sunrise.
Brian Gordon, a principal at Applied Analysis, forecasts that based on the trend over the past three years, rental rates for apartments within the next year can go to a high of $890 a month set during the third quarter of 2008.
