LAS VEGAS (KLAS) — Residents of the Las Vegas valley who are renting can look forward to more affordable prices.
Last month, the average rent for a one-bedroom apartment in Nevada was $1,319. Although this figure might seem steep, more affordable rental options are available depending on where one chooses to rent from in Las Vegas.
Zumper, a digital marketplace for renters and property managers, released a new report highlighting rental prices in Southern Nevada. Paradise, south of Desert Inn near Saint Rose Parkway, tops the list at $1,550 per month. Henderson ranks second at $1,500, while Spring Valley follows at $1,420.
Experts say these numbers point to a favorable trend for renters.
Crystal Chen, a spokesperson for Zumper, noted that Las Vegas’s vacancy rate is currently higher than the national average.
“Las Vegas rental vacancy rate is currently at 6.7% which is higher than the U.S. average of 6.3%,” Chen said. “The main thing driving this decline in Vegas is new supply. The Desert Mountain region has had one of the biggest inventory increases this year and that’s really putting down pressure on rents. Las Vegas specifically has nearly 6,00 units delivering in the next six months.”
Chen notes that with more supply and lower demand, renters have more flexibility when it comes to leasing.
“Talk to your landlord and see if you can get a rent decrease, or even offer to sign a longer lease since property owners are pretty motivated to try and keep tenants in place, especially if the market is showing signs of cooling,” Chen said.
For those looking for a new place, real estate experts recommend negotiating or renegotiating your lease. Signing a longer lease can reduce monthly payments, and moving in during the winter season, when demand typically drops due to the holidays, can also lead to savings.
One can also take advantage of signing bonuses, such as waived fees, a free month of rent, and other perks, into their leasing agreement.
For more information about apartments for rent in the Las Vegas valley visit this link.
