LAS VEGAS (KLAS) – A study released by real estate company Redfin shows rental rates dropping in Southern Nevada, citing a rise in housing supply.
8 News Now spoke with several people renting in the Las Vegas Valley about their experiences.
“I have been pretty much priced out,” Erin Bernot said of her experience.
Bernot told 8 News Now she is getting ready to move, not because she wants to, but because her rent has increased.
“If I wanted to do another year lease,” she explained. “They wanted to raise it over 19%.”
It’s a story that has been shared across the community for the past few years and Bernot said it’s frustrating, but she also has friends who have shared the opposite experience.
“When he renewed his lease over on Flamingo (Road) here,” she shared of her friend. “They dropped his rent like $150.”
Many have wondered which way the housing market is going, so 8 News Now asked a local expert.
“The rental market affects the housing market as a whole,” Real Estate Advisor Ana Jaramillo said. “It’s all kind of intertwined.”
Jaramillo said she has seen a recent shift to stabilization and in some cases a downward trend.
A recent study published by real estate company Redfin lists the median rent price for all-size homes and apartments across the valley at $1,475 at the end of September, a 1.5% decrease from August.
Redfin also showed that the median rental price across the United States dropped slightly by 0.5%.
Jaramillo told 8 News Now a lot of the change boils down to a supply spike.
“We have a lot of houses on the market right now to rent,” she said. “So therefore the prices of those rental properties have gone down.”
The study conducted by Redfin reported rent prices fluctuating nationally, depending on each region of the country.
Bernot told 8 News Now she hopes to see her situation change for the better.
“This will be my third time moving in a year and a half,” Bernot said. “So it’s a little frustrating.”
However, she said it’s difficult to know what the future will bring in a city like Las Vegas.
“There is a lot more movement in terms of people moving here,” Bernot concluded. “And moving away from here.”
Jaramillo said the real estate market generally slows down before a presidential election and then ticks up slightly after.
