According to the Nevada State Apartment Association’s latest report, the greater Las Vegas valley continues to see a decrease in rent prices while the number of available units has grown. As rents around the valley have lowered by 2.2% in the last year, the average rent in Las Vegas is currently $1,430, which is below the national average of $1,660.
“The changes we are seeing in the Las Vegas market are due to several factors including new multifamily housing properties in development, renters transitioning to different living situations and out-of-state interest subsiding,” said Robin Lee, executive director of the NVSAA.
Currently, 26 new multifamily properties are under development or slated for development in the greater Las Vegas area. With these new properties, inventory in the area will increase by 4.6% when the last is projected to finish in early 2024.