Las Vegas shows the highest 2018 rent increases in the US
2018 saw another year of overall rent increases in the Las Vegas area. CoreLogic reports that as of October 2018, Las Vegas rental stats showed the highest year over year rent increase in the US, at 6.6 percent. That was followed by Phoenix with an increase of 6.4 percent, and Orlando with a rent increase of 5.3 percent. However, we dug deeper. See more below.
Image above links directly to CoreLogic’s page where the report is available for download.
Las Vegas Rental Stats by Property Type
Since CoreLogic’s report only shows an overview of single family rental data for Las Vegas, we decided to get more details. We pulled MLS data for rentals in Las Vegas by property type, and neighborhood. What we found is that different property types in different areas had different results for 2017-2018. However, our research shows that overall, the number of units leased decreased from 2017 to 2018. This may indicate that renters are staying put longer, rather than moving around. Longer tenant retention is a good thing for Las Vegas investors! Get the report now.
Multifamily rental stats in Las Vegas / Henderson, 2017 – 2018
Overall, we found that multifamily rentals (privately owned apartment buildings, not apartment complexes) had a small 0.26% average rent increase on studio and 1-bedroom units, an average rent decrease of 3.47% on 2-bedroom units, and an average rent increase of 6.32% on 3-bedroom units. Also, we found a decrease in the average time on market and overall decrease in the number of units leased from 2017 to 2018.
Condo rental stats in Las Vegas / Henderson, 2017 – 2018
Average rent prices for Condos increased overall. Our findings showed average rent increases of 5 percent for studio and 1-bedroom units, 5.2 percent average increase for 2-bedroom condos, and 2.9 percent average rent increase for 3-bedroom units. The number of condo units leased decreased for studio, 1-bedroom, and 2-bedroom units, while the number of 3-bedroom leased condos increased slightly at 1.2 percent, from 2017 to 2018.
Single family home rental stats in Las Vegas / Henderson, 2017 – 2018
We know that average rent prices increased in 2018. However, our own MLS research showed that the number of units leased decreased on single family homes as well. We saw an average 5.1 percent decrease in the number of units leased, between 2, 3, and 4 bedroom homes, from 2017 to 2018. These numbers include townhouses and houses. We found that average rents increased in all areas of town (some more than others).
2019 Outlook for Las Vegas area Rentals
We looked at several factors to get an idea where the Las Vegas rental market might be headed. These include: job growth, population growth, unemployment decrease, and the home buying market. According to data we found, Las Vegas jobs increased by 3.4 percent in 2018. Nevada is rated as the #1 state in the US for job growth. Unemployment decreased from 4.9 to 4.4 percent. We are one of the fastest growing cities in the country, by population reports. Our real estate market continues to see rising home prices and low inventory. When it’s difficult for would-be buyers to find the type of housing they want at a price they like, they may continue renting longer. All of these factors seem to point to continued increases in rent prices for Las Vegas / Henderson in 2019.
Download the report
We put together a more complete report showing 2018 average rents, days on market, and number of leased units, with percentage changes from 2017, according to property type, # bedrooms, and geographical area. If you would like to see the complete report, we’re happy to send you a copy. Just text REPORT to (702) 986-0043 to get an instant download link!
If you are interested in Las Vegas property management services, please contact us today!