Different neighborhoods in the Las Vegas Valley are seeing a variety of outcomes in multifamily rent prices.
Zumper recently released its multifamily rent report. Winchester had a 12.3% price increase year-over-year as of October. A one-bedroom apartment in the area has a median cost of $1,460, which is the second-highest cost in the region.
A steeper increase was seen in North Las Vegas, which has had its median rental price grow by 15% YoY. North Las Vegas is still significantly cheaper than Winchester, however, as the median price only sits at $1,300. Notably, Zumper said the steep increase may be due to limited inventory in the area.
North Las Vegas only had roughly 30 available one-bedroom listings at the time of the report. The neighborhood also had 270 three-bedroom listings at the same time. Rent prices in the area across all bedroom types have decreased 2% YoY.
Zumper found the most expensive neighborhood to rent in was Paradise. The median price was $1,510, which reflects an increase of 4.1% YoY.
Spring Valley had the steepest dip in rental prices, with a 5.7% drop to $1,320 for a one-bedroom. The City of Las Vegas fell 4.2% to $1,150, and Henderson fell 4.1% to $1,420.
Ultimately, rental rates in the MSA have been falling faster than they have been growing in recent months. The report stated this is likely due to a large quantity of new apartment units hitting the market.
The multifamily construction pipeline has slowed in comparison to previous years, which could mean the prices are set to increase again soon. Further increases could be offset by the slowing economy of Las Vegas, as tourism revenue continues to decline. (Source)
