Multifamily rental prices continue to fall in Southern Nevada because of the large quantity of post-pandemic deliveries.
Apartments.com recently released a report that found the Las Vegas Metropolitan Statistical Area is one of the few regions in the United States that experienced a decline in month-over-month rental prices in April.
Nationally, the report found that average apartment rent rose by 0.2% over the course of the month. Of the top 50 U.S. markets, 45 saw an average monthly increase. Rent in Las Vegas, however, fell 0.2%.
The only other four markets to experience a decline were San Antonio and Houston, Texas, as well as Fort Lauderdale and Tampa, Fla.
During the pandemic, low interest rates sparked a financing boom for multifamily developments. Years later, most of these pandemic-era proposals have been constructed. Las Vegas’ slowing population growth, combined with absorption in the local market still catching up, has led to lower prices.
Notably, the spring season typically sees an upswing in demand for housing. Zillow found that more than half of the rental listings in Southern Nevada are offering concessions, such as free months of rent. (Source)
