Multifamily rental prices in Southern Nevada continued to fall back to Earth in May.
Zumper recently released its May Las Vegas Valley rental report, finding that Las Vegas’ continued decline has lasted longer than most other metropolitan areas in the country.
Most locations in the Las Vegas Valley experienced rental rate declines both month-over-month and year-over-year. The most substantial YoY drop was seen in Henderson. YoY, Henderson rental prices fell 8.3%.
North Las Vegas experienced a 4% decline YoY, while Las Vegas dipped 3.3%. In terms of MoM data, North Las Vegas shed 5.9%, while Las Vegas only declined 0.8%.
Paradise, where the Strip is located, is the most expensive area to rent in Las Vegas. One-bedroom units in Paradise average $1,450. Henderson came in second, with one-bedroom units averaging at $1,440. Spring Valley was the third most expensive, with the average one-bedroom coming in at $1,350.
North Las Vegas had the most inexpensive apartments, with the average rent coming in at $960. Las Vegas was the second least expensive place, with rents coming in at $1,190.
Nationally, prices have mostly stagnated and are roughly 0.2% away from where they were the year prior. Despite this, Southern Nevada rental prices continue to drop.
The large number of multifamily buildings financed during the pandemic and recently completed is part of the reason Las Vegas continues to see prices fall. (Source: Las Vegas Review-Journal)
