Rent in Spring Valley experienced the steepest decline in the past year out of anywhere in the Las Vegas valley.
A new report released by Zumper reported that the average one-bedroom apartment in the area fell to $1,380 in May, which is a 2.1% year-over-year decline. Regardless, rent in the area for one-bedroom apartments still grew by 2.2% month-over-month from April to May.
Two-bedroom apartments saw an even steeper decline YoY, experiencing a dip of 3.7%. The average rental price is now $1,550. In terms of MoM data, two-bedroom apartments remained relatively flat.
Zumper claimed a key cause of the decrease in price was the number of new apartment complexes reaching completion. Monthly active listings in the area have increased by 10% since 2023. The increase in the number of apartments has put downward pressure on rental prices.
CoStar reported around 4,600 multifamily units have come online in the Las Vegas valley in the past year.
Henderson was found to be the most expensive city in the area. Its one-bedroom rental prices increased by 1.3% YoY up to $1,570. This reflects an increase of around $20/month. Two-bedroom apartments, however, have decreased in price by 0.6% YoY, down to $1,770.
These rates reflect that rental prices in the area have stopped growing as quickly as they were during and immediately after the pandemic.
Nationwide Rent
Overall, rent across the United States has begun to soften. The median asking rent price decreased by 1% YoY to $1,633. In contrast, August 2022 boasted the highest median rental price at $1,705. Redfin noted rental rates have dropped across 28 major U.S. metros. (Source)