LV Apartment Rents Easing Amid Talk Of Rent Control

By Dana Gentry, Nevada Current

July 13, 2022

Apartment rents in Las Vegas are up 11.2% from a year ago, according to data released by the Nevada State Apartment Association Executive Director Suzy Vasquez says local rents are increasing about half as fast as they were last year.

A report based on data provided by CoStar pegs average second quarter rent at $1,480 a month, up from $1,322 a year ago.

The NVSAA says the report indicates rents in Southern Nevada are beginning to soften. The news comes as Culinary Local 226 is seeking to place a rent control initiative for North Las Vegas on the ballot, and lawmakers discuss the possibility of state legislation.

The second quarter vacancy rate of 6.7% is up 2.4% from a year ago, according to the report.

“Rents are expected to moderate this year as vacancy rises from the all-time low set in 2021,” said Vasquez. “Las Vegas continues to attract new residents with its affordable cost of living compared to other western markets, especially California. Local rents are still lower than the national average apartment rent of about $1,640 per month during the second quarter.”

NVSAA says some 7,400 local apartment units are under construction, mostly in Henderson and Summerlin. That amounts to about a 4% increase in inventory.

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