Did Your Rent Increase Last Year? This Report Explains Why

LAS VEGAS, NV - Perhaps you noticed your rent went up a bit last year compared to in 2016. That's because Las Vegas was the hottest large rental market in the country among major cities last year, according to a study released by RENTCafe, an internet listing service.

Average rent in Las Vegas ended the year at $964/months, according to the report. That's due to a 6.3 percent increase in rent from the previous year, the biggest among major American cities. Las Vegas was the fastest growing market in the country last year, followed by Detroit, MI, San Diego, CA, Fort Worth, TX, and Columbus, OH.

If you're reading this from northern Nevada, the same applies to you. Among small US cities, Reno came in fifth as the fastest growing. The study showed average rent in Reno at the end of 2017 was $1,117/month, a 9.5 percent increase from 2016.The average rental across the country was $1,359/month to close out 2017. That's a 2.5 percent increase over 2016.

The report says that the "Vegas housing market is going through a revitalization process," pointing to a 30 percent increase since Sin City rent averaged $743/month in 2012. In the State of the City address last week, Las Vegas Mayor Carolyn Goodman spoke extensively about the city's housing initiative, saying 5,500 units will be added to the downtown area in the coming years.

Tables via RENTCafe