Despite the COVID-19 pandemic, and the effects that it’s had on local businesses, the Las Vegas rental market continues to enjoy strong growth.
As of August 2021, the average rent for a studio apartment in Las Vegas is $1,064, one-bedroom apartments are renting for $1,067 (7% increase year-over-year), and two-bedroom apartments are renting for $1,300 per month.
Although these rents are still affordable in comparison to Southern California, rents are slowly climbing here, especially as life in the Las Vegas area resumes and starts to get back to normal.
Where Are The Most Affordable Neighborhoods In Las Vegas?
The Las Vegas area has always been a great place to live because you can either live in the city, close to your favorite Vegas hotspots, or you can live outside of town in one of the many neighborhoods surrounding the area.
Some of the most popular, and affordable neighborhood areas to live in Las Vegas include Beverly Green, Crestwood, and Francisco Park, where the average rents are typically about $893 per month, while the average rent in Las Vegas is about $1,263 per month.
Las Vegas Rental Market Continues To Attract Work From Home Professionals
Even though the Las Vegas rental market has had its setbacks during the last 16 months, the area continues to attract people from all over the United States who work from home, and are eager to enjoy the quality of life that the Las Vegas area offers them.
Recent statistics indicate that more than 130 people relocate to the Las Vegas area every day, that equals about 5.4 residents per hour.
Some of the hotspots that people are relocating from across the United States include California, Florida, Arizona, Texas, and Washington.
What Will The Next 12 Months Look Like For The Las Vegas Rental Market?
With the CDC eviction moratorium still in place until at least October 3rd, the Las Vegas rental market, like other rental markets across the United States, is in a state of limbo.
Once the eviction moratorium expires, we could see more rental inventory come to market across Las Vegas, 30-90 days after the eviction moratorium, creating opportunities for investors.
Also, with vaccinations increasing across Nevada, and the rest of the United States, we can also expect to see the Nevada economy stabilize as more people go back to work and resume their pre-pandemic lives.
Contact GoldenWest Management
At GoldenWest Management, we specialize in local property management that will save you the time, effort, and hassle of managing your rental properties yourself.
To learn more about the services that we can offer you, contact us today at (866) 545-5303 or click here to connect with us online.
