Las Vegas, also known as the "Entertainment Capital of the World," has been a popular destination for tourists and residents alike. However, like many cities, the rental market in Las Vegas has been affected by the pandemic. In this article, we will compare the current state of the Las Vegas rental market to what it was in 2022.
In 2022, the Las Vegas rental market was experiencing a shortage of available units. This was due to a combination of factors, including an influx of people moving to the city, the growth of remote work, and the cessation of new construction projects due to the pandemic. As a result, rental prices in Las Vegas increased exponentially, with the average rent for a one-bedroom apartment reaching $1,100 per month.
In 2023, the rental market in Las Vegas has stabilized to some extent. With the pandemic being a thing of the past, there has been an increase in available rental units. Additionally, some new construction projects that were put on hold in 2020 have resumed, providing more housing options for residents. However, rental prices in Las Vegas are still relatively high, with the average rent for a one-bedroom apartment hovering around $1,150 per month.
Despite the slight increase in available units, competition for rental properties in Las Vegas remains consistent. Prospective renters should be prepared to act quickly when they find a unit that meets their needs and budget. To increase their chances of securing a rental, they should also be prepared to provide a strong application, including proof of income and references from previous landlords.
The rental market in Las Vegas has stabilized since 2022, with an increase in available units and a decrease in rental prices. However, competition for rental properties remains average, and prospective renters should be prepared to act quickly and provide a strong application. Despite the challenges posed by the pandemic, Las Vegas remains a popular destination for both tourists and residents, and the rental market is expected to continue growing in the coming years.
If you are looking to capitalize on the Las Vegas valley rental market we can help. Contact us today at 702-914-6567 or contact@keypm.com
