LAS VEGAS (KTNV) — If you’re renting, or thinking about it, you may have more leverage than you realize.
A new report from Zillow shows a surge in new apartment construction and an increase in concessions from leasing offices, and it's giving renters more negotiating power, especially in Las Vegas.
WATCH | Consumer reporter Shakeria Hawkins breaks down what you can ask for and how to use that leverage to your advantage:
Edgar Perez pays about $2,000 a month in rent. Until recently, he didn’t know negotiating was even an option.
“Anything would help,” Perez said. “I never thought I could be able to negotiate something like that.”
But according to Zillow’s latest data, renters in Las Vegas have gained ground in recent years — largely because of supply. More apartment buildings are going up across the valley, and more available units mean landlords are competing to fill them.
“We know from the data that 52% of rental units in Las Vegas offered a concession in January,” said Kara Ng, senior economist at Zillow.
Concessions can include perks designed to lower your overall housing costs.
“So commonly requested things are free months of rent or fees, free parking,” Ng explained. “If you have a pet, you could waive some of those pet fees. It’s whatever the specific situation is, but basically it’s ways to reduce your monthly cost without shaving on your rent.”
Ng says continued multi-family development is helping ease rent pressure. In growing cities like Las Vegas, new supply can improve affordability by increasing competition among property managers.
Experts recommend doing your homework before negotiating. Compare similar units in your area to understand pricing trends.
Timing also matters; winter months are typically slower for leasing, which could give renters more leverage. And if a unit has been sitting vacant, landlords may be more willing to negotiate.
Perez says he plans to take advantage next time.
“I’m definitely going to negotiate next time, especially with everything expensive right now,” he said.
Experts say property managers may not advertise every available incentive upfront, so the key is to ask and be prepared to walk away if a landlord isn’t willing to budge.
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