LAS VEGAS (KTNV) — The Nevada State Apartment Association, or NVSAA, released a report this week showing that Southern Nevada's apartment market is stabilizing, with rent prices rising slower this year than previously projected.
“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” said NVSAA executive director Susy Vasquez. “Local rents are still lower than the national average apartment rent of $1,584 per month during the first quarter. We expect rents to continue increasing this year, but at a more gradual pace than during the past year.”
The report, based on data provided by CoStar, shows Southern Nevada apartment rents are growing by more than 20% through the end of the first quarter of 2022 compared to one year earlier. Asking rents during the first quarter averaged $1,451 per month, up from $1,198 one year earlier.
Vasquez noted that CoStar’s latest forecast expects local apartment rents to increase by about 5.5% by the end of 2022 compared to one year earlier. That’s a slower growth rate than the 7 to 8 percent annual increase that CoStar was previously projecting.
"It’s also more in line with pre-pandemic trends," Vasquez said.
Meanwhile, local apartment vacancy rates remain stable, according to the report.
As the pandemic slows, NVSAA sees signs that the local apartment market is starting to return to more normal and seasonal trends.