Local News


Rent, lease renewals becoming more expensive across the Las Vegas valley

Posted at 6:11 PM, Jul 28, 2017
and last updated 2017-07-28 22:04:34-04

New evidence shows it is becoming more expensive to live in Las Vegas.

Financial analysts say the cost of renting an apartment across the valley is up for the 15th consecutive month.

"It does suck sometimes when you have to sacrifice things to make sure you have that rent," said renter Christian Hudson.

Financial Analyst Hugh Anderson said the numbers show apartment rents have increased about 4.5 percent compared to 2016.

"You're looking at sheer supply and demand," Hudson said.

Anderson blames the price increase on a demand for more apartments along with the cost and permits to build them.

But new construction is also increasing prices for people who are already renting and looking to renew their leases.

"When the leases come due, they look at what the surrounding marketplace is and they raise their rents," Anderson said.

Lease renewals can range anywhere from $50 to $200 for the same apartment.

"The problem is that things like this are increasing faster than pay is increasing," Anderson said.

New numbers are expected to be released on rental costs Tuesday.