LAS VEGAS (KTNV) — Rent prices are down in our valley, according to a July study from the Rent research center.
The report showed Nevada's rent hit the lowest point this year in May. We spoke with a rental owner who has seen the trend herself.
Yaremis Paleyes says the recent decrease in rent prices here in southern Nevada have been helpful.
"Its just so much more beneficial to my family...to see the amount of rooms that were actually available to be able to rent for a decent amount of price, it was great for us."
The July report shows that May saw rent prices at their lowest point in 2023, down 7.4%.
Rents have dropped significantly across the valley, with Yaremis telling us she spent only 10 days looking for this home. She says it was not hard to find.
"For the price that we're paying, I think it's absolutely affordable."
Alex Vasquez, with EXP Realty, has a theory on why rental prices here have been so high.
"During the COVID years there were a lot of, a lot more people moving to Las Vegas, particularly Californians. That was driving up the demand and driving up the prices for rental properties."
Now he says the current decrease is because so many more properties are available.
"There's more properties coming on the market, and on the rental side, and people are noticing that they cannot get the astronomically high prices that they were experiencing before."
There is more competition now, so rental owners are lowering rent.
However, Vasquez says the decrease in rental prices is only temporary and—if you can afford it— buying is still the better option.
"The ease of owning your own home and not having to worry about your lease expiring your rent increasing year after year definitely causes a lot of peace of mind.
For many families, renting is still best for them. Yaremis tells us her family plans on staying at their rental property until they can save up to buy their first home in Centennial Hills.
