LAS VEGAS (KTNV) — Rents are on the rise! Throughout the Las Vegas valley, tenants are seeing the price to rent their apartment going up and they're wondering what they can do about it.
Susy Vasquez, the executive director of the Nevada State Apartment Association, says lack of supply is driving the increase in rent prices. She says, normally, southern Nevada would have 10,000-11,000 units available this time of year. But right now, there are only about 7,200. She blames the 40,000 people who moved to Clark County last year for driving up the demand.
“Rent increases have doubled since last quarter and will continue to rise as demand continues to grow, especially from people moving here from out of state,” said Vasquez in a press release. “Las Vegas is one of those markets where rents will likely grow the most in 2021. At the same time, local rents are still lower than the national average apartment rent of $1,482 per month during the second quarter, which was up 7.6% from one year earlier.”
Still, that doesn't change the fact that local rent prices are a lot higher lately. New numbers from the NVSAA show, during the second quarter of this year, local apartment rents rose an average of 18% compared to last year. And for some, rent has increased much more than that.
So, what can renters do about the rising rents? If your lease has expired, the sad reality is, not much.
"There are three very simple points that govern rent increases in Nevada. First, the law is clear that a landlord may not increase rent while a tenant has an unexpired lease. Second, if the tenant is a month-to-month tenant, the landlord can increase the rent to any amount he or she wishes, so long as he or she provides 60 days advance written notice. Third, if the tenant is a week-to-week tenant, the landlord may increase the rent to whatever amount he or she wishes, so long as he or she provides 30 days written notice. Nevada is not a rent-controlled state like New York. And so, the landlord has the ability to increase the rent to whatever amount he or she wishes, so long as they give the appropriate notice, be that 60 days or 30 days advance written notice," said Aaron MacDonald, a staff attorney in the Consumer Rights Department at Legal Aid Center of Southern Nevada.
If your rent has gone up recently, and your landlord gave you the appropriate notice, your only hope is to try to negotiate a more realistic rent with your landlord. But if they're unwilling to budge, you may have no choice but to move to a more affordable unit.