LAS VEGAS (KTNV) — Rent has skyrocketed over the past few months and we’ve gotten multiple messages from people worried about being priced out. However, one Las Vegas landlord says he is refusing to raise the rent.
"They said that’s unheard of for a landlord," Tom Trout, a Las Vegas landlord with multiple properties around the area, told us.
Trout says he has no plan to increase rent. In fact, Trout has been known to decrease rent in the past. His properties are paid for and he doesn’t need or want the money from raised rent.
"I’ve never met anyone like him. He wouldn’t even take more money," says one of Trout's tenants Bill Donnelly.
"He did 2 tours in Vietnam. He was in a foxhole. We’re just lucky to have him back in America. God bless the vets," Trout said regarding Donnelly.
Trout charges Donnelly $900 a month for a 4 bedroom, 2 and a half bathroom, 2 car garage house.
According to Zillow, Las Vegas rent prices have increased by over 22% since 2015 and Apartment List reported a rise of 13.52% just since last year, soaring past pre-pandemic Zillow projections.
Since he's not raising the rent, what could these houses go for in the market?
"$2000 a month. If I raise the rent a thousand, I’m sure he would move out. Some people might think I have the I.Q. of a grasshopper but I like to keep my tenants," assured Trout.
Trout, a geologist, moved to Pahrump to stake out a gold mine but still loves Las Vegas. He admitted he hasn’t been back to Las Vegas in a year, saying there was no need. He came down today to see the new paint job on Donnelly’s residence and to talk with us.
Trout said, "I don’t snoop around. When they rent a house from me it’s their house. I’m not a nitpicky landlord. If my tenets are nice, they get to keep their lease. If they give me a hard time guess what? Out of the door."
In a news release, Nevada State Apartment Association Executive Director Susy Vasquez said that rent will likely continue to increase especially with more and more people moving here from out of state. Trout said he doesn’t plan on raising rent anytime soon.
“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 NVSAA Executive Director Susy Vasquez.