10-year rent growth for apartments in southern Nevada has ended, report shows

LAS VEGAS (KTNV) — A report launched by the Nevada State House Affiliation reveals a 10-year run of hire progress in Southern Nevada’s house market has ended.

The report, issued by the NVSAA primarily based on information offered by CoStar, reveals southern Nevada house rents declining by 1.0% by the top of the fourth quarter of 2022 in comparison with one 12 months earlier. Asking rents throughout the fourth quarter averaged $1,420 monthly, remaining beneath the nationwide common of $1,620 monthly. That’s additionally down from third quarter asking rents of $1,451 monthly.

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“When 2022 got here to an in depth, rents had been taking place in Southern Nevada, standing in stark distinction to December 2021, when rents had been rising at an annual fee of greater than 20%,” stated NVSAA government director, Robin Lee. “This slowdown represents one of the abrupt declines in hire progress of any U.S. market.”

The NVSAA report initiatives that 2022’s record-setting inflation will proceed to chill house demand, with the typical emptiness fee throughout the fourth quarter of 2022 at 8.6%, its highest degree since 2013.

As of the fourth quarter, about 9,300 native house items had been underneath building, which is able to develop present house stock by 5.2% as soon as full. The majority of the brand new developments are within the Henderson and Summerlin areas.

This report is offered by the NVSAA primarily based on information from CoStar.