Why Las Vegas Rent Prices Are Going Up Here And Going Down There
It may be surprising to learn where Las Vegas rentals are showing rising and falling prices. In fact, a recent study shows us what types of neighborhoods are seeing increases in rental prices, and which communities are seeing decreasing prices.
Las Vegas Rental Prices Are Rising In Lower-Income Neighborhoods
At this point in time, it appears that monthly rent for multi-family housing such as apartments or condos is rising in lower-income neighborhoods. That’s according to a study from the University of Nevada, Las Vegas (UNLV). The study was conducted during the first quarter of 2023. An article by Brian Will on 8NewsNow.com cites these findings from the Lied Center for Real Estate at UNLV.
Basically, the study reveals the cutoff point is in the $1,800-$2,000 per month range for Las Vegas rentals. In neighborhoods where multi-family housing prices are lower than $1,800 per month, rent is going up. Conversely, in Las Vegas areas where multi-family housing monthly rates usually run above $2,000, rents are going down. All things considered, this trend seems to go against common sense thinking.
It’s All About Supply And Demand
With this in mind, Las Vegas rental prices are affected much the same way prices for all objects are determined. It’s all about supply and demand. In general, an inflationary period like the one we’re living through causes this phenomenon. Subsequently, with the price of fuel, power, groceries, clothing, transportation and just about everything else going up, Nevadans are looking for cheaper housing. You must cut costs somewhere when no one’s getting a raise and your salary isn’t covering your expenses.
So, people go looking for less expensive housing. As has been noted by Wendy Rush in an article posted earlier today on 96.3KKLZ.com, there is a bit of a housing crisis going on in Southern Nevada. Supply is not keeping up with demand. This is especially true in lower-to-middle income neighborhoods. However, there is an abundant supply of higher income and luxury living rental space in Las Vegas. Consequently, Las Vegas rentals in higher income communities are seeing decreasing rental rates.
Experts interviewed in Brian Will’s article do not see big changes coming our way in rental rates for the rest of 2023. But, if you rent in a higher income neighborhood above the $2000 dollar range, you should not expect your rent to decrease. When has that ever happened, right?
This Three Year Cruise Might Cost Less Than Rent In Las Vegas
Container Homes
Shipping containers, etc. Not only do container homes have a unique and ‘one of a kind look, they’re extremely durable and have a simple set up process. All of the home’s utilities are self contained and ready to easily be connected once on-site.
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Tiny A Frame House
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Shuttle Bus Conversions
The interior of a shuttle bus is a big reason people choose them – especially for van life. Shuttle buses have a wide and long interior that’s larger than most vans, with enough clearance for even taller people to stand. There is also more space on the roof for solar panels, awnings, and vent fans. And Shuttle buses/Minibuses typically have a long row of windows that bring in tons of natural light. They aren’t the simplest vehicles to maintain, and because they aren’t as common on the road you may have difficulty finding a mechanic to work on them.
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School Bus Homes
School buses that are renovated into livable spaces are affectionately called “skoolies” to those who live in them. School buses can become skoolies once they are retired, decommissioned, and purchased by innovative DIYers with time and money to transform the bus into their dream home. There are definitely driving and parking challenges, but if you want a unique home – on wheels – a skoolie might be for you.
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TIny Houses
The tiny-house movement is an architectural and social movement that advocates for downsizing our living spaces, simplifying, and essentially “living with less. Some states in the U.S. now consider any home under 1,000 sq. ft. to be a tiny (or micro) home, expanding the offerings for many eager enthusiasts. Tiny houses are built to last as long as traditional homes, use traditional building techniques and materials, and are aesthetically similar to larger homes.
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Houseboats
For those who have no problems with living on the water, consider a houseboat. It’s a great choice that allows you to literally move your home to a new location if you are searching for a fresh start. Used houseboats can be purchased for as little as $40,000. Modern houseboats come with everything you would expect, including modern appliances and utilities. The difference is you pay a fraction of the price of a traditional home!
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Treehouse
Although it may not be the most common living style, but if you own the land that your treehouse is built on and own the treehouse itself then yes, you can live in a treehouse! Treehouses can’t be easily hooked up to electric power lines. Additionally, because of safety concerns, running wires through a tree might not be the best idea. But you can consider using alternative energy sources, like solar or wind-power.
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Larry Martino is the long-time afternoon drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.
