[k374]

How fast are rents going up in the LV area? I saw some 1bd apartments earlier in the year around $1200 in Summerlin and now I am seeing those same apartments list for $1600+. So they went up by $400/month or 33%?

[TxCaNv]

Apartment rents have absolutely skyrocketed! I moved in to a 900 sq ft two bedroom on the west side in March of 2020 paying $1200 a month. The same apartment right now is just under $2000. The 660 sq ft one bedrooms were well under $1000 back then but are $1400 now. It’s getting crazy.

[Willy702]

If you believe Zillow its going up exponentially. Rental i own has a property manager that got me $1195 in May 2018 and I was good with that. Its just gone on the market again and same rental manager got me a tenant in what would normally be slow rental season for $1850. So yeah in 3 years about a 55% increase.

[k374]

this is insane.. did not know the local Las Vegas economy could zupport these price levels.. so many there are affiliated with Casino work, you're tellin me they can afford $2000/month rent? are they working at the casino or getting rich off the blackjack?

[RationalExpectations]

Originally Posted by k374

this is insane.. did not know the local Las Vegas economy could zupport these price levels.. so many there are affiliated with Casino work, you're tellin me they can afford $2000/month rent? are they working at the casino or getting rich off the blackjack?

Clearly, there is more to the Las Vegas economy than what you think. Several Ferraris, McLarens, Maseratis, Lamborghinis, Bentleys, a couple of RRs, and of course numerous Porsches in the neighborhood.

One new neighbor's job: she's a social media influencer/momfluencer with almost a million followers. I shake my head at her youtube channel & instagram photos. She's turned "looking good" into a very lucrative profession.

[Mike from back east]

Originally Posted by RationalExpectations

Clearly, there is more to the Las Vegas economy than what you think. Several Ferraris, McLarens, Maseratis, Lamborghinis, Bentleys, a couple of RRs, and of course numerous Porsches in the neighborhood.

One new neighbor's job: she's a social media influencer/momfluencer with almost a million followers. I shake my head at her youtube channel & instagram photos. She's turned "looking good" into a very lucrative profession.

The KarTrashian effect, famous for being famous, turned that into a billion dollar franchise, often with cheap schlocky geegaws made in sweatshops but has their names slapped on the label, branding on steroids.

[VLWH]

Originally Posted by RationalExpectations

Clearly, there is more to the Las Vegas economy than what you think. Several Ferraris, McLarens, Maseratis, Lamborghinis, Bentleys, a couple of RRs, and of course numerous Porsches in the neighborhood.

One new neighbor's job: she's a social media influencer/momfluencer with almost a million followers. I shake my head at her youtube channel & instagram photos. She's turned "looking good" into a very lucrative profession.

Huge increase in the number of people working remotely due to the pandemic. In some cases, businesses are realizing a cost savings to allowing people to work from home. Technology allows employers to monitor work productivity and zoom or Microsoft teams can be utilized for meetings. The savings in reducing the need for physical locations, equipment and supplies will most likely only increase the number of persons working from home in the future.

So if people can work remote, some are moving to areas that are cheaper while retaining the same income. Of course with supply and demand, the cheaper areas will not be cheap anymore if enough people move to that area.

[mitchmiller9]

Rents at some 55+ complexes are going parabolic. This is from Destinations Spring Valley's website. My guess is that the actual rent is at the high end of the quoted range.

Studio / 1ba RENT $1,486 - $1,804/month SQ. FT 480
1bd / 1ba RENT $1,477 - $1,986/month SQ. FT 520
2bd / 1.5ba RENT $1,623 - $2,291/month SQ. FT 802
2bd / 2ba RENT $1,911 - $2,548/month SQ. FT 858

So glad I moved quickly to buy a condo in 2017, when rents started to rise. The current rates would have been my worst nightmare.

[TxCaNv]

Originally Posted by TxCaNv

Apartment rents have absolutely skyrocketed! I moved in to a 900 sq ft two bedroom on the west side in March of 2020 paying $1200 a month. The same apartment right now is just under $2000. The 660 sq ft one bedrooms were well under $1000 back then but are $1400 now. It’s getting crazy.

Since I posted that ^ five days ago, the one bedroom units have gone up another hundred dollars - now $1500 per month.

[VLWH]

Originally Posted by TxCaNv

Since I posted that ^ five days ago, the one bedroom units have gone up another hundred dollars - now $1500 per month.

$1500 per month was yesterday, what’s it going for today.