LAS VEGAS (KLAS) – The national median rent is at the lowest it has been since February 2022.
8 News Now reached out to experts to see where the Las Vegas Valley sits and if it is expected to move into a downward trend or if it has bottomed out.
The national median rent is $1937, which is a combination of all prices for studios, one, two, three bedroom apartments.
For context rental prices peaked in August of 2022, at an average of $2053.
“What’s contributed to the drop in rent prices has been both a large influx of new supply as more inventory has come online, while at the same time, we’ve seen a huge decrease in demand,” Jon Lecki researcher with Rent.com told 8 News Now.
He added that the cooling in the national housing market over the past eight months creeps into the rental market, bringing prices down.
Nationally, rent prices are down a little over 5 1/2%
“When I look at Nevada and Las Vegas, similar story, the state, and city are down year over year, Nevada down over 4%, City of Las Vegas, down over 2.5%, relatively flat on a month-to-month basis,” he added.
Lecki also believes that price drops are coming to an end.
He also added that the housing market is starting to rebound, and the rental market will follow.
Typically rent decreases in the fall and winter seasons and then starts to creep back up in spring and summer, he said he expects the year we’ll see a return to the season trends.