The best place to get the most square footage for renters in Las Vegas Valley is in Spring Valley, according to a new report.
Rent Cafe’s report looking rental rates through June shows that renters can get 954 square feet in Spring Valley for $1,500, the highest out of six areas in Nevada that the study looked at which also includes Paradise (940 square feet), North Las Vegas (937), City of Las Vegas (913), Henderson (886) and Reno (756). The report, published in July, looked at all the listings on RentCafe.com’s website.
Paradise, Spring Valley and Henderson also topped a national list of places where apartment space for $1,500 has increased the most year-over-year up until July of this year. Paradise got 25 extra square feet, Spring Valley renters got an extra 19 square feet, while potential Henderson renters got an additional 18 square feet.
Rental rates have been declining across the valley for more than a year now as a flood of new multi family unit supply comes onto the market. New apartment financing and construction saw a massive boom during the pandemic when rates bottomed out, and now much of that product has made its way online, offering renters in the valley more options. The valley also leads the country in terms of rental concessions right now, furthering showcasing that supply is outpacing demand this year.
However, two interesting things sit on the horizon for the valley’s rental market: New multifamily construction is expected to drop off a cliff after this year, and Clark County’s population growth is expected to seriously wane in the coming years after a new UNLV report found the county won’t break 3 million residents for a decade now.
Alexandra Both, a senior real estate writer and research analyst at RentCafe.com, said the apartment scene across the country is starting to lean toward one type of unit, in terms both construction and leasing.
“In nearly half of the cities we looked at, a $1,500 monthly budget can get you a one- or two-bedroom apartment, which is what most renters are searching for,” she said in the report. “These types of apartments make up most of what’s available today — and, lately, one-bedrooms have become the most common option being built.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
