Rental prices for a one-bedroom apartment in Nevada are up 22% from last year, according to analysis from a nationwide rental listings website.
Rent.com found that the average rent for a one-bedroom apartment was $ 1,814 in the third quarter of 2021, up from $ 1,487 a year ago. This represents an increase of 22%, one of the largest in the country.
The price increase for two-bedroom apartments was even steeper – 27% in Nevada. Their average list of two-bedroom apartments was $ 2,145, up from $ 1,137 a year earlier.
Only four states – Idaho, Louisiana, Oklahoma, and Florida – saw a larger percentage increase in the price of a one-bedroom apartment. Only Idaho saw a larger percentage increase for two-bedroom apartments.
Rent.com found that the average rent for a one-bedroom apartment increased by more than 10.5% year-over-year nationwide. Two bedrooms are up nearly 12%. But several states have recorded price reductions.
Rent various hikes depending on the city. Two cities in Nevada experienced some of the highest peaks in the country.
Reno saw prices for one-bedroom apartments soar 31%, the seventh highest price growth rate among major cities ranked by the website. Henderson completed the top 10 at 24%.
Las Vegas, the only other Nevada city analyzed, saw the price of its one-bedroom apartments increase by 17%.
Two-bedroom ads in all three Nevada cities rose in even higher percentages: 55% in Reno and 39% in Henderson. Only two cities – Arlington, Texas and Jacksonville, Florida – saw larger percentage increases.
Rent.com used internal data from its rental listings. Their results correspond to similar analyzes performed by other list websites and industry groups. In August, for example, Zillow reported that the typical rental rate in the Las Vegas metro area was 22.7% higher year over year.
That same month, the Nevada Realtors Association pointed out to its members that state lacks rent control laws, meaning, in their own words printed in a newsletter, that homeowners were free to “put the roof up.”
In September, the Clark County Commission discussed rapidly rising apartment prices, but took no action. During the discussion, a county administrator noted that house prices in Nevada “are rising five times faster than paychecks.”