Las Vegas rent prices growing at 2nd-fastest pace in nation
Southern Nevadans who rent single-family houses aren’t facing the biggest price hikes in the country anymore, a recent report shows.
Just the second-fastest.
Locally, rental prices for houses were up 5.7 percent in July from the same month last year, compared to 3 percent year-over-year nationally, housing tracker CoreLogic reported this week.
Las Vegas’ rate was No. 2 among the 20 metro areas listed in report, behind Orlando, Florida, at 6.4 percent.
Until it was bumped aside, Southern Nevada’s house-rental prices had been climbing at the fastest rate in the country through the first half of the year, CoreLogic reported.
The firm did not provide rental prices in the report, only the rates of change.
Investors bought cheap homes in bulk to turn into rentals after the market crashed last decade. Despite fast-rising sales prices in Las Vegas, landlords are holding on to their properties and raising the rents amid strong demand from tenants.
Dallas-based Invitation Homes, for instance, owned about 2,700 rental houses in the Las Vegas area as of June 30. The portfolio’s average occupancy was 96.2 percent, and the homes’ average monthly rent was $1,512, according to a securities filing.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.