Monthly Rents Soar
Author: Diana Heeb Bivona
Until recently, low mortgage rates and red-hot house price appreciation prompted many renters to become homeowners, keeping rents artificially low for the last few years. However, times are now changing as the residential real estate market slows. Some landlords are playing “catch-up”, while others are taking advantage of current factors driving the market.
Increase demand and rising interest rates are having an impact on apartment rental rates across the country. In Las Vegas, the average monthly rent rose 5.3% to $847. As affordable housing options dwindle, the apartment rental rates are expected to continue soaring.