[Tarara Boomdea]

When objecting to the hefty rent increase I received on my last lease, I pointed out that the rental had only gotten older and shabbier, so what am I getting for this extra money? PM's response was, "Market prices have gone up, it's crazy."

By that reasoning, I should be expecting a nice decrease of my rent next time, if I renew, and now it's even older and shabbier. I look at available rentals every day, and I'm paring down our stuff.


https://www.rent.com/research/averag...-price-report/

Year-over-year state decreases

Yearly declines in May were led by Mountain West states that saw an early influx of pandemic-related migration. Idaho and Nevada, along with the Pacific Northwest's Washington, each saw yearly declines greater than 5 percent. Arizona also saw a decline of just over 3.50 percent, while Utah declined nearly 1.5 percent. Oregon, another Pacific state, declined by nearly 1 percent.

Of the ten states that saw the largest yearly decreases, six were in the West, three were in the South, and one was in the Midwest.

Nevada (-7.46 percent)
Idaho (-6.90 percent)
Washington (-5.37 percent)
Texas (-3.98 percent)
Arizona (-3.57 percent)
Oklahoma (-3.19 percent)
Utah (-1.41 percent)
Illinois (-1.22 percent)
Maryland (-1.13 percent)
Oregon (-0.94 percent)

Rental prices have dropped 10.57% in Las Vegas.

[moguldreamer]

"Renters Are About to Get the Upper Hand
New-lease rents are poised to fall on an annual basis for only the second time since 2008 financial crisis"

https://www.wsj.com/articles/renters...hare_permalink

The article begins:

Apartment rent growth is declining fast, shifting the rental market to the tenant’s favor for the first time in years.

The average of six national rental-price measures from rental-listing and property data companies shows new-lease asking rents rose just under 2% over the 12 months ending in May.

That is down from the double-digit increases of a year ago and represents the largest deceleration over any year in recent history, according to data firm CoStar Group and rental software company RealPage.

[moguldreamer]

Originally Posted by lvnyc

When objecting to the hefty rent increase I received on my last lease...[/url]

How long ago was that?

[moguldreamer]

On the local Nextdoor, I'm starting to see plaintiff cries for assistance regarding finding units to rent on an emergency basis. It usually is because of a personal financial setback such as loss-of-job or cut in earnings, resulting in someone posting asking for help to find a unit that will take the family & pets.

[Tarara Boomdea]

@moguldreamer

1/2022


I've seen those pleas for help; it's bad.


Eviction Lab: Las Vegas, Nevada (Page says their data is an undercount.)
https://evictionlab.org/eviction-tracking/las-vegas-nv/

[Steveareeno5]

that raises prices on items 200% and then has a sale 20% off.

No way rent prices are going down, not in relation to a few years ago when the there MUCH cheaper.

[boatpi]

That article is not realistic. My tenants in single family homes are almost begging me not to raise their rents. I had a tax increase, but great tenants, no need to increase.

[Tarara Boomdea]

https://mises.org/wire/housing-price...-reality-sinks

The local paper’s headline posed the question, “Do renters have the upper hand in Las Vegas right now?” “[The apartment project] offered us two weeks of no rent to get us moved in on the timeline we wanted,” said a renter who was also given passes to the Life Is Beautiful music festival as part of the deal. “They also throw resident events every month providing food and entertainment,” she added.

Las Vegas Review-Journal business reporter Patrick Blennerhassett reports deals like this are not uncommon. Websites for Las Vegas apartment projects indicate apartment owners “are doling out a multitude of perks.” Besides the perks, rents decreased 2.2 percent in this year’s first quarter.

“Rents are definitely falling,” said Shawn McCoy, director of the Lied Center for Real Estate...

[Steveareeno5]

Originally Posted by lvnyc

https://mises.org/wire/housing-price...-reality-sinks

don't buy it. Show me an studio for $500 usd or less if you want to convince me. Rents are outrageous all over the Country. LV is no exception. And what a terrible place to have to live to boot.

[English Breakfast]

Originally Posted by Steveareeno5

don't buy it. Show me an studio for $500 usd or less if you want to convince me. Rents are outrageous all over the Country. LV is no exception. And what a terrible place to have to live to boot.

Definitely a terrible place to live on so many levels unless you are retired and enjoy going to these overpriced shows on the strip.

How I regret not selling my house last year now that the job market is back to its terrible ways.