Finding an apartment in Las Vegas may be a little more favorable for tenants this year. Although prices have not plummeted, the amount of properties available is forcing many owners to compete for new residents with discounts and benefits.
In June, 57.1% of rental ads in the Las Vegas metropolitan area offered some type of incentive, according to Zillow.
These incentives can take different forms: a month of free rental, elimination of certain charges or free parking, among other promotions. Zillow notes that the expansion of new housing in several Sun Belt cities has given tenants more options and greater negotiation capacity.
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Prices vary depending on the type of housing and the source used to measure the market. Apartments.com currently ranks the average rental of a one-room apartment at $1,259 per month, while a two-room rental is around $1,523. In general, its September data indicates that the city’s income fell 1.7% in the last year.
Zillow, which uses a different methodology and measures the entire metropolitan area, recorded a typical rental of $1,748 in June, just 0.3% more than a year earlier.
More than a large drop in published prices, what stands out today is the possibility of negotiating the actual cost of rental through promotions.
According to September data collected by Apartments.com, these are some of the areas with the lowest average prices:
Values correspond to averages of advertised properties and may change depending on size, age, services and exact location.
Price is not the only factor. Having more departments available can also facilitate the negotiation. Central Las Vegas, South Las Vegas and Spring Valley are among the areas with the highest offer of apartments. Their average rents are currently around $1,412, $1,580 and $1,502, respectively.
Even the area of Las Vegas Strip records an average of around $1,299, although the type and size of the housing available can be very different from those of residential neighborhoods.
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With so many owners offering incentives, comparing only the monthly rent can be a mistake. A $1,500 advertised apartment that offers one month free on a 12-month contract can end up having a lower actual cost than another published at $1,450 without any profit.
It is also worth asking for application charges, parking, deposits, promotions for moving and how long the discount will actually last.
The market may not maintain these conditions indefinitely. Zillow warns that the construction of new apartments is slowing down and that as the units are occupied, incentives could begin to decrease.
For now, Las Vegas remains one of the markets where tenants have a tool that isn’t always reflected in the price of the ad: the ability to trade.
