According to a new report from Zillow, Las Vegas households now have to earn at least $69,810 a year to pay rent in the Valley above the median household income.Rents rose 1.9 percent year over year to $1,745, and Mark Stayton, Zillow’s chief public affairs officer, said it’s a strange phenomenon in the Valley, rental units are going up, but rent has historically risen. .”
Vegas has a seasonally adjusted vacancy rate of 9 percent, up 2.5 points during the pandemic, ranking 12th among the 50 largest U.S. metros by population,” he said.Zillow statistics show that the average household now has to earn nearly $70,000 a year to pay rent, a 34 percent increase since the pandemic began.
Affordable rent is usually classified as housing costs of less than 30 percent of your monthly income. 4,444 4,444 The U.S. Census Bureau estimates that the annual median household income in the Las Vegas Valley will be $66,356 in 2022, but it is not expected to increase significantly from last year due to slower wage growth in the Valley and across the country.An apartment building is planned for the art area. 4,444 4,444 At the start of 2021, the average household needed to rent was $52,020, marking the 15th largest jump among the greater Las Vegas Valley metro areas.Rents tend to rise at the beginning of the year, said Skylar Oslen, Zillow’s chief economist and author of the company’s January rent report, but the construction boom from COVID-19 is finally starting to pay off for renters.”
Since the beginning of the pandemic, rents have increased by 29.4 percent, representing an average annual increase of 7 percent over the last four years,” he said. “However, nearly two-thirds of that growth occurred in 2021 alone. Since that sharp growth, the homebuilding boom and slower economic growth have taken the heat off.”Oslen said that 2024 is expected to further decline in US rental prices, which will be a record.
the level of home building continues throughout the country. “retained”. 4,444 4,444 “Softer rent growth is ultimately good news for today’s renters, who have faced significant financial strain during the pandemic due to both title and rent inflation,” he said. The income of a typical household, which would go towards the market rate if asking rent, has stabilized at 29 percent over the past year.
This is one percentage point less than the record high set for June 2022.Las Vegas Valley rents fell slightly at the start of the year, and Yard-owned RentCafe Las Vegas is the 92nd most active rental market in major metropolitan areas, explaining page views and specific searches on rental activity..
