LAS VEGAS (KSNV) — The nation’s rental market has seen a consistent rise since October 2018. Year-over-year, the median U.S. rent rate went up from $1,564 to $1,600, an increase of 2.3 percent, according to a recent report from Zillow.
While the most expensive rental markets are in California, some of the nation’s largest rental markets saw fast growth compared to the country.
Among cities with the three fastest-growing rental rates is Las Vegas, which saw a 5.2 percent rise since October 2018.
While the median rent in Las Vegas is still well below that of the nation’s median at $1,365, the more than 5 percent increase year-over-year has equaled almost a $70 increase from the same time last year when median rent was $1,297.
The only major rental market rising faster than the valley is Phoenix, which saw a 6.4 percent increase year-over-year.
Courtesy of News 3 Las Vegas