• About Us
  • Activity
  • Advertising
  • Books
  • Business
  • Contact
  • Dashboard
  • EB5
  • Entertainment
  • feedback
  • Forgot Your Password?
  • Government
  • Home
  • Interviews
  • Login
  • Members
  • Meme generator
  • National
  • Nevada
  • Nevada News and Views
  • Newsmax
  • NN&V Ads
  • Opinion
  • Pick a New Password
  • Politics
  • Polls
  • Privacy Policy
  • Profile
  • Recent comments by me
  • Recent comments on my posts
  • Register
  • Submit post
  • Subscribe
  • Subscription Confirmation
  • Survey
  • Survey
  • Terms of Service
  • Today’s Top 10
  • Travel
  • Travel
  • Travel
  • Welcome!
  • Yop Poll Archive
Nevada News and Views
  • About Us
  • Contact
  • More
    • Nevada
    • Opinion
    • Business
    • Travel
    • News
    • Sports
  • Facebook

  • Twitter

  • Pinterest

  • RSS

Featured Article

Nevada rent prices see greatest decline nationwide, report shows

Nevada rent prices see greatest decline nationwide, report shows
The Center Square
January 4, 2023

RENO, USA – AUGUST 12: Closeup of apartment building on August 12, 2014 in Reno, USA. Reno is the most populous Nevada city outside of the Las Vegas.
Don Mammoser

(Katelynn Richardson) – Nevada experienced the greatest year-over-year decrease in rent prices nationwide this November, according to a Rent.com report.

Since last November, rent has risen 7.45% nationwide, which the report notes is the lowest year-over-year rise in the past 15 months. Meanwhile, rent fell 3.8% in Nevada, one of only five states to see a year-over-year decline in rent prices.

Other states include Maryland (down 1.3%), Idaho (down 1.3%), Georgia (down 1.2%), and Virginia (down 0.1%).

Rent.com places the national median monthly rent at $2,007, up $1,983 (1.23%) from last month.

The report attributes the national month-over-month rise to an “uncertain mortgage market,” driving potential buyers into multi-bedroom apartments.

“The surge in two- and three-bedroom prices coupled with weakened demand across the industry supports evidence that renters are pairing up with roommates or staying with friends, and is indicative of an uncertain mortgage market that continues to push would-be buyers into larger apartments,” the report states.

Home sales are down nationwide and in Southern Nevada, with the Las Vegas Realtors recording 1,521 sales during November, 53.5% less than the same time last year, according to the Las Vegas Review-Journal.

Rent prices also dropped in 14 metro areas, with Milwaukee-Waukesha, WI (down 13.1%) and Houston-The Woodlands-Sugar Land, TX (down 6.3%) topping the list.

In the Las Vegas-Henderson-Paradise metro area, rent dropped 0.67% year-over-year and 2.46% since October, with November’s median rent sitting at $1,781.

In the Reno-Sparks metro area, a report by consulting firm Johnson Perkins Griffin shows rent dropped by $26 to $1,654 during the third quarter of 2022, according to the Reno Gazette Journal.

Supply increases are expected to create small nationwide rent price decreases by mid-2023, according to Redfin’s 2023 Housing Market Predictions. The U.S. Census Bureau’s quarterly report posted a 6% rental vacancy rate during the third quarter of 2022, up from 5.6% last quarter.


By

Katelynn Richardson | The Center Square

Prev postNext post

Related ItemsFeatured ArticleMuth’s Truths
Featured Article
January 4, 2023
The Center Square

Related ItemsFeatured ArticleMuth’s Truths

More in Featured Article

Universal free school meals, furloughed employee payback among Nevada programs in American Rescue Plan funds

The Center SquareJanuary 3, 2023
Read More

How YOU Can Get Off the Sidelines and Into the Political Game

Chuck MuthJanuary 2, 2023
Read More

Here’s the Full Run-Down on Next Week’s Conservative Awards Dinner

Chuck MuthDecember 29, 2022
Read More

In Praise of NPRI: One Man’s Story

Chuck MuthDecember 28, 2022
Read More

Sisolak’s Nevada budget proposal doubles education funds, hikes state employee pay

The Center SquareDecember 26, 2022
Read More

The Numbers are Finally In: Nevada GOP’s Epic GOTV Fail

Chuck MuthDecember 24, 2022
Read More
Scroll for more
Tap

Subscribe Free By Email

Looking for the best in breaking news and conservative views? Let Chuck do all the work for you! Subscribe to his FREE "Muth's Truths" e-newsletter.

* indicates required
Nevada News and Views
Nevada News & Views is an educational project of Citizen Outreach Foundation, a non-partisan IRS-approved 501(c)(3) organization. It is not associated or affiliated with any political party or group. Nevada News & Views is accessible by the public at no cost. It funds its operations through tax-deductible contributions from donors and supporters and does not accept government money or grants.

TAGS

Featured Article Nevada Politics business Muth's Truths government Opinion Government Muth’s Truths Obama Ron Knecht News Donald Trump GOP Republicans

Copyright © 2023 Citizen Outreach | Maintained by VirtualAlly

Universal free school meals, furloughed employee payback among Nevada programs in American Rescue Plan funds