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Over the past 8 years, rent increases have been hard to come by to say the least. Many times Las Vegas Property Management companies had to reduce rents to keep their properties occupied and keep rents coming in for cash strapped landlords. Starting in 2014, we have been seeing a slow increase in rents, which was shocking to our residents and many times led to a disgruntled relationship. By raising the rents to fair market value, our residents felt we were being greedy or simply mean. This is simply not the case, but part of our natural inflation that both residents and landlords alike must bear the cost.
Landlords have been faced with increased costs from utility companies, taxes, property maintenance, and overall inflation. A typical 3 - 5% increase annually has been customary for 40+ years, but Las Vegas rental market has not seen this since 2005. This trend has begun to change and we don't see any signs of this slowing down in the immediate future. But don't take my word for it, please look at the reports that are beginning to appear and you will easily find the data. Here is one specific report that was written a few days ago in the Business Insider magazine. It clearly informs us of a national trend.
