By KATELYNN RICHARDON
THE CENTER SQUARE CONTRIBUTOR
(The Center Square) – 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.