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Apartment rates rise again in Las Vegas

Hubble Smith
July 12, 2010 - 4:59 pm
 

Average apartment rent in Las Vegas rose 4 percent during the second quarter to $995 a month, apartment search website Rentjungle.com reported.

That follows a 3 percent increase in the first quarter.

“The Las Vegas market looks like it has turned the corner,” Rentjungle Chief Executive Officer Jon Pastor said.

Nationwide, apartment rents increased 2.5 percent during the quarter. The largest gains were found in San Diego; San Jose, Calif.; Norfolk, Va.; Providence, R.I.; and Hartford and New Haven, Conn.

The rental market appears to have bottomed out in the fourth quarter, when rents dropped 3 percent from the prior quarter. They were flat in the first quarter, Rentjungle reported.

The website analyzes more than 1 million apartment advertisements to calculate rental rates. City-by-city apartment figures are available at rentjungle.com.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

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