A new study from UNLV’s Lied Center for Real Estate shows a glaring disparity in the Las Vegas Valley’s rental market.
Rent has risen in poorer neighborhoods and dropped in wealthier ones.
The report, which was authored by Director Shawn McCoy, saw a 0.68% increase for low-income renters (rates under $815 a month) versus a 6.7% drop for affluent ones (rates of $2,114 or higher). The report is based on data from Moody’s Analytics for the fourth quarter of 2022 to the first quarter of this year.
Additional findings from that same time period show that predominantly white neighborhoods averaged a 3.24% drop in rent—predominantly Black neighborhoods averaged only 1.4%.
The findings are attributed to inflation, high interest rates, and an erratic housing market.
While Southern Nevada lawmakers sponsored several bills this year intended to aid renters in the Las Vegas valley—including a cap on rent for seniors—all were vetoed by Gov. Joe Lombardo during the legislative session in June.
SB335, for instance, would have halted evictions by 60 days for renters with pending applications for rental assistance through the Clark County CARES Housing Assistance Program (CHAP). The bill was an extension of the 2021 COVID-era bill, AB486, which expired June 5.
One possible result: The Las Vegas valley saw a 170% increase in evictions in June compared to the same month pre-pandemic, according to a report from Princeton University’s Eviction Lab.
Are you a Clark County resident who’s facing a possible eviction?
CHAP assists Clark County residents who are unable to afford rent and utilities due to financial hardship. The COVID-19 Impact CHAP program ended in June, but there are currently two programs for Clark County residents: Eviction CHAP and Fixed Income CHAP, that are still running.
To apply for rental assistance, applicants need a Nevada government-issued identification, rental lease agreement, and served eviction notice. To apply for utility assistance, applicants need a copy of a current utility bill in their name or the name of another household member listed on the lease.
To learn more, call Clark County Social Service at (702) 455-4270 or visit https://chap.clarkcountynv.gov/.
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