Study shows rent stabilizing, dropping in Las Vegas; tenants share mixed experiences

Southern Nevada housing prices is something that we've heard a lot about recently with home prices and monthly rent just skyrocketing. But there might be some signs that it's stabilizing with some numbers pointing to even monthly decreases. Eight News Now anchor Sasha Loftus spoke to an expert tonight. She joins us live in the newsroom with what this means for those who might be looking. Sasha? Denise, the expert I spoke with tonight says on average we're finally seeing some parts of the housing market settle since the pandemic. But those who are renting tell us their recent experiences vary from person to person. I've been pretty much priced out. Erin Bernot is getting ready to move not because she wants to but because her rent has gone up. If I wanted to do another year lease they wanted to raise it over 19 percent. It's a story we've heard for a while now and Erin says it's frustrating but she has friends who have had the opposite experience. When he renewed his lease on at a place on Flamingo right here they dropped his rent I think like $150. Okay so which way is the housing market going? The rental market affects the housing market as a whole. It's all kind of intertwined. Real estate advisor Anna Jaramillo tells me she's seen an overall shift to stabilization and in some cases a downward trend. A recent study by real estate company Redfin lists the median rent price across the valley at $1,475. A 1.5 percent decrease from August and Jaramillo says a lot of it boils down to a supply spike. So we have a lot of homes on the market right now to rent and so therefore the prices of those rental properties have gone down. Erin helps to see her situation change for the better. This will be my third time moving in about a year and a half so it's a little frustrating. But she says in a city like Las Vegas it's hard to know what will happen. There is a lot more movement as far as people moving here and moving away from here. Now when it comes to home purchases Anna tells me things usually slow down right before a presidential election and see a slight uptick right after. She says anytime we see more homes or rental properties being built prices have a better chance of coming down. Denise. In fact according to Redfin the median rental price across the country also saw just a little bit of an increase decrease by 0.5 percent from August to September.