LAS VEGAS (KTNV) — Luxury apartment homes have been springing up all across the Las Vegas valley and according to developers, there's been a rise in demand for them.
"We've had a tremendous of amount of new jobs here and affordable living," said Tim Deters, president of Tru Development. "So it allows people to spend more money on discretionary areas like their living. Then, we've also seen a huge influx of residents coming in from California."
Tru Development is a development service based in Las Vegas specializing in retail, commercial and residential real estate.
"I believe we developed one of the first [of] what I would call true luxury projects called Kaktus Life over in the Southern Highlands ," said Deters.
While there is no concrete definition of "luxury living," Deters believes the quality of luxury apartments is what sets them apart.
"The amenities, the interior finishes," said Deters. "I think those are the two key areas."
Because there have been so many new luxury apartment homes, Deters said this has created some fierce competition.
"We all keep raising the standard," said Deters. "Clubhouses are getting bigger. Pools are getting bigger."
However, Deters said luxury apartment living is a balancing act with price.
"If you're going to deliver a new product, it doesn't matter how much you slim it down to make it affordable," said Deters. "The cost of it is too high to make an affordable rent."
According to the Nevada State Apartment Association, average rent in Las Vegas is $1,430 per month. Tenants who spoke to Channel 13 said they would pay the price for the perks.
"It is kind of high in pricing but you have everything included," said Makayla Bradford, who lives in a luxury apartment home in the Southwest Valley.
Carlos Garcia, who also lives in a luxury apartment complex, said several factors made him decide to settle in his place including location, friendly staff and top-tier amenities.
"The people are very welcoming," said Garcia. "The neighbors are nice. There's just no problems whatsoever. It's just the perfect luxury home."
According to Deters, rent prices skyrocketed about 25% post-pandemic. But he said that right now, prices are cooling.
