LAS VEGAS (KTNV) — If you're a renter, chances are your rent has increased in the last year.
According to Redfin, the median rent in Las Vegas is about $1,500, while the national average is just over $ 1,600.
So it didn't surprise us that a new UNLV study reveals Las Vegas has one of the highest rates of rental burdens in the country. With more than half of renters spending over 30% of their income on housing.
One renter told us it might be time to move to another state.
"No matter what, everything is high," said Chuck Green.
Green has lived in Las Vegas for nearly 24 years, but with the high cost of rent, he thinks a move may be in his future.
Green said he used to pay $700 a month for his three-bedroom home. Now he pays $1,500.
He said he makes about $40,000 a year working at a local grocery store, but nearly half of his income goes toward rent.
"It's pretty hard," he said.
Green is not alone.
A report by UNLV professor Shawn McCoy found that 58% of renters in the Las Vegas metro area, which includes Henderson and North Las Vegas, are what he calls housing cost-burdened, meaning they spend over 30% of their income on rent.
Now let's put some numbers into perspective. According to data from the U.S. Census Bureau, the median annual household income for renters is about $51,000. Now take 30% of that, you're at about $15,000. That is about how much renters are spending to keep a roof over their head.
"Even if they raise the minimum wage, I still don't think it would help," Green said.
Rental rates in Las Vegas are rising faster than the national average, making it harder for people to keep up. Harrison Bohn, a consumer rights attorney with the Legal Aid Center of Southern Nevada, said renters need to know their rights.
"If you are in an active lease, they can't raise your rent," Bohn said. "When that lease is ending or if you are month to month, all the landlord has to do is give you proper notice before they raise your rent, which is 60 days before."
Bohn said it's important for renters to know that landlords can raise the rent and there is no limit on how much they can increase it.
Renter Michael Jones said he tries to save money by avoiding corporate landlords.
"You go the corporate way and they put the price way too high, but I personally go through an owner, and when you go through the owner you get better value on your money," Jones said.
For Green, he's thankful for his job during these tough times.
"If it wasn't for me working here and getting a discount, I wouldn't be able to make it," he said.
McCoy, who conducted the study, said the rental demand has exceeded supply, and household income has been slow to adjust. He also said Nevada has a low amount of rental inventory, making prices for rent higher.
Below are some tips for renters to help understand their rights:
1. **Understand Lease Terms:**
- Carefully read your lease agreement to understand the terms and conditions regarding rent increases.
- Note any clauses about how often and by how much rent can be raised.
2. **Notice Requirements:**
- In Nevada, landlords must provide at least 45 days' written notice before increasing the rent for month-to-month leases.
- For longer-term leases, the rent cannot be increased until the lease term ends unless otherwise specified in the lease.
3. **No Rent Control:**
- Be aware that Nevada does not have rent control laws, meaning there is no cap on how much rent can be increased once your lease term is up.
4. **Document Everything:**
- Keep all communication with your landlord in writing, especially regarding rent increases.
- Save copies of all notices and correspondence for your records.
5. **Negotiate:**
- Don’t hesitate to negotiate with your landlord. If you’ve been a good tenant, they might agree to a smaller increase or other concessions.
6. **Know Your Rights:**
- Familiarize yourself with Nevada’s tenant laws. The Legal Aid Center of Southern Nevada can provide information and assistance.
- Understand your rights regarding eviction and required notice periods.
7. **Budget for Increases:**
- Anticipate potential rent increases and budget accordingly to avoid financial strain.
- Consider the overall affordability of your current rental situation and explore more affordable options if necessary.
8. **Seek Legal Advice:**
- If you believe a rent increase is unjustified or if you face any issues with your landlord, seek legal advice.
- The Legal Aid Center of Southern Nevada offers resources and support for renters.
9. **Compare Market Rates:**
- Research the current rental market in your area to understand if the proposed increase is reasonable.
- Use this information to support your negotiations with your landlord.
10. **Plan Ahead:**
- If you know your lease is ending soon, start looking for new housing options early to avoid last-minute decisions.
- Consider the pros and cons of renewing your lease versus moving to a new location.
