Rental rates in Spring Valley, located in the southwest of the Las Vegas Valley, experienced a notable decline, marking the largest year-over-year drop in the area. According to Zumper, the average rent for a one-bedroom apartment in Spring Valley was $1,380 at the end of May, reflecting a 2.1% decrease from the previous year. However, rent increased by 2.2% from April to May.
The decline in rental rates is attributed to the introduction of new apartment complexes in Spring Valley. Crystal Chen from Zumper highlighted that the number of active listings increased by about 10% since 2023, helping to balance demand and reduce competition, thereby placing downward pressure on prices. Two-bedroom rental rates in Spring Valley also saw a decrease of 3.7% year-over-year, settling at $1,550, and remained stable from April to May.
A CoStar report indicated that the Las Vegas Valley has recently seen an influx of apartment units, with approximately 4,600 multifamily units added over the past year, increasing the total inventory to 193,129 units. This rise in supply has influenced rental trends in the area…