Census: Nevada 2nd for rent increases last year

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Quoting U.S. Census Bureau data, helpadvisor.com says that, during the past year, nearly 28 percent of Nevada tenants were hit with $250 a month or higher rent increases.
The numbers were published in a report by helpadvisor.com released this week.
Only Florida had a higher percentage of renters to face those kinds of increases than Nevada — 30.2 percent compared to 27.8 percent.
That is more than double the national average in rent increases exceeding $250 a month — just 11.8 percent.
Montana is right behind Nevada at 27.5 percent but after that, the percentage of renters seeing that much of a monthly increase drops dramatically. Washington State is next at 17.5 percent.
The report also ranked Nevada seventh among the states with renters paying at least $1,500 a month for their apartment or home at 43.2 percent.
In California, Hawaii and New Jersey, more than half of all renters are paying at least $1,500 a month.
Nationwide, more than a third of renters in 15 states are paying more than $1,500 a month.
Analysts for helpadvisor.com said the reasons for the steep increases are numerous but were aggravated by the growth in working remotely because of the COVID-19 pandemic. That led to a significant migration of many workers that caused a significant increase in demand in the rental markets.
“Most workers who relocated were likely to be higher-earning employees who could afford a steeper rent, further playing into the market swing,” according to the report.
Supply chain issues also added to the price inflation for many goods and impacted the rental market as well.
Additional findings indicate that nearly 60 percent of tenants who experienced a $250 or greater monthly increase are under age 40 and two thirds of them do not have a bachelor’s degree.
The Census Bureau data covers rent increases from July 2021 through July 2022. It also shows the greatest impacts are primarily in western states with the lowest impacts in some southern and eastern states. Missouri reported just 2.1 percent of rentals increasing by $250 a month or more, West Virginia 2.7 percent and Kentucky 3.1 percent.
Oklahoma and Wyoming also were below 3 percent.


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