Low apartment rental inventory equals higher rental rates
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Las Vegas, NV (KTNV) -- Tiffany and Aaron Harris live with their mother. They want out and fast but the apartment rental market has changed in the past year, and that's already cost them more than they thought.
Tiffany said it's been hard because, "Everywhere you go you have to pay application fees or can't get money back, and that's money wasted."
Aaron said he is disabled and they live on a fixed income. But he's told, "I need to make three times as much. Well, I make less is that okay? No, because I don't qualify."
Not only are apartments in short supply, so too are the incentives, discounts and special move-in rates.
CC Didomenico, of CC's Apartment Locators, said, "The problem is there are hidden fees now. You can get the $99 move-in rate, but it's now based on approved credit. Now you're hit with admin fees, cleaning fees and security deposit."
CC helps people like the Harris' find a new home, but 90-percent of the buildings she works with are full and wait listed until November.
Applied Analysis partner Brian Gordon said, "It's getting tighter, there are slightly fewer units to rent, incentives are going away, price points are starting to stabilize over the last two quarters."
Apartment management companies said any specials offered is dependent on type of property and number of vacancies.
Gordon added, "We've seen home prices up 50-percent in the last 18 month. Rentals didn't see those skyrocketing rates. But now we are starting to see some appreciation, but probably it will be a long time before we see them back to peak levels."
CC Didomenico said we need a shift in our thinking and we need to now start looking at least 45 days ahead.