Las Vegas Rent Decreasing

View of Las Vegas, Nev., from the south, with Turnberry Towers in the foreground, on May 19, 2019. Leeds Fotografica/Shutterstock

In 2022, most Americans had it rough financially. Inflation surged up to 9.1 percent at one point, and food prices hit an increase of 9.9 percent. If that wasn’t enough, those who rented were also hit hard. Overall, in the United States, multifamily renters were experiencing increases of 12.2 percent for new tenants. Renewals were going for a 3.5 percent increase.

But that was 2022. Now are rent increases still hitting double digits? Some cities like Las Vegas may be seeing some relief.

Rent and Inflation

The cost of rent and inflation go hand in hand. Rent contributes to inflation, while it’s also affected by inflation. It’s a vicious circle. 34 percent of the Consumer Price Index (CPI) is made up of shelter. And in June 2023, rent was still a significant contributor to inflation.