Las Vegas saw some of the nation’s deepest rent cuts in September. Las Vegas apartment operators cut rental rates by 4.1% in the year-ending September, according to data from RealPage Market Analytics. Those recent rent cuts were notably deeper than the annual price declines seen in the nation overall (-0.3%) in September and were some of the worst showings in the West region of the U.S. Only two other West region markets experienced deeper rent cuts, and those markets – Denver and Phoenix – have both seen large volumes of new supply deliver during the past few years. Las Vegas was once thought of as recession-proof, with a strong tourism market that seemed immune to economic downturns prior to the Great Recession in 2007-2009. The market did show decline during that recession, however, like much of the nation, with annual rent cuts getting as deep as 10% in 2010. During the COVID-19 recession of 2020, Las Vegas saw annual rent cuts fall as much as 4.6%.
