Amid Growing Affordability Concerns In Las Vegas, Nevada Legal Expert Offers Advice on Rapidly-Increasing Rents
LAS VEGAS, NV – While the real estate industry is bouncing back fast after the COVID-19 pandemic, for some people – namely, renters – it’s been bouncing back a little too quickly, with monthly rents hitting near-record levels and leading to affordability concerns if the trend continues.
However, according to a Legal Aid Center attorney in a Fox 5 recent interview, there are some aspects of the law that governs tenant-landlord relations in the state of Nevada that everyone should be aware of.
First of all, there are no laws that can prevent a landlord from raising rent, or dictate by how much; that’s entirely their decision based on what they perceive the market value of their property to be at any given time. However, there are certain laws on the books in Nevada that regulate exactly when a landlord can increase the rent.
For instance, a new law on the books in Nevada – passed in the last legislative session – is one not many people are not aware of, and mandates tenants on a month-to-month lease must receive 60 days notice from their landlord of any rent increase; formerly, landlords only had to give 45 days’ notice. And for tenants who are living in a week-to-week rental, rent increases require 30 days notice from the landlord.
In addition, if a tenant feels that a rent increase is too much or unfair, they are encouraged to reach out to their landlord and attempt to negotiate with them; if they’ve been a good, responsible tenant who always pays on-time, a landlord may be willing to listen to how much the party can realistically afford and do what they can on their end to maintain the relationship if they wish.
Rent increases have been fairly widespread in Nevada – and in Las Vegas in particular – but have not been as present in lower-income neighborhoods due to their inhabitants not having the money to move if they are priced out of a rental.
Legal experts say that the rental marketplace in Las Vegas will eventually correct itself and stabilize as a natural matter-of-course, especially as more apartments and rental homes are made available by developers looking to satisfy demand.
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