LAS VEGAS (KLAS) — Monthly rent went up $250 or more in the past year for more than one out of every four renters in Nevada, according to a report released on Friday.
The report indicates more than 43% of Nevada tenants are paying $1,500 or more in monthly rent. That was seventh-highest in the U.S., with California at the top with 53.1% of renters paying at least $1,500.
The report from HelpAdvisor.com is based on U.S. Census Bureau Household Pulse Survey data.
With 27.8% of Nevadans — 208,369 in total — getting these big rent increases, the state was No. 2 in the nation, behind only Florida. The percentage of residents getting $250 or more increases in Florida (30.2%), Nevada (27.8%) and Montana (27.5%) was much higher than other states. The next-highest state was Washington, with 17.5% of renters seeing similar increases.
Nationally, 11.8% of renters saw increases of $250 or more. Only six states have rent control laws.
The report found that more than 5% of Nevada respondents said their rent increased $500 or more in the past year.
The jolt in rent increases come as 60% of Americans are living paycheck to paycheck.
High home prices and increasing interest rates stand in the way of many people who want to stop renting and buy a home. Inflation is eating away at their purchasing power and bills just keep going up.
Nationally, a third of renters who have used money from a savings account or other asset or possession to meet spending needs in the last seven days have also experienced a rent increase of at least $250 in the past year.
And nearly 60% of tenants who were hit with a rent increase of $250 or more were under the age of 40.