Being a property manager in Las Vegas, we have been slowly increasing rents this past year. Mainly because the past 10 years rents have been declining due to market conditions and the market place is changing. Landlords would accept less rent simply to keep a resident in place to offset their mortgage from 2004 - 2014. Now that the majority of rental properties are owned by investors and institutional investors, they expect a annual increase and the pendulum is going the other direction. Las Vegas property management companies are now having to explain to residents that increases are not a penalty, but simply a matter of economics. CNBC just posted a great article about the future.
In my next blog, I will give current residents ways to help offset increases that ultimately make a win-win for both the landlord and the resident.