If there’s one thing Las Vegas residents would like to bet on, it’s cheaper housing.
With a huge influx of residents, from those looking for excitement to those moving for massive construction jobs that can take years to complete, the resulting demand puts stress on the housing inventory.
The fallout? A housing market that’s more expensive than the national U.S. average.
Renting in Vegas: can housing options keep with the pace of growth?
The housing crunch is only going to increase as Vegas’ population is projected to grow by over 2 million in the next 20-plus years. This much urban growth demands more residential construction – and more options for affordable rent as the majority of Vegas residents rent, not own.
Rental costs aren’t the only financial hit
It’s hard to find other areas in which to save, too. Overall, the cost of living in Las Vegas tends to be slightly higher than the national average, from more expensive food and groceries to the higher cost of owning and maintaining a vehicle (this includes gas, parts, repair, and insurance). And in a city where public transportation isn’t as extensive as in other cities its size, owning a car is often essential.
Coliving: a new twist on an old classic
With renters sandwiched between high costs and a growing population, people are looking for new solutions to help mitigate the outside pressures against which they find themselves feeling powerless.
One of those solutions is coliving. While not a new concept, coliving has been reimagined as a viable solution to a nationwide problem. No longer does it mean living in an intentional community with others who adhere to the same worldview, but instead the creation of affordable housing via a housing model that can relieve renters of lease obligations and roommate dependence.
Coliving has been a powerful engine for personal change – and we’ve seen it firsthand. If you’re interested in finding more affordable rooms for rent in Vegas, consider this alternative path to housing. Take a look at some of the available rooms and see what kind of savings you could build.