The following editorial from the Las Vegas Review-Journal makes the case for free-market housing solutions — a position Keystone Corporation has long championed.
If you want to lower rents in the next five weeks, rent control may be appealing. If you want to lower rents in the next five years, it shouldn’t be. Review Journal
Rents in Las Vegas are dropping. Apartments.com found that Las Vegas rents declined by 0.2 percent in April. Nationally, rents increased by 0.2 percent. Las Vegas was one of just five major markets in the country to post declines. The other four were San Antonio, Houston, Fort Lauderdale and Tampa. Review Journal
If you listen to advocates of rent control, this result might surprise you. They claim that government intervention is needed to lower housing prices. For several sessions, legislative Democrats have proposed various rent control measures. Gov. Joe Lombardo, a Republican, opposed these efforts. Review Journal
Before the COVID pandemic, the average rent for a one-bedroom apartment in the Las Vegas area was around $1,150. By October 2024, the price had shot up more than $400, in part because of government restrictions on landlords imposed during the pandemic. For many, paying around $1,550 for a one-bedroom apartment was simply unaffordable. Review Journal
In August 2023, the Review-Journal reported that 2023 would be a record-breaking year for apartment complex completions. Between 2023 and early 2024, Las Vegas added around 11,000 apartment units — compared to fewer than 900 units that entered the market in 2022. As supply increased sharply, prices started to drop. Review Journal
These reductions reflect the power of Economics 101. They are the result of companies building more apartments. “The largest driver of rent growth trends in April is still the supply wave of the early 2020s,” said Danny Khalil, the director of market analytics for Apartments.com in Las Vegas. Review Journal
In September 2025, the Review-Journal reported that Las Vegas rents were dropping faster than anywhere else in the country. A November article noted that rents continued to decline in the Las Vegas Valley. Review Journal
Attorney General Aaron Ford, who is running for governor, has called for rent control. Mr. Ford must hope his would-be supporters aren’t renters or don’t read the news. Review Journal
This editorial originally appeared in the Las Vegas Review-Journal.