A local general contractor and real estate development company has constructed a 195-unit affordable housing complex, as rents continue to surge for local residents.
According to the Las Vegas Review Journal, Ovation Design & Development constructed Arioso, a project specifically made for seniors with low incomes, in the Southwest Valley.
“I’m proud to work with housing advocates across the state to get more residents into affordable housing. We need to work together to address the housing crisis in Nevada and get more Nevadans into homes,” Gov. Steve Sisolak (D-NV) tweeted on June 13.
The rental rates for Arioso are $921 a month for one-bedroom units and $1,105 a month for two-bedroom units with utilities included, the Ovation website indicates.
Zillow found that the average rental rate in Las Vegas for April was $1,851 and that the city has seen a 21.3% increase from last year, as opposed to average 16.4% jump across the county.
The Las Vegas Review Journal reports that the state has long had a problem with affordable housing, which has only been exacerbated by the city’s real estate demand. With demand for housing remaining steady, the price of apartments for those who seek to buy or rent continues to climb, making it difficult to find an affordable place to live in Las Vegas.
Arioso is a four-story building, which was completed in October, and is located along Blue Diamond Road near Fort Apache Road. It is already full rented and has a waiting list.
