Las Vegas Valley Rental Prices saw another serious upward tick in April ~ Monthly Rents are up $84 since March. Average Monthly Rents are up $274 since January 1, 2007. Average Monthly Rents were $1453/month in March and in April they were $1537/month.
Median Rent prices rose $95 from $1200/month to $1295/month in April.
This could just be a seasonal adjustment for pool homes that are in high demand this time of year but the spike is more consistent and starts earlier than previous years. Unusual for a cool spring.
Other factors may include: Displaced families from foreclosed homes, buyers waiting out the market to see if it will get "better", the steady inflow of 6000+ new residents per month.
If this trend continues over the next several months along with disappearing new construction standing inventory & low interest rates we could see a shift in the resale market earlier than expected.
The disparity gap between rental prices and a mortgage payment is narrowing ~ very quick!
Very little rental inventory and the less than $1200 market has less than 1 month of inventory. More leased vs new listings!
The entry level market has been moving under $300K for a couple months now. I am thinking if this trend continues we should see inventory disappear quickly!
Renee,
Great photo with an excellenat backdrop of the mountains.