The rental sector has surprisingly remained stable throughout all this market turmoil!
Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.
Units Leased:
- May 2009: 1760
- April 2009: 1677
- March 2009: 1825
- February 2009: 1702
- January 2009: 1651
- December 2008: 1390
- November 2008: 1405
- October 2008: 1707
- September 2008: 1531
- August 2008: 1719
- July 2008: 1697
- June 2008 1564
Average Monthly Rental Rates:
- May 2009: $1348
- April 2009: $1348
- March 2009: $1365
- February 2009: $1419
- January 2009: $2083
- December 2008: $1594
- November 2008: $1506
- October 2008: $1393
- September 2008: $1610
- August 2008: $1464
- July 2008: $1510
- June 2008: $1503
Median Monthly Rental Rates:
- May 2009: $1200
- April 2009: $1200
- March 2009: $1200
- February 2009: $1200
- January 2009: $1200
- December 2008: No Data
- November 2008: $1250
- October 2008: $1245
- September 2008: $1250
- August 2008: $1250
- July 2008: $1250
- June 2008: $1275
Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley.
How to check to see if the home you are renting is in default
If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.
If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0
Renee - Great relevant data regarding rental rates in your area. I think as agents it is important to stay on top of these trends as there is correlation between the rental market and the purchase market. In our area, the rental inventory is increasing and not as easy to rent out units although it is still pretty strong.
Christopher and Stephanie: I was actually surprise but inventory going down by 0.1 months in this sector. Our rental market has softened a bit too as renters are turning into buyers with great interest rates, tax incentives and prices!