Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Monthly Average Rental Rates SPIKE in May. Average Monthly Rental Rates Rise $667/Month!

Las Vegas Monthly Average Rental Rates SPIKE in May. Average Monthly Rental Rates Rise $667/Month!

Independence AstoriaAverage Monthly Rental Rates in the Las Vegas Valley have soared $667/month from April to May. 

Average Monthly Rental Rates in April were $1537/month and average monthly rental rates in May were $2204/month. 

Monthly rates are up a whopping $909/month since January.  Average Monthly Rental Rates in January were $1295/month.

The median monthly rental rate remained stable at $1295. 

I actively work the rental market and started watching the stats as I watched inventory decline and prices rise in March.   

I expected a slight rise from May but nothing of this nature. 

Last Month's Report. 

Next month I do expect a slight decrease in Average rates and an increase in median rates.

 

 

 

Many factors may be pushing rents up:

  • Fear of purchasing a house from a "declining market"
  • Steady Influx of New Residents
  • Solid Economic Conditions
  • Rise of Foreclosures forcing families to move out of their homes
  • Pool season
Source of information:  Las Vegas MLS:  GLVAR

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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7 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • June 07 2007 11:12AM

Comments

great info... bad news but great info for your market - good job! yet again :)
Posted by David A. Podgursky, PA (Boynton Beach & Lake Worth Florida Real Estate Broker Associ) almost 5 years ago
We are going through a surplus of rentals on the market in this area.  Imagine, just a short spell down the road there will be many wishing they had snapped something up.  The pendulum is only at the bottom for a split second.
Posted by Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Downing-Frye Realty, Bonita Springs, FL) almost 5 years ago
I wish I owned a rental unit over there already.
Posted by Robert Ashby Photography almost 5 years ago

Great news for purchase business.

I just wonder how long something like that can hold

 

Posted by Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com (214) 763-4629 cell/text/nights/weekends) almost 5 years ago

I know it's hot down there.  Everyone loves Vegas. Great info

Rod

Posted by Rick T (TI Funding, Inc) almost 5 years ago

Hey Renee,

Long time, no see:-)  Whew...the rentals there are pricey!  I think that should bode well for people for the Real Estate Market & could be utilized in marketing efforts.  I'm with Robert, wish I owned a rental out there....kind of.

Posted by Jason Sardi (I love kittens cute & My Jennifer!!) almost 5 years ago

David:  Hopefully it will stimulate the inventory soaked resale market!

Chris:  YOu are absolutely correct about the pendulum, thanks for stopping by!

Robert:  What are you waiting for!?!?! :putting sales voice on:

Tom:  Me too.  I do expect average prices to drop this month and median  prices to rise slightly.

Rod:  Thanks for stopping by!

Jason:  What is stopping you?!?!?!?  :putting sales voice on: 

Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) almost 5 years ago

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