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. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)
Units Leased:
- October 2009: 2015
- September 2009: 1849
- August 2009: 2011
- July 2009: 2029
- June 2009: 1853
- 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
Average Monthly Rental Rates:
- October 2009: $1264
- September 2009: $1477
- August 2009: $1255
- July 2009: $1405
- June 2009: $1299
- 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
Median Monthly Rental Rates:
- October 2009: $1125
- September 2009: $1150
- August 2009: $1150
- July 2009: $1195
- June 2009: $1195
- 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
Las Vegas Area remains a Landlord's Market at 2.6 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 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- given the cost of many of the homes these seem like really good rental rates for landlords.
Renee,
Those are some pretty fair prices; it really is inexpensive to lease a property in Vegas.
Renee, With all the good deals out there we are seeing the same thing here with rental properties.
It has been great since Kim and I partnered up, we are a good balance, her strengths compliment my weakness and visa versa. We have been friends and have covered for eachother, I became busier and busier with work it just made sense. Real Estate became fun again and not just work, work , work. We have tripled our business, with her specializing in S.S an relos and me, commercial, high end and development we seem to have it covered. Kim is a better Techi than I am and I love to write...lately to busy. I put in a 15 hr day yesterday, something you know a lot about, driving buyers around, writing contracts and finishing the night on the phone at 9pm negotiating a 1.3 mil land cash deal...we hope it flies!!! :) That would be a sweet CChristmas.
Have a great Thanks giving with your family my friend!!!
Hi Renee...Great Rental Rate Report, very useful for your Consumers.
HAPPY THANKSGIVING
This matrix of rental rates would be very helpful for selling investors your inventory.
John
Purchase prices are still donw, right? With rents like that your investors can get some cash flow no doubt. That's awesome, I wish the investment market would pick up here again.
Renee,
Investors buying homes to rent out will transform many neighborhoods into quasi rental communities which likely isn't making homeowners in them very happy.
Nevin: At the moment but our rental market has some downward pressure on it currently!
Tom: It is!
Debbie: Well relax and and promise me you will take a day to enjoy :)
Fred: I try to put it out there so investors can make educated decisions!
John: Most definitely
Rich: There are definitely some hot strategic opportunities out there right now!
Esko: Very good insight and yes, that is an issue in many communities! It definitely will not help our condo market out in the future either!
Renee, a lot of people starting to rent. Are you seeing a lot of Short Sale listings from the homeowners losing their homes and looking for homes to rent?