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:
- February 2010: 2100
- January 2010 1784
- December 2009: 1713
- November 2009: 1691
- 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
Average Monthly Rental Rates:
- February 2010: $1731
- January 2010: $1582
- December 1009: $1313
- November 2009: $1313
- 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
Median Monthly Rental Rates:
- February 2010: $1100
- January 2010: $1100
- December 2009: $1100
- November 2009: $1100
- 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
Las Vegas Area remains a Landlord's Market 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
first, Great new picture..... I always love the valuable updates you give, I need to work on it.
Renee,
I am impressed with the helpful tips and links you provide people. I espcially liked the one where renters can check to see if their rental is in default. Hopefully the market continues to improve for you guys.
Cal
Renee - It's great the Las Vegas NV renter's are turning into buyer's. I've converted a lot of renter's into buyer's, with prices being so low it usually doesn't make sense to rent. Why pay for someone elses mortgage when you can pay your own?
Renee,
Fascinating how you track these for rentals. We are seeing a stronger renter market here for executive homes. Some are fence sitters, but there is just a lot less inventory available for lease.
All the best, Michelle
Renee - This may be the point that things start turning for the long term. The investor participation and all cash deals are super but coming back into balance I am sure would be most welcome. It's always fun to put an owner occupant into their first home. ~ Doug