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:
- June 2010: 2214
- May 2010: 2049
- April 2010: 2210
- March 2010: 2269
- 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
Average Monthly Rental Rates:
- June 2010: $1410
- May 2010: $1254
- April 2010: $1413
- March 2010: $1193
- 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
Median Monthly Rental Rates:
- June 2010: $1100
- May 2010: $1150
- April 2010: $1100
- March 2010: $1100
- 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
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
Good Morning Shack Diva, munching on some rental activity for breakfast I see. Is there a specialty where you are not at the top of your game? Glad to hear cash remains King.
Interesting report. The rental market is also in the mix of what's happening to the overall housing market. You bring out a good point of the rental market being softened, slightly.
Renee I am always happy when one of my renters can become home owners. Good for them.
Hello Renee ~
Great rental report for Las Vegas! It does show the rental market is down little bit!
Thanks for sharing!
Adam
That's good to hear that rental prices are softening and that the real estate market is looking up...
Lori Cofer
Renee - Great data ! Been shut down for a while but am back up. Over rebuilding all the data. Next time I will hire this out. This data on LV is excellent as usual
The rental market in my neck of the woods has softened a little bit recently.
It's nice to see that renters are becoming buyers. Finally the fence sitters are coming around.
Renee: I would guess that the number of jobs declining has an effect on the number of residents not needing rental homes as well. Kind of a mixed bag of good and bad, good that homes are selling but then the investors can't rent them out.
This seems to be part of a normal cycle. The economy has forced more rentals, but this will even out. I, for one, will welcome more buyers back in the market. Thanks for your great report.
Cal
Renee
What a great place to lease or rent; lots of quality rentals
Kevin: Rental Activity is sure good with fresh brewed coffee ;)
Carla: Renters are elated, landlords not so much!
John W: DITTO!
Adam: Thanks!
Lori: I don't expect this correction to be as harsh, but you never know :-/
Claude: What happened?
Cameron: I think we can expect that in markets where all cash investors are buying!
Craig: LOL they are hopping off that fence in droves!
Jane: ABSOLUTELY! It appeared our job numbers are stabilizing last I pulled numbers but I am due to pull again like today! Our incoming flux of residents isn't as strong with jobs scarce.........eeks!
Cal: You are welcome!
Tom: Yes!
You appear to be a Kona fan if I'm not mistaking!
Kevin: HELP what is a Kona fan?