It appears that Las Vegas, NV valley is headed for another record breaking month on rental units leased in the MLS. Even if we don't break last month's record of 1735 units leased, the amount of units leased will be higher than the average 30% September decline from August.
So far in September 962 units have been leased with 494 units under contract. We are in the end of the month sprint so I wouldn't be surprised to be close to the same 1735 unit leased number as August.
Update for 9/26/2007: Just a mere four days after this was written we have a total of 1130 leased and 520 under contract. I am also working with a handful of under pressure clients who need something yesterday! Cannot wait to see the end of month numbers!
Update for 9/28/2007: We have a total of 1218 leased now and 526 under contract. So far we are standing above the traditional 30% September dip in leased homes (seasonal adjustment). Three full days in the month, this is written in the early morning. Inventory is slightly rising as investment property owners seem to be figuring this trend out.
This is exceptional news for long term investment property owners in the valley! There is still only two months inventory on the rental market which could push rental prices even higher.
Rising rents coupled with excellent deals on the new construction standing inventory market and foreclosure resales are creating interest for long term investment holds and first time/entry level buyers. The under $250K market is incredibly juicy right now.
All the Best,
Realtor®
Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
Renee,
Nice analysis. I think apartments are running a 96% occupancy rate in Las Vegas right now? The true real estate investors (not speculators) are starting to look again.
In my market, buying a rental without a LOT of money down didn't make sense for the last couple of years. But with low rates and softening prices, suddenly it's starting to pencil out again.
When I buy a rental in Vegas, you're the Realtor I'll turn to. Take care!
Paul: actually 93%. Renting a single family home can be cheaper than an apartment (for now!) It isn't also uncommon to see moms and dads renting with their grown children to save $$$.
Joey: :blush:
Ethan: Not too many Realtors work rentals either so it is a fairly untapped market, for now!