I don't normally include multi-family unit permits in my economic conditions reports but this is VERY interesting!
It is absolutely no surprise to me as I actively work the rental market as a referring Realtor(R), I do not have a property management permit. Inventory has been flying off the shelves like hotcakes. Other Realtors (R) who are actively working the rental market and were around for the resale boom in 2004 are comparing the rental market to that.
There were 1594 multi family units permitted for the month of August 2007. Only 74 were permitted in July 2007 and 760 in August 2006. I find this interesting as the apartment vacancy rate is up 38.4% from a year ago at 7.01% while apartment rental rates are up 2.8% for the year with a 2nd quarter rate of 7.01%.
Economic Conditions for September 2007
Las Vegas Rental Homes: Quite Possibly on Track for Another Record Breaking Month
All the Best,Realtor®
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Renee,
A 7% vacancy rate is still low. That must be why the starts are up.
How are things going with the people from Davenport, Iowa?
See you in about 6 weeks!
Lucky :)
Lucky: They found a home (to rent). They will probably be buying in a year if they decide they are staying, YAY! Can't wait to meet you and yes, 7% is still low!
Lloyd: You could probably get into a highrise for around $1200 a month, strip side. With most excellent credit and references and being in the right place at the right time of course! High rise investors are barely covering their HOA's with rents this low. They are generally looking at the long term hold!
Renee, it sounds like builders still have faith in LV. Good news.
Bill Roberts
I left my heart in Las Vegas. At the Wynn. By the Craps table.... I've always wanted to go back...
What's the going rate for rent in the penthouses above 20 stories within a mile from the strip (I'm particularly considering buildings behind the Wynn and overlooking the Golf Course.
Wow! Those are amazing numbers and I wonder if people are buying in anticipation of a market change that will get them large gains in the future.
Bill: We will see if they overbuild like they did in 2004/2005 and now!
Mystery Guest: You are looking at 5K + a month! Let me know if I need to get you started on a search!
Todd: Something's got to give!