4231 units are currently listed in the MLS up from 4059 from just a week ago. We are also probably going to see a rise in October from September's numbers which are usually seasonally adjusted downward. We already have 617 units leased as of the 14th of October.
The rise is larger than the demand so maybe sellers are heeding the natural call of economics (supply and demand) and becoming landlords, unintentionally. This will place less upward pricing pressure on the rental market if supply increases more than the demand. Kind of good news for renters!
I do think average prices will remain stagnant this month or slightly rise in some areas. I am putting out a Rhodes Ranch area market report in my next post. It will show less supply and higher demand and rising median rates in less than one week!
One thing to note, it is definitely valuable to compare apartments to condo/townhome rentals in some areas. In some areas, it makes more sense to rent a condo, townhome or single family home over an apartment.
All the Best,Realtor®
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Las Vegas, NV 89148
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Renee@ReneeBurrows.com
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