Rental units leased are still increasing year over year since 2006. August is the hottest (literally and figuratively) rental month so we shall see if the trend continues the next two months!
Units Leased:
- July 2008: 1697
- June 2008 1564
- May 2008: 1554
- April 2008: 1536
- March 2008: 1531
- February 2008: 1632
- January 2008: 1500
- December 2007: 1156
November 2007: 1452
October 2007: 1501
December 2006: 1052 - January 2007: 1262
Average Monthly Rental Rates:
- July 2008: $1510
- June 2008: $1503
- May 2008: $1483
- April 2008: $1467
- March 2008: 1342
- February 2008: 2788
- January 2008: $1500
- December 2007: $1531
- November 2007: $1493
- October 2007: $1511
- January 2007: $1295
Median Monthly Rental Rates:
- July 2008: $1250
- June 2008: $1275
- May 2008: $1250
- April 2008: $1250
- March 2008: 1200
- February 2008: 1200
- January 2008: $1200
- December 2007: $1295
- November 2007: $1200
Absorption Rate is stable from last month and remains a Landlord's Market at 2.3 months of inventory 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 would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.
I heard about the extraordinay heat wave in Las Vegas. But, that doesn't seem to stop the vacationers.
If you want to see a Cactus, you've got to go where they grow.
Lenn: Really? We have had an unusually cool summer. Only one week was too hot to bear and that was in end of July/Beg August! Don't get me wrong, still 100 is hot :)
Renee, you've done a stellar job (again) with this report on rentals. Everytime I look at your graphs I think what a healthy market you have there. It looks very balanced for both the tenant trying to rent and the landlord putting properties out their to lease. The average monthly rents also give the newcomer to the area a feel for ballpark what rentals are going for. Good job.
Gary: Thanks for stopping by! We have so many moving in I hope to reach out and give them a feel of the market before they even take a leap!