August proved to be a disappointing month for Las Vegas Area landlords as the numbers didn't peak as they normally do year over year in August. Renters are becoming buyers finally as prices drop!
Units Leased:
- August 2008: 1719
- 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:
- August 2008: $1464
- 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:
- August 2008: $1250
- 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 2.5 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.
Renee, it is great to be on the pulse of the market by looking at the rental and purchase trends. Thus, is a good sign for sellers in your market ? And a sign that you already hit your bottom or is it just a random month or too short-term of an indicator ?
Renee - It would really be a bummer to find out that your landlord was defaulting on his loan, and you would probably get kicked out and lose your rent money and deposit. Ouch.
Renee - We are all watching your area of the country.
"Renters are becoming buyers finally as prices drop" - as both a landlord and a lender this gives me vertigo.
Renee - Very interesting information and I am very curious about what the stats will look like this winter. On the construction end it is staring to slow down, I am on this project right now finishing up this expansion for Caesars Palace. I will call you next week and we can chat about the AR event.
Renee,. I was wondering how the rental market was going for your area. (If renters were becoming buyers). This is good news for your home sellers, not so good for those who are investors and renting homes.
Renee it looks like there is a huge rental market in your area. I guess I should have realized that you would in Las Vegas!
Christopher: I am no longer speculating what the heck is going on with this market :-/
Larry: YES IT WOULD!
Sal: Thanks :) I hope we can exceed expectations but we are living in uncertain times, for sure!
Ken: Foreclosures are fast and furious. I expect rental prices to rise as the people who are left standing for rentals have not so perfect (nice way of putting it) credit.
Robert: Please do!! You are sweet and I would love to have a chit chat with you or meet n greet.
Kris: There is still a decent demand for rentals, it isn't drying up too fast. Still people relocating here that want to rent before they buy and lots of tarnished credit out there that just can't buy.
Bill: Really?? :)