October had surprisingly high unit leased numbers for an October. This is good news for the rental sector as summer numbers could have been better! NOTE: The average rental price did fall dramatically but median rates stayed stable.
Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.
Units Leased:
- October 2008: 1707
- September 2008: 1531
- 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
Average Monthly Rental Rates:
- October 2008: $1393
- September 2008: $1610
- 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
Median Monthly Rental Rates:
- October 2008: $1245
- September 2008: $1250
- 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 2.9 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.
If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0.
Renee
I have a funny feeling you are going to get very busy in the not too distant future.
Sincerely
Tom Braatz
Hi Renee! Great presentation! I finally figured out how to do the graphs, SnagIt, and watermark it in SnagIt! WooHoo! I haven't posted it yet as it was October's numbers but, I'll get November's shortly and you'll see a whole new look to my (a.k.a. your!) reports!
Good looking report, very impressive. Maybe the figues were lowered in October because only the lower end rented that month. We're coming up to the transfer months over the holidays, good luck.
Hi Renee- I agree with the others that this report looks very professional. I'm especially encouraged that more renters are finally realizing that buying is a much better alternative to just throwing that rent money away month after month. Hopefully our distressed market in Titusville FL will start showing similar signs.
Hey Debe that announcement could bring some ???'s that need answers for those who are not using graphs, etal. I'm jealous ;-)
p.s. Just getting back from Thanksgiving with friends down south and trying to catch up here!
Tom: Maybe the new graphs will do that, haha!
Debe: CANT WAIT! I also can't wait for all the potential of the new group! You are such a go getter!
Lyn: I haven't a clue :)
Gail: Thanks for stopping by! I use the 2007 version of Microsoft Excel for the graphs :)
These are great graphs for the rental activity. Very useful information for the community.
i love the eye catching way you presented your info! Thanks.
Mara & Jenette: Thank you for stopping by :)