Las Vegas and Henderson Rental Housing Market Articles

Aerial view of residential neighborhood in northwest Las Vegas, Nevada.

September was another record setter in the Las Vegas valley! Both resale and rent values increased on average, adding to an already record setting year. The median price of a home rose to $406,500 according to Las Vegas Realtors. Rent values rose on average between 3-9% (Zumper).

Though Las Vegas saw an increase in resale values between August and September, the fact is, it’s a far cry from the appreciation seen thus far in the year. As a matter of fact, the median sales price remained at $405,000 the two months prior, barely making an increase during September.

In essence, the market is taking a much needed break. Constant and significant appreciation can lead to over inflated prices which is not healthy for a market. Already, many individuals are out priced of a home, compared to just 6 months or a year ago. Fortunately, interest rates are remaining low, allowing many to to still qualify for high mortgages. And for the time being, rates should remain that way.

However, what does this slow down mean for the market? At this time, it is simply means that the market is pumping its brakes a little due to significant appreciation over the last year. Additionally, as the end of the year approaches, a seasonal slow down is typically expected.

Of course, a real estate market is based on many factors – economic climate, jobs, consumer confidence and interest rates, to name a few. These can affect a real estate market in a positive or negative way. For the time being, indicators appear to point to continued appreciation, though modest. Inventory continues to remain low, both in homes for sale and for rent. And most buyers are still in the game.

Eviction Notice Form

Well, here we go again. Another eviction moratorium. Many landlord’s we’re finally breathing a sigh of relief when it looked like things we’re going back to normal at the end of July. And for 2 days, things we’re technically back to normal. Until August 3. That’s when the CDC enacted a new eviction moratorium, that this time goes through October 3, 2021. For those rental property owners who have been relying on mortgage forbearance because they lost rent income – income they relied on – this was unexpected.

To clarify, we’re not here to discuss the reasons for the moratorium, the motivation or why it was passed. We’re here to explain how this latest moratorium works and what you can do if you own a rental property that has had its income, in essence, frozen. While what we say is not going to be a automatic fix, it can be financial damage control.

So, how does this latest moratorium work?

It applies to any county in the Unites States that doesn’t already have a moratorium in place that meets or exceeds the CDC one, like a state or county moratorium, and where the county has a substantial or high COVID transmission rate. Where does your county fall? Here’s the link from the CDC that shows transmission rates: https://covid.cdc.gov/covid-data-tracker/#county-view

If your in Clark County Nevada, Las Vegas, Henderson, North Las Vegas, Boulder City, which is where we’re at, well, your in a high transmission rate location and subject to the CDC moratorium.
A tenant, in order to be covered by the moratorium, has to meet some qualifications:

  • They have had to try and obtain rental assistance
  • They can’t make more than $99,000 in 2020 or if married and filing jointly, more than $198,000.
  • They cant make their rent payment due to loss of job, reduction in hours or have medical bills
  • They are trying to make partial rent payments to the best of their ability
  • They would become homeless if evicted

The moratorium covers a lot of situations.

Now of course, a tenant does have to complete a specific declaration via a CDC form to qualify. And the landlord can take steps to validate the truthfulness of it, to make sure their hardship is legitimate and meets the standard of the CDC moratorium. The moratorium does cover a broad spectrum.

So, say as a landlord, you get the declaration form from a tenant or maybe they already qualified previously under the moratorium we had between March 2020 until this past July and handed you the CDC declaration (which that is still in effect). What can you do?

Work on mitigating your losses. The eviction moratorium is in effect no matter how you look at things. Though tensions may run high, work hard to maintain a positive relationship with your tenant. This will help in preserving your property. A soured relationship, or one that turns into distrust, is never in the best interest of your property. It creates tension and hard feelings. Focus on the end result, one day getting your property back in hopefully, reasonably good condition. A positive relationship will go a long way in that.

And focus in on the options you have for mortgage assistance, beyond calling your bank for mortgage forbearance. Or simply throwing in the towel on your property. Now, this may take work and some research to find available resources in your state or county to help compensate you for lost rent. But it is possible and we’ve seen it first hand, owners getting checks for thousands of dollars for unpaid rent. Look up your states and counties housing department sites and see what available resources there are, what applications may need to be completed. Work to mitigate your losses as much as possible. In many cases, money has been set aside to offer help. It’s just a matter of finding it, applying for it and then collecting it.

So, while this is all far from the ideal and not what investors and rental property owners signed up for, it’s the new, temporary norm. And so, we’ve all had to change and adjust to the unexpected. If you approach it the right way, take the right steps, be proactive, get the help available, you might be surprised at how things work out for you.

Property Management in Las Vegas

LAS VEGAS, Nevada USA

Another month. Another record. That seems to be the trend for many months. The latest: June 2021 set another record for the median sales price in Las Vegas: $395,000; a nearly 22% year-over-year increase. It’s hard to believe that just 10 years ago, the median price of a home in the valley was just under $120,000. Much has certainly changed. So, what’s in store with these record prices? Are they sustainable?

While opinions vary as to sustainability, affordability is definitely the question on the minds of many. The current price point of many homes, even with low interest rates, is making the dream of owning a home impossible. As far as sustainability, we expect more homes to start coming onto the market as homeowner’s and investors decide to cash out with substantial equity.  However, many investors are also entering the market in Las Vegas, looking for properties to buy, as rents have also been increasing considerably.

As a result, while we may see some slow down with real estate prices over the coming months, there is still a shortage of inventory and plenty of buyers. Barring any significant economic changes, prices should continue to remain strong and modestly appreciate.

Aerial view of residential neighborhood in northwest Las Vegas, Nevada.

The Las Vegas real estate market is on fire. There is no doubt about it! A shortage of inventory continues to drive prices up as home buyers wish to take advantage of low interest rates. As a result, March 2021 was another record setter.

Average price of a single family home sold: $363,000 (according to Las Vegas Realtors)

Average price of a condo / town home sold: $194,000 (according to Las Vegas Realtors)

Single family homes are up nearly 14% from last March (2020).

As of right now, appreciation in the market appears to be a sign of things to come. While home builders are adding inventory, it is limited compared to buyer demand and a lack of new resale inventory is keeping supply short. Additionally, as Nevada plans to end COVID restrictions beginning June 1, we expect there to be a strong economic reaction as tourism is expected to increase and further reduce unemployment.

The Las Vegas real estate industry appears to be poised for growth and appreciation over the coming months.

Older style North American home possibly from the 1920’s or 30’s.

Las Vegas is renowned the world over for having the latest in technology and architecture. It’s out with the old and in with the new. This has been seen over the decades, particularly with hotel and casino’s. Spectacular demolitions of older properties on the Las Vegas strip to build bigger and fancier mega resorts. Even commercial and residential spaces over the years have had a similar fate. However, if your looking for something mid century or historical, you still have options in Las Vegas!

Did you know – there are properties for sale built prior to 1940? Even 1930! As a matter of fact, you can get a property built in 1925! There is one available for sale as of today (3/19/2021). If your looking for something more mid century, you have more options. There are a number of neighborhoods that are still recognized and popular among many that have that charm.
For example, the Huntridge neighborhood in the downtown Las Vegas area is one of them. So is the Scotch 80’s neighborhood, dating back to the 1950’s. The Scotch 80’s neighborhood has had notable figures over the years living in them, such as former mayor Oscar Goodman. All in all, there are over 200 properties within Las Vegas city limits for sale built between 1940-1970.

Even if you don’t want to go that old on a house, you can get different styles in 1970/80’s built homes, which are plentiful. Many long time Las Vegas residents remember when Spring Valley was up and coming. Spring Valley has patio homes, condo’s and single family homes of all different styles. Driving through it takes you to a different time period in Las Vegas, perhaps one you remember fondly. You may even have the itch to make it your future home. If so, there are options.

So, if your looking for some history and unique style, don’t cross off Las Vegas. Just take a closer look the next time your shopping for a home and you might be surprised.

Panorama of Las Vegas, Nevada, USA

The Las Vegas real estate market continued to see appreciation and demand as prices hit a new record high – a median sales price of $355,000 in the month of February 2021. As in previous months, low inventory and interest rates contributed to the rise in real estate values.

Is inventory expected to rise anytime soon? That’s difficult to tell. For month’s, it was expected that inventory would eventually rise, potentially curbing the drastic increase in real estate values. However, as spring approaches, the Las Vegas housing market continues to have a record low of available homes for sale. Especially is that true of properties under $300,000.

A quick search of local Multiple Listing Service here in Las Vegas reveals only about 1000 currently available homes up to $300,000! That includes condo’s and town homes. If you remove those and only look at single family homes, you end up at 382 homes throughout the entire Las Vegas valley, which includes North Las Vegas, Henderson and Boulder City! It is very apparent that inventory remains low, leading to bidding wars in that price range.

In total, the Las Vegas, Henderson, North Las Vegas & Boulder City housing market has less than 2000 single family homes in all price ranges. Total inventory including condo’s and town homes is 2687. As long as inventory and interest rates remain this low, coupled with current demand, we can expect prices to increase at a modest rate, which is what most expect throughout 2021.

If your looking for an experienced Realtor to help you navigate the real estate market, contact our Investor Team Sales Division at 702-755-5131.