Las Vegas and Henderson Home, Condo, and Townhouse Rental Tips

Rent Affordability in Las Vegas

March 2018 – As the Las Vegas real estate market continues to make national news as one of the fastest appreciating markets in the country, it is noteworthy to discuss residential rental rates and what the future holds for landlords and tenants alike.

As of February 28, only 2031 homes were active and available on the Multiple Listing Service for all areas of Las Vegas, Henderson and North Las Vegas. This figure includes all different types of residential dwellings, including condominiums and town homes. This figure shows the limited availability of rental properties throughout the Las Vegas valley, creating a competitive market for tenants. This, in turn, is prompting landlords to raise rents. By how much?

Of the total amount of properties available, only 300 are priced at $1000 / month or less. The vast majority are condominiums. This figure in itself shows the very limited supply of lower priced properties which is causing affordability issues for many. 669 properties are priced between $1001 – $1500 / month. The remaining properties are priced over $1500 / month.

This shift over the last 3 years specifically has caught many renters by surprise. Landlords are raising rents with each lease renewal and available rentals have seen an average 15% appreciation over the last 2 years. Some areas of the valley have seen even higher appreciation rates.

Affordability is certainly on the mind of many. And it doesn’t seem the issue will go away. Both resale values and rental rates are expected to increase over the course of this year, with resale values appreciating at one of the fastest rates in the country. How this topic will be addressed is yet to be seen. One thing is certain: the affordable real estate market of 7 years ago is gone.

/by

Rental Market Update – Las Vegas and Surrounding Area

July 2017 – Its no secret that the Las Vegas sales market has seen positive month over month gains and a limited supply of available homes, putting buyers in a frenzy. As the population of the Las Vegas area grows yet supply of available homes remains limited, potential buyers are forced to rent. How is the rental market fairing?

Nicklin tracks the general rental market to see fluctuations – both our inventory of some 1300 properties and the general MLS market.

Here is the trend seen this year leading up to now:

~ Rental properties have been appreciating steadily – at a modest rate. Inventory is rather limited with approximately 2000 actively available condos, town homes and single family homes through the Las Vegas, Henderson, North Las Vegas and Boulder City area, including Summerlin and Green Valley.

~ Properties priced under $1000 per month are limited to approximately 300, the vast majority being apartments and condos.

~ The next tier of properties priced up to $1500 per month are limited to 750 throughout the valley. Homes priced at $1500 and above make up half of the available inventory available.

The average property, between 1300 sqft – 1800 sqft is currently priced between $1200 – $1500 / month on average, though a third of those are priced at over $1500.

While we may see some appreciation through the third quarter of 2017, as the year ends, we can expect the market to stabilize through the beginning of 2018.

/by

With homes in high demand and selling fast , where’s the rental market going?

April 2017 – The sales market has made news once again in Las Vegas – both with price appreciation and high demand. This is making it ever more challenging for first time home buyers and others to get into a place to call their own. Due to this buying frenzy, many will have to resort to renting. So, where is the rental market going?

Las Vegas has seen a resurgence in the rental market over the last few years. This has especially been seen since 2014, where year over year appreciation in rents has grown between 5-8% on average. In addition, with high demand existing for rentals, due to both an influx of new residents to the area and lack of supply, rents are continuing to progress upward. As of April 2017, approximately only 2000 properties were active on the rental market according to the Multiple Listing Service, which included Las Vegas, Henderson, and North Las Vegas. This small inventory for a city of 2.1 million is clearly showing a lack of supply.

As a result, rental rates are rising. As a matter of fact, out of the available inventory in April, only 300 properties were priced at $1000 / month or less. Just over 700 were priced between $1000-$1500 and the remaining 1000 were all priced above $1500. As this appreciation continues, renters will be feeling the pinch as well. For investors, this is good news. However, affordability will become a more prominent topic over the next few months and years. What factors will affect rents in the future?

The demand for housing will definitely play a role. This demand will be based on employment opportunities and desirability of the city, which is definitely moving forward. Las Vegas and the surrounding cities are attracting new corporations from a variety of backgrounds leading to many new commerical and industrial developments throughout the area. Major league sports are making their footprint as well, leading to a desirability to be around those. As this trend continues, we can expect the Las Vegas area to become even more desirable and as a result, more expensive.

/by