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.
Steve is the founder of Nicklin Property Management & Investments, Inc. His experience in property management and as a real estate broker exceeds 30 years.