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Las Vegas Rent Rates

If you are looking to buy an investment property, you will be glad to know that rent rates are going up. The average apartment rental rate for Las Vegas was up 6% as of March 2006, to $834 a month. The average rent on residential houses is a bit harder to calculate but is believed to be around $1200-$1500 a month.

One of the big trends shaping the Las Vegas real estate market as a whole is the conversion of apartment complexes to condominiums. While condo conversions supply the need for affordable housing to buy, they diminish affordable housing to rent. It is believed that condo conversions will make up 17% of the Las Vegas residential market by 2007. While it is difficult to know exactly how this will affect the market in the future, presently the results are as follows:

Limited availability of affordable rental property. Because so many apartment complexes are being converted, the number of available units for rent has plummeted. The average occupancy rate for apartment complexes is an astounding 97%, an apartment owner's dream.
Limited availability has resulted in an increase of rent rates; supply and demand is at work.
Limited availability in apartment complexes has resulted in renters having to go to single family residences in order to find a place to live. The inventory of single family residential homes to rent is decreasing.
Limited availability in single family residential homes to rent has resulted in increased rent rates, supply and demand at work again.

The Las Vegas real estate is continually changing. The objective as an investor is to find oneself on the receiving end of the good that the market has to offer.
 

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Las Vegas
Real Estate Blog
December 7, 2011, 11:44 am
December is for the Holidays.
The WHN Blog Team is taking the month of December off for the holidays. Were still as busy as the elves in the the office but its time to clear our heads of all this content and ready up for the upcoming new year. Happy Holidays to all of you See you in 2012.
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November 18, 2011, 11:32 am
About Assembly Bill 284 (AB 284 NV)
Real estate agents in Las Vegas are in tuned to the recently passed AB 284 that went into effect October 1 2011 but those outside of the Las Vegas real estate market arent too up to date. To sum it all up AB 284 will delay the foreclosure process. How? By increasing the requirements necessary for lenders to foreclose. In light of all the robosigning and the increased investigations of 14 major lenders for foreclosure fraud this Bill is meant to be one of the solutions to this ridiculous problem. While this most likely will expose fraud and give homeowners the ability now to obtain information on who is holding their mortgage increasing paperwork and having it recorded through the county clerk is simply going to create a huge back up in the system. With various budget cuts its unlikely that the clerks office is going on a hiring frenzy to keep up with all the work. The number of foreclosure filings for Clark County have already significantly dropped in the past month since the bill went into effect literally from once were thousands of filings a month now down to hundreds. Again this will reduce fraud and expose fraud allowing those involved to be prosecuted andor fined accordingly which overall is in the best interest of all homeowners however the back up in the system is going to be disastrous. The market is already slow its only going to slow down further. Tweet
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November 4, 2011, 10:40 am
Las Vegas Foreclosures and Robo-Signing
In most recent news it has been announced that an independent group of consultants along with federal bank regulators will be looking into homes that were foreclosed upon by 14 major lenders between January 1 2009 and December 31 2010. Anyone keeping up with the real estate market knows that Las Vegas foreclosures were numerous during that specific timeframe. After various complaints and suspicions further investigations decided to be conducted to uncover any foul play by the lenders and their employees. Many of these corporations are being accused of robosigning the illegal processing and obtaining of signatures on foreclosure documents quickly without going through the proper procedures. If after thorough review of these foreclosures the lender is found to have repossessed a home without going through the proper channels former homeowners may be entitled to compensation. Homeowners who lost their homes between the dates of January 1 2009 and December 31 2010 with 1 of the 14 listed lenders being investigated who believe that their primary residence was unfairly foreclosed upon can call 18889529105 and request a form to fill out and return no later than April 30 2012. If the complain meets the requirements more action will be taken to determine compensation. For additional information such as the list of lenders and call center hours head to independentforeclosurereview.com. Tweet
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