The Las Vegas Valley Residential Rental Market Remains Strong after a large spike in May, small dip in June and now a small spike in July.
Long term residential rental landlords are winning in this market!
The median rental price is up $97/month since January. The average rental price is up $251/month since January. The current median price is $1297/month and the current average price is $1546/month. There is only 2.3 months total inventory (8/12/2007) in the Las Vegas Valley MLS.
Expect more pressure on the rental market & prices as subprime money runs out, more people moving to the valley and foreclosures spike.
Compare the rental inventory graph on the left to resale graphs in July.
If you are looking for a rental home: we provide free listings and search assistance. Please give us a call today to get started on your search!
All the Best,
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Renee has over 20 years of negotiating, sales and marketing experience to bring to your Las Vegas, NV Real Estate transaction. Full time with probate & estate experience!
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Renee- You are right .. as more foreclosures happen the owners will still need a place to live which will make rentals jump.. actually I was surprised to see how high rentals are now.. thought they would have been a bit less expensive..
There are alot of people moving here and they need a place to live. Too bad we can't get everyone into a home.
Kaye: It's crazy. Rental showings tonight. Sent the client 7 listings THIS AM, she picked out three and only one was available. That's just today!
Rey: Would be nice!!! See my response to Kaye. It used to be half of the listings were unavailable, now we are looking at a 1:3 ratio. Amazing!