What Renters Need to Know About the Las Vegas Rental Market:

First of all, it is HOT. The entire rental market has only 2.9 months of inventory. When you break other market's down, like the Rhodes Ranch area, for example, there is only 1.3 months of inventory. With the absorption rate very low, that means rental homes go off the market as quick as they come on the market. This is pressuring monthly rental rates upward.

Here is the process for getting a rental home in Las Vegas, NV:

• Find a Realtor and get set up on a search within the MLS to have the listings delivered right to your email.
• Communicate your wants and needs: Maximum Rental Price, Bedrooms, Square Footage, Area, Pets?
• Rentals are only being held for around 2 weeks right now, so it isn't prudent to make an appointment until you are two-three weeks away from moving.
• Each landlord and property management company sets their own fees. When you are ready to turn in an application you will have to pay a non refundable administration fee that varies anywhere between $25-150 in certified funds (money order or cashier's check). Move in fees are typically 2.5 times the amount of the asking monthly rent but vary widely. Typical Deposits: First Month's Rent, Security Deposit, Key Deposit, Cleaning Deposit and Pet Deposit (if applicable.)

Be ready to turn in an application on the home you like as soon as you are finished searching. Waiting 24 hours can make a huge difference and I had three clients lose homes just this week because they waited more than 24 hours to turn in their application and someone beat them to the punch!

Be prepared both financially and mentally to turn in multiple applications. Try to fall in love with 2 or 3 homes rather than one!

Good luck and do not hesitate to contact me if you have any questions!