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Las Vegas NV Area March 2009 Rental Home Report

Las Vegas Area Rental Homes

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

  • March 2009: 1825
  • February 2009: 1702
  • January 2009: 1651
  • December 2008: 1390
  • November 2008: 1405
  • October 2008: 1707
  • September 2008: 1531
  • August 2008: 1719
  • July 2008: 1697
  • June 2008 1564
  • May 2008: 1554
  • April 2008: 1536
  • March 2008: 1531
  • February 2008: 1632
  • January 2008: 1500

Average Monthly Rental Rates:

  • March 2009: $1365
  • February 2009: $1419
  • January 2009: $2083
  • December 2008: $1594
  • November 2008: $1506
  • October 2008: $1393
  • September 2008: $1610
  • August 2008: $1464
  • July 2008: $1510
  • June 2008: $1503
  • May 2008: $1483
  • April 2008: $1467

Median Monthly Rental Rates:

  • March 2009: $1200
  • February 2009: $1200
  • January 2009: $1200
  • December 2008: No Data
  • November 2008: $1250
  • October 2008: $1245
  • September 2008: $1250
  • August 2008: $1250
  • July 2008: $1250
  • June 2008: $1275
  • May 2008: $1250
  • April 2008: $1250

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Report

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Posted Tuesday Apr 28
( 04/28/09 02:21PM ) — Tom Braatz, Waukesha County Real Estate,WI

Renee


That's a pretty good ratio (50%) of the listings have offers on them


 

( 04/28/09 03:42PM ) — Gary Woltal - Associate Broker REALTOR® Dallas Ft. Worth

Great report as always Renee with rental rates remaining fairly constant with increased number of units which is to be expected in this economy. You do a great job uncovering this information.

( 04/28/09 09:13PM ) — Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR

Hey Tom!  It has been a pretty consistent number for awhile now!


Gary:  Thanks for the commentary, very much appreciated!

( 04/29/09 11:27AM ) — Michael Fowler Broker/Owner Fowler Realty

Hi Renee,


When I lived out in LV about 3 years ago they were converting many apartment complexes to condo's.  Has that slowed down?


Thanks,


Mike 

( 04/29/09 09:49PM ) — Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR

Mike:  To a screeching halt!  Now you have a bunch of complexes that the units were turned back into rentals, weeeeeeeeeeeeeeeeeeeee.

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