About Las Vegas' Gowan / Cliff Shadows

The Las Vegas Area Rental Market is in Decline! It isn’t in a free fall like our resale market experienced in 2007-2008 but it is declining slowly.

Here are the reasons for the decline:

• First time buyer pent up demand was released during the time when the first time buyer tax credit was available. This has created less demand.
• An over abundance of all cash investors making purchases for long term holds (renting in the mean time!) This has created more supply.
• Less population growth in the Las Vegas Valley. This has created less demand.

With an abundance of supply coupled with less demand it has created downward pressure on rental prices. Resale prices are VERY low, yes. It is essential to get comprehensive rental CMAs when looking at property. Here is a resource & tutorial for searching rental or resale comparables.

Neighborhood vacancies need to be looked at also. If resale prices are very cheap, there are an abundance of vacancies in the neighborhood, odds are other cash investors looking at those properties.

Remember the old adage: past performance is not indicative of future returns!