Las Vegas Homes HuntingtonLas Vegas Valley Rental Prices saw another serious upward tick in April ~ Monthly Rents are up $84 since March.  Average Monthly Rents are up $274 since January 1, 2007.  Average Monthly Rents were $1453/month in March and in April they were $1537/month.

Median Rent prices rose $95 from $1200/month to $1295/month in April.

This could just be a seasonal adjustment for pool homes that are in high demand this time of year but the spike is more consistent and starts earlier than previous years.  Unusual for a cool spring.

Other factors may include:  Displaced families from foreclosed homes, buyers waiting out the market to see if it will get "better", the steady inflow of 6000+ new residents per month.

If this trend continues over the next several months along with disappearing new construction standing inventory & low interest rates we could see a shift in the resale market earlier than expected.  

The disparity gap between rental prices and a mortgage payment is narrowing ~ very quick!

 

3 Comments on Las Vegas Area Average Rental Price Spikes Again in April ~ Up $84 in April ~ Up $274 Since Jan 1, 2007!

MAY
22
2007
5 Featured Posts Outside Blog
If rent rates are rising then the occupancy rate must be up as well. Thus if rates go up far enough and the occupancy is limited then people should start looking for other means of living space. So I would think the home market should start adjusting as a Sellers market.
5:41am • #1
383,787 Points 48 Featured Posts Localism Sponsor Outside Blog

Very little rental inventory and the less than $1200 market has less than 1 month of inventory.  More leased vs new listings!

The entry level market has been moving under $300K for a couple months now.  I am thinking if this trend continues we should see inventory disappear quickly! 
11:25am • #2
389,945 Points 74 Featured Posts Outside Blog

Renee,

Great photo with an excellenat backdrop of the mountains.
8:34pm • #3

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