Las 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!