Independence AstoriaAverage Monthly Rental Rates in the Las Vegas Valley have soared $667/month from April to May. 

Average Monthly Rental Rates in April were $1537/month and average monthly rental rates in May were $2204/month. 

Monthly rates are up a whopping $909/month since January.  Average Monthly Rental Rates in January were $1295/month.

The median monthly rental rate remained stable at $1295. 

I actively work the rental market and started watching the stats as I watched inventory decline and prices rise in March.   

I expected a slight rise from May but nothing of this nature. 

Last Month's Report. 

Next month I do expect a slight decrease in Average rates and an increase in median rates.

 

 

 

Many factors may be pushing rents up:

  • Fear of purchasing a house from a "declining market"
  • Steady Influx of New Residents
  • Solid Economic Conditions
  • Rise of Foreclosures forcing families to move out of their homes
  • Pool season
Source of information:  Las Vegas MLS:  GLVAR
 
This post has been included in Nevada Information Clark County, NV Information

7 Comments on Las Vegas Monthly Average Rental Rates SPIKE in May. Average Monthly Rental Rates Rise $667/Month!

JUN
07
2007
126,216 Points 12 Featured Posts Outside Blog
great info... bad news but great info for your market - good job! yet again :)
11:15am • #1
364,683 Points 62 Featured Posts Outside Blog
We are going through a surplus of rentals on the market in this area.  Imagine, just a short spell down the road there will be many wishing they had snapped something up.  The pendulum is only at the bottom for a split second.
1:12pm • #2
27 Featured Posts
I wish I owned a rental unit over there already.
1:15pm • #3
116,238 Points 7 Featured Posts Outside Blog

Great news for purchase business.

I just wonder how long something like that can hold

 
1:40pm • #4
JUN
10
2007

I know it's hot down there.  Everyone loves Vegas. Great info

Rod
10:38am • #5
JUN
13
2007
231,033 Points 59 Featured Posts Outside Blog

Hey Renee,

Long time, no see:-)  Whew...the rentals there are pricey!  I think that should bode well for people for the Real Estate Market & could be utilized in marketing efforts.  I'm with Robert, wish I owned a rental out there....kind of.
9:45am • #6
JUN
24
2007
383,787 Points 48 Featured Posts Localism Sponsor Outside Blog

David:  Hopefully it will stimulate the inventory soaked resale market!

Chris:  YOu are absolutely correct about the pendulum, thanks for stopping by!

Robert:  What are you waiting for!?!?! :putting sales voice on:

Tom:  Me too.  I do expect average prices to drop this month and median  prices to rise slightly.

Rod:  Thanks for stopping by!

Jason:  What is stopping you?!?!?!?  :putting sales voice on: 
6:15pm • #7

This blog does not allow anonymous comments
 
Rainmaker_large

Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance!

Las Vegas, NV

More about me…

Nevada Realty Solutions - Realtor - Estate - Probate - REO

Address: 8942 Spanish Ridge Avenue, Las Vegas, NV, 89148

Office Phone: (702) 966-2494 x 0

Cell Phone: (702) 966-2494

Email Me


If you like my blogs you can get them added to your status update feeds by making me your friend on FACEBOOK!
Renee Zych-Burrows's Facebook profile My Zimbio
Top Stories Real Estate Blogs - BlogCatalog Blog DirectoryPage copy protected against web site content infringement by Copyscape I love to watch trends and statistics in this fascinating market! I do have a newsletter that you can subscribe to - so if you want to keep in tune with the Las Vegas Real Estate Market Conditions on a monthly basis, sign up with absolutely no obligation!<!-- BEGIN: Constant Contact Stylish Email Newsletter Form -->
Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Free Las Vegas Real Estate E-Newsletter! Stay in Tune with the Market!
<!-- END: Constant Contact Stylish Email Newsletter Form --> <!-- BEGIN: SafeSubscribe -->
<!-- END: SafeSubscribe --> <!-- BEGIN: Email Marketing you can trust -->
For Email Marketing you can trust
<!-- END: Email Marketing you can trust -->

<!-- Start of StatCounter Code -->



Links

Archives

RSS 2.0 Feed for this blog

Find NV real estate agents and Las Vegas real estate on ActiveRain.