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

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
 
Posted by Renee Burrows - Las Vegas NV Real Estate on 06/07/2007 11:12 AM   Comments (7)   ,  
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!

great info... bad news but great info for your market - good job! yet again :)

06/07/2007 11:15 AM by Boca Raton Florida & Boynton Beach Florida Mortgage Loans

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.

06/07/2007 01:12 PM by Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Keller Williams Elite Realty, Bonita Springs, FL)

I wish I owned a rental unit over there already.

06/07/2007 01:15 PM by Robert D. Ashby, CMPS - Solid Rock Mortgage Corporation

Great news for purchase business.

I just wonder how long something like that can hold

 

06/07/2007 01:40 PM by Tom Burris | Texas Home Loan Expert (DallasLoanGuy.com)

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

Rod

06/10/2007 10:38 AM by Rod Tinsley (Tinsley, Inc)

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.

06/13/2007 09:45 AM by Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.)

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: 

06/24/2007 06:15 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

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Real Estate Agent: Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)
Renee Burrows - Las Vegas NV Real Estate
Las Vegas, NV
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Page copy protected against web site content infringement by CopyscapeSpecializing in those forgotten "at" Rhodes Ranch Communities in Southwest Las Vegas that offer peek-a-boo views of the mountains and city lights! 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!
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