Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)
Units Leased:
- July 2009: 2029
- June 2009: 1853
- May 2009: 1760
- April 2009: 1677
- March 2009: 1825
- February 2009: 1702
- January 2009: 1651
- December 2008: 1390
- November 2008: 1405
- October 2008: 1707
- September 2008: 1531
- August 2008: 1719
- July 2008: 1697
Average Monthly Rental Rates:
- July 2009: $1405
- June 2009: $1299
- May 2009: $1348
- April 2009: $1348
- March 2009: $1365
- February 2009: $1419
- January 2009: $2083
- December 2008: $1594
- November 2008: $1506
- October 2008: $1393
- September 2008: $1610
- August 2008: $1464
- July 2008: $1510
Median Monthly Rental Rates:
- July 2009: $1195
- June 2009: $1195
- May 2009: $1200
- April 2009: $1200
- March 2009: $1200
- February 2009: $1200
- January 2009: $1200
- December 2008: No Data
- November 2008: $1250
- October 2008: $1245
- September 2008: $1250
- August 2008: $1250
- July 2008: $1250
Absorption Rate is stable from last month and remains a Landlord's Market at 2.5 months of inventory in the Rental Sector for the Las Vegas Valley.
How to check to see if the home you are renting is in default
Last Month's Report
If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0
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