Real Estate Blog - Las Vegas NV Area September 2009 Rental Home Market Report

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Las Vegas NV Area September 2009 Rental Home Market Report

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:

September 2009: 1849
August 2009: 2011
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

Average Monthly Rental Rates:

September 2009: $1477
August 2009: $1255
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

Median Monthly Rental Rates:

September 2009: $1150
August 2009: $1150
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

Absorption Rate has moved upwards a little from last month and remains a Landlord's Market at 2.8 months of inventory in the Rental Sector for the Las Vegas Valley.

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 11/02/2009 10:12 AM

Comments (11)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas NV Area September 2009 Rental Home Market Report

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11 Comments on Las Vegas NV Area September 2009 Rental Home Market Report

NOV

Renee,

It is exciting for a West Coaster to watch the market change. Troubles in the market normally begin on the East Coast and move like a wave towards the West. The same is true for improvement. So glad to see your market begin to improve. Good things are coming.

Herb: Thanks for your comment and sorry I had to edit three times after you posted!

Renee

You are one smart lady; those renters do turn into buyers. Same thing in commercial with leasing; they get to know a person and a comfort zone is created.

Renee - This is a great market report for rentals. Our market also has a lot of first time buyer's now, so entry level rentals (condos & townhomes) usually sit for a while. However single family rental homes are still hot.

Renee - I have to agree with Tom. Commercial is very profitable and if the tenants become comfortable they turn into buyers. Good news for you!

Renee - It's great to see that your market is improving on the sales side, but I guess the natural response is the softer rental rates. By the way, thank you for all your great ideas on market updates, they have been invaluable in our marketing effort

Renee - What you are seeing is happening on a smaller scale here. Renters don't have the means to buy, so they rent until the can, but when that happens, the prices of the homes and interest rates will probably be higher, and they have missd a great opportunity.

Renee, Like I've been saying, my eye has stayed fixed on Vegas, when Vegas begins to turn it's good news for all of us!! As far as commercial, I've been doing more of that lately, leasing and sales, right now I'm loving it. Short Sales were starting to wear on me.

Renee - so you can get all this rental data from your MLS? I wish we could. ~Rita

NOV

Renee,

Looks like a lot of inventory still to burn. True, today's tenants are tomorrow's home buyers, especially now here in Vegas with prices so affordable.

NOV

Tom: It is about building relationships!

Michelle: We are seeing a slight softening of rental prices, even for SFR!

Nevin: For some reason commercial gives me hives. I tried it!

AJ & Jodee: You are very welcome!

Larry: Absolutely!

Debbie: Looks like you are getting some nice listings for commercial lease opportunities and they are going like hotcakes! Do you think you are going to switch up your niche?

Rita: YUP!

Esko: Many buyers are having to extend their leases when they expire because they are stuck in short sales too!

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