Real Estate Blog - Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!**

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Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago NOT A TYPO!!

I don't normally include multi-family unit permits in my economic conditions reports but this is VERY interesting!

It is absolutely no surprise to me as I actively work the rental market as a referring Realtor(R), I do not have a property management permit. Inventory has been flying off the shelves like hotcakes. Other Realtors (R) who are actively working the rental market and were around for the resale boom in 2004 are comparing the rental market to that.

There were 1594 multi family units permitted for the month of August 2007. Only 74 were permitted in July 2007 and 760 in August 2006. I find this interesting as the apartment vacancy rate is up 38.4% from a year ago at 7.01% while apartment rental rates are up 2.8% for the year with a 2nd quarter rate of 7.01%.

Economic Conditions for September 2007

Las Vegas Rental Homes: Quite Possibly on Track for Another Record Breaking Month

All the Best,

Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

Posted by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! on 09/23/2007 08:28 PM

Comments (7)

las vegas rentals, las vegas economic conditions

Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!**

This post has been included in Nevada Information Clark County, NV Information

7 Comments on Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!**

SEP

2007

Renee,

A 7% vacancy rate is still low. That must be why the starts are up.

How are things going with the people from Davenport, Iowa?

See you in about 6 weeks!

Lucky :)

This is tremendous. What can you get in downtown LV for $1200/month?

SEP

2007

Lucky: They found a home (to rent). They will probably be buying in a year if they decide they are staying, YAY! Can't wait to meet you and yes, 7% is still low!

Lloyd: You could probably get into a highrise for around $1200 a month, strip side. With most excellent credit and references and being in the right place at the right time of course! High rise investors are barely covering their HOA's with rents this low. They are generally looking at the long term hold!

Renee, it sounds like builders still have faith in LV. Good news.

Bill Roberts

I left my heart in Las Vegas. At the Wynn. By the Craps table.... I've always wanted to go back...

What's the going rate for rent in the penthouses above 20 stories within a mile from the strip (I'm particularly considering buildings behind the Wynn and overlooking the Golf Course.

SEP

2007

Wow! Those are amazing numbers and I wonder if people are buying in anticipation of a market change that will get them large gains in the future.

SEP

2007

Bill: We will see if they overbuild like they did in 2004/2005 and now!

Mystery Guest: You are looking at 5K + a month! Let me know if I need to get you started on a search!

Todd: Something's got to give!

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