Rental Market Statistics for September, Average Rate Rises Again!

By
Real Estate Broker/Owner with Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate B.1000860.LLC

 While we didn't quite beat August's record breaking numbers, when you do factor in the seasonal adjustment, the number of units leased was still phenomenal!

Rental Homes in Las Vegas leased for September 2007 ended up with a total of 1387 units. Down slightly from August's number of 1735 units leased and up from September 2006's number of 1099 units leased.  Current absorption rate is slightly up at 2.9 months of inventory.

Average rental price rises again in September. September's average monthly rental rate was $1603, up $25 from August 2007 and up $308 from January 2007. Monthly median rental rate is $1295. No change from August-September 2007 but up $95 from January 2007.

So far, from October 1-October 6, 2007 we already have 333 units leased. Last year in all of October only 1102 units were leased. I would say we are definitely going to exceed the number from last October!

Traditionally the amounts of units leased go down around 30% from August to September and then decrease slightly until December or January. Will we be traditional this year?

Please do not forget to keep me in mind if you are looking to rent a Las Vegas Home or purchase long term investment rental property!

 

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

 

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Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Rainer
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Jon Currier
Springer Realty Group - Philadelphia, PA

Great statistics, I have a hard time finding stats in the Philly area. I like to use it to show potential 1st time home buyers.

Feb 03, 2009 05:35 AM #1
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