Real Estate Blog - Las Vegas, NV March 2008 Rental Home Report

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Las Vegas, NV March 2008 Rental Home Report

Inventory has dipped and demand is very high in January traditionally. Supply will be an issue throughout spring. Rental Homes with pools are in very large demand. Absorption has decreased tremendously and with the mortgage credit crisis and valley demand for housing, it is not surprising at all!

Units Leased:

March 2008: 1531
February 2008: 1632
January 2008: 1500
December 2007: 1156
November 2007: 1452
October 2007: 1501
December 2006: 1052
January 2007: 1262

Average Monthly Rental Rates:

March 2008: 1342
February 2008: 2788
January 2008: $1500
December 2007: $1531
November 2007: $1493
October 2007: $1511
January 2007: $1295

Median Monthly Rental Rates:

March 2008: 1200
February 2008: 1200
January 2008: $1200
December 2007: $1295
November 2007: $1200

Absorption Rate is has decreased and remains a Landlord's Market at 2.2 months of inventory in the Rental Sector for the Las Vegas Valley. Maybe we will see a stabilizing in the rental market coming up. It seems to be softening every month!

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 04/29/2008 05:59 PM

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas, NV March 2008 Rental Home Report

Post is included in group: Posts to Localism
Post is included in group: Market Updates
Post is included in group: City & State: Listings and Market Reports

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