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Las Vegas NV Area August 2008 Rental Home Report

By Renée Donohue~Home Photography

Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

October 05, 2008 08:59 AM

August proved to be a disappointing month for Las Vegas Area landlords as the numbers didn't peak as they normally do year over year in August. Renters are becoming buyers finally as prices drop!

Units Leased:

August 2008: 1719
July 2008: 1697
June 2008 1564
May 2008: 1554
April 2008: 1536
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:

August 2008: $1464
July 2008: $1510
June 2008: $1503
May 2008: $1483
April 2008: $1467
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:

August 2008: $1250
July 2008: $1250
June 2008: $1275
May 2008: $1250
April 2008: $1250
March 2008: 1200
February 2008: 1200
January 2008: $1200
December 2007: $1295
November 2007: $1200

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 would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

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The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Renee, it is great to be on the pulse of the market by looking at the rental and purchase trends. Thus, is a good sign for sellers in your market ? And a sign that you already hit your bottom or is it just a random month or too short-term of an indicator ?

Oct 05, 2008 09:43 AM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

Renee - It would really be a bummer to find out that your landlord was defaulting on his loan, and you would probably get kicked out and lose your rent money and deposit. Ouch.

Oct 05, 2008 01:31 PM

Sal Poliandro - Helping People Win

RE/MAX Properties - Ridgewood, NJ

Broker Associate

Renee - We are all watching your area of the country.

Oct 05, 2008 02:54 PM

Ken Cook

Content, coding, marketing, host. - Marietta, GA

Content Marketer/Creator

"Renters are becoming buyers finally as prices drop" - as both a landlord and a lender this gives me vertigo.

Oct 05, 2008 04:29 PM

Robert Vegas Bob Swetz

Las Vegas, NV

Renee - Very interesting information and I am very curious about what the stats will look like this winter. On the construction end it is staring to slow down, I am on this project right now finishing up this expansion for Caesars Palace. I will call you next week and we can chat about the AR event.

Oct 05, 2008 06:23 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Renee,. I was wondering how the rental market was going for your area. (If renters were becoming buyers). This is good news for your home sellers, not so good for those who are investors and renting homes.

Oct 05, 2008 10:40 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Renee it looks like there is a huge rental market in your area. I guess I should have realized that you would in Las Vegas!

Oct 06, 2008 03:40 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Christopher: I am no longer speculating what the heck is going on with this market :-/

Larry: YES IT WOULD!

Sal: Thanks :) I hope we can exceed expectations but we are living in uncertain times, for sure!

Ken: Foreclosures are fast and furious. I expect rental prices to rise as the people who are left standing for rentals have not so perfect (nice way of putting it) credit.

Robert: Please do!! You are sweet and I would love to have a chit chat with you or meet n greet.

Kris: There is still a decent demand for rentals, it isn't drying up too fast. Still people relocating here that want to rent before they buy and lots of tarnished credit out there that just can't buy.

Bill: Really?? :)

Oct 07, 2008 11:52 AM

Las Vegas NV Area August 2008 Rental Home Report

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