Real Estate Blog - Las Vegas NV Area October 2008 Rental Home Report

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Las Vegas NV Area October 2008 Rental Home Report

October had surprisingly high unit leased numbers for an October. This is good news for the rental sector as summer numbers could have been better! NOTE: The average rental price did fall dramatically but median rates stayed stable.

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.

Units Leased:

October 2008: 1707
September 2008: 1531
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

Average Monthly Rental Rates:

October 2008: $1393
September 2008: $1610
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

Median Monthly Rental Rates:

October 2008: $1245
September 2008: $1250
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 2.9 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.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0.

Posted by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! on 12/01/2008 03:31 PM

Comments (8)

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

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8 Comments on Las Vegas NV Area October 2008 Rental Home Report

DEC

Renee

I have a funny feeling you are going to get very busy in the not too distant future.

Sincerely

Tom Braatz

Hi Renee! Great presentation! I finally figured out how to do the graphs, SnagIt, and watermark it in SnagIt! WooHoo! I haven't posted it yet as it was October's numbers but, I'll get November's shortly and you'll see a whole new look to my (a.k.a. your!) reports!

Debe in Charlotte

Good looking report, very impressive. Maybe the figues were lowered in October because only the lower end rented that month. We're coming up to the transfer months over the holidays, good luck.

Hi Renee- I agree with the others that this report looks very professional. I'm especially encouraged that more renters are finally realizing that buying is a much better alternative to just throwing that rent money away month after month. Hopefully our distressed market in Titusville FL will start showing similar signs.

Hey Debe that announcement could bring some ???'s that need answers for those who are not using graphs, etal. I'm jealous ;-)

p.s. Just getting back from Thanksgiving with friends down south and trying to catch up here!

Tom: Maybe the new graphs will do that, haha!

Debe: CANT WAIT! I also can't wait for all the potential of the new group! You are such a go getter!

Lyn: I haven't a clue :)

Gail: Thanks for stopping by! I use the 2007 version of Microsoft Excel for the graphs :)

DEC

These are great graphs for the rental activity. Very useful information for the community.

DEC

i love the eye catching way you presented your info! Thanks.

DEC

Mara & Jenette: Thank you for stopping by :)

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