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.