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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