Las Vegas NV Area October 2008 Rental Home Report

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

Las Vegas Area Rental Homes

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

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Rainmaker
1,928,220
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

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

Sincerely

Tom Braatz

Dec 01, 2008 07:37 AM #1
Ambassador
3,393,744
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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

Dec 01, 2008 07:47 AM #2
Rainmaker
1,551,225
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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.

Dec 01, 2008 08:13 AM #3
Rainer
215,890
Gail MacMillan
Titusville, FL

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 ;-)

Gail MacMillan Titusville Fl Real Estate

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

Dec 01, 2008 09:09 AM #4
Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

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 01, 2008 01:15 PM #5
Rainmaker
262,033
Mara Hawks
First Realty Auburn - Auburn, AL
Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL

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

Dec 02, 2008 07:19 AM #6
Rainmaker
70,830
Mobile Austin Notary
Apostille/Authentication/Embassy Legalization, Notary Public, Loan Signing Agent & Process Server Services - Austin, TX
www.mobileaustinnotary.com

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

Dec 03, 2008 02:49 AM #7
Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Mara & Jenette:  Thank you for stopping by :)

Dec 04, 2008 11:49 AM #8
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