Renting in Las Vegas
While Las Vegas residential real estate prices fell hard in 2008, and are continuing that trend in 2009, they are still relatively high for the average Las Vegas resident. The median single-family home price (sold properties) in December of 2008 was $ 175,000.
The Las Vegas Perspective 2008 indicated that the median gross family income in Clark County was around $ 54,000. If you typically spend 25% of your gross income for housing, then the average family has about $ 1,125 per month for housing.
Apartments – apartment buildings had only an overall 6.0% vacancy rate in early 2009. With condominiums now being added as rental offerings, however, vacancy rates may increase. Rental rates depend on apartment size, with smaller units commanding a higher rate of around $ 1.50 per square foot per month, and larger units being around $ 1.10 per square foot per month.
Condominiums – condos are usually owner-occupied, but with the economic slowdown hundreds of units have hit the rental market. Even Trump’s new building across the Strip from the Wynn Resort is renting out condos at bargain prices. If you even wanted to live on the Las Vegas Strip, now is the time.
Homes – there are thousands and thousands of single-family homes that are available for sale, and there appears to be a significant number available for rent. Multiple Listing Service statistics in Las Vegas indicated that the average lease rate for residential properties was about $ 1,390 per month.
Commercial - commercial rentals vary from one type to another. Office and industrial vacancy rates are relatively high, but retail vacancy is only moderate. So if you are looking for an office, now is also the time to shop around.
Copyright 2008, Glenn Rigdon, Horizon Village Realty
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