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Category Archive : Property Management

Airbnb

Las Vegas Landlord Files Class Action Lawsuit Against Airbnb; Claims Site Profits from Illegal STRs

LAS VEGAS, NV – Reports have come out regarding a recent class action lawsuit filed against Airbnb in Nevada by a Las Vegas landlord that claims that the online short and long-term homestay broker not only does nothing to prevent individuals from posting illegal listings on their website, but also profits from these listings to the detriment of their legitimate customers.

The plaintiff in Giller v. Airbnb, Inc. – a case filed in June 2024 but only recently coming to public light – is claiming that the online marketplace has violated the Nevada Deceptive Trade Practices Act. Both local and state laws in Nevada mandate that Airbnb confirm that new hosts on their service are indeed the sole person authorized to rent the property in question.

However, the plaintiff in this case is alleging that she rented out a single-family home in Las Vegas to a long-term female tenant in June 2021 for a period of one year, with the provision that the tenant not be able to sub-lease it or utilize it as a short-term rental.

After renewing the lease to this person twice – both in June 2022 and May 2023 – the plaintiff discovered four unauthorized individuals “freely” entering and leaving the house using the security code on the front door while she was performing routine yard work on the property.

The plaintiff soon discovered that her home was listed as a short-term rental on Airbnb – with her tenant’s status on that site being a “Superhost,” indicating she had been doing this for some time and had received positive reviews from multiple guests – but when she reported this violation to the company, she claims that Airbnb “refused to take any action” and continued to allow her tenant to list the property on their platform.

The class action lawsuit – that is seeking to include any landlords in Nevada who currently or previously had properties that were illegally rented out by an Airbnb host from June 10, 2020 to the present day – complains that Airbnb is willing to continue profiting from listings that violated short-term rental laws in Nevada, is not performing mandated due diligence when vetting new hosts, and is still allowing hosts to illegally list properties on their platform without the owner’s consent.

The plaintiff is seeking a jury trial, and is asking for over $75,000 in damages.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Air Conditioning

NLS: Most Judges In Southern Nevada Consider Air Conditioning To Be Essential Service

LAS VEGAS, NV – Ask any Las Vegas resident to choose one word that best describes the climate in the region, and 10 out of 10 will most likely tell you “Hot.” Often excessively hot, which is only natural because the city is situated in the middle of a desert.

With that being said, making sure tenants have proper working air conditioning is a must, but what are the rights of both parties and how can landlords avoid being taken advantage of by renters who may be using an alleged A/C issue to avoid paying?

Nevada State law [NRS 118A.380(1)] defines requirements as they pertain to renters, that are considered “essential services” that landlords must provide, service, and repair if a tenant runs into any issues with it working properly. According to the Southern Nevada Health District air conditioning is included as an item warranting an “Essential Service Complaint” if not provided while Nevada Legal Services says “most judges in southern Nevada consider air conditioning to be essential.”

If the landlord is required by the rental agreement or this chapter to supply heat, air-conditioning, running water, hot water, electricity, gas, a functioning door lock or another essential item or service and the landlord willfully or negligently fails to do so, causing the premises to become unfit for habitation, the tenant shall give written notice to the landlord specifying the breach. If the landlord does not adequately remedy the breach, or use his or her best efforts to remedy the breach within 48 hours, except a Saturday, Sunday or legal holiday, after it is received by the landlord, the tenant may, in addition to any other remedy:

If a tenant does run into an issue with their air conditioning not working properly, there are certain steps they are required to take to bring the issue to their landlord’s attention.

First, a tenant must send their landlord a written notice – either via email, text message, or USPS certified mail – about the problem with their A/C and both parties should make sure they keep a comprehensive record of their communications back and forth in case there are any complications. It is especially important to keep a “paper trail” in case the matter ends up going to court.

After the notice has been sent, the landlord has 48 hours – business days only, not holidays or weekends – to respond and have the A/C repaired.

If the landlord responds and fixes the A/C, great. Problem solved. However, if they tenant claims – true or false – that the problem has not been fixed, they have several avenues to pursue, including – as a last resort – withholding rent entirely until the alleged A/C issue has been addressed. However, for landlords already weary from pandemic-era instances of tenants pulling scams to live rent-free in their properties for months or even years at a time, have no fear; there are certain safeguards in-place to ensure that any back rent is recovered once the tenant’s A/C is repaired.

First of all, tenants withholding rent over a purported A/C issue are not shielded from being evicted, so if you believe that their issue is not genuine, you may begin eviction proceedings if they are indeed not paying rent.

Also, if a tenant is withholding rent, it doesn’t mean they get to live in the apartment for free; instead, they are required to pay the rent directly to the court during the period of time they are withholding it in order to prove they’re not just trying to pull a fast one. After the A/C issue is addressed, the money collected by the court is given to the landlord.

Most landlords have constructive and positive relationships with their tenants, but on the occasion that this is not true, it’s important to know what your rights are as a landlord in order to protect yourself and your property.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas City

Landlord Fighting $180k Las Vegas City Fine for Unlicensed Airbnb Rental; Claims Tenant Did It

LAS VEGAS, NV – A homeowner is fighting a $180,000 fine imposed upon him by the city of Las Vegas for operating an unlicensed short-term rental back in 2021, claiming that his tenant was the one that actually listed the property without his knowledge and that the huge fine – which is mostly made up of late fees – violates his right to due process under state law.

Originally, homeowner Xin Tao was hit with an initial fine of $2,132 in August 2021 for violating Las Vegas’ strict laws governing short-terms rentals within city limits. However, Tao said that a tenant that was living at the property at the time was the one that listed it out via Airbnb without telling him, and following multiple complaints by neighbors, Las Vegas authorities conducted over 10 inspections and ultimately issued the fine.

Tao, who does not reside in Nevada, unsuccessfully attempted to evict the tenant when he learned of the situation; since he believed that the tenant should have been the one to pay the fine, he himself refused to do so. Unfortunately for him, Las Vegas’s short-term rental code imposes a $500 per day late fee penalty, causing the fine to eventually swell to $180,000, leading to the very real threat that Tao’s home could be auctioned off to satisfy the debt, although Las Vegas officials have yet to go in that direction.

In response, Tao has filed a lawsuit against the city of Las Vegas, with the lawyer representing him – Andrew Bao – claiming that the city never informed his client that he was accruing $500 per day in late fees for two whole years, denying him of his right to due process under the Nevada Constitution.

To have a $2,132 fine astronomically balloon to $180,000, without notice for more than two years, is a violation of due process and Petitioner’s constitutional rights,” the lawsuit reads. “Further, the $180,000 is an excessive fine and punishment in violation of Petitioner’s constitutional rights.”

The filing of the lawsuit follows a May 13 hearing where a judge denied Tao’s motion to have the fine thrown out due to his failure to appeal the penalty within 25 days following a previous vote by the city council to uphold it.

Tao is demanding $15,000 in damages plus attorney’s fees, the cancellation of the $180,000 fine, and an injunction protecting Tao’s home from being foreclosed on by the city.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Rent for One-Bedroom Apartment

Las Vegas Apartment Rates Rising Steadily Once Again Due to Strong Demand

LAS VEGAS, NV – New data from Redfin indicates that apartment rental rates in Las Vegas are increasing faster than the national average, a development driven both by strong demand and an overall limited amount of inventory, among other factors.

Many other cities in the Southeast and Southwest United States have seen rental rates dropping when compared to last year, with the average rate having increased 1.7 percent by the end of April and 1.1 percent year-over-year. However, Las Vegas has bucked that trend, with rates having increased 2.4 percent by the end of April and 1.7 percent year-over-year.

Furthermore, Colliers International’s recently-released first-quarter report noted that the situation in Las Vegas could get worse come 2025, as by that point the pipeline for new multifamily projects in the valley will have dried up, which in turn could lead to a significant spike in rental rates.

The forward-looking supply and demand fundamentals for multifamily continue to be strong and will get stronger through 2025-2026,” the report stated. “This is due to a strong economy and the current difficulties that persist to start new projects in this environment. Sales will continue to be slow in the foreseeable future until we can experience improvements in the capital markets. But overall, we’re very bullish on the performance of Las Vegas apartments going forward.”

1,130 new apartment units were added to the Las Vegas Valley in the first quarter of 2024, which represents an increase from the 543 units added during the same period one year prior. In addition, more apartment construction projects were recently finished in Henderson, North Las Vegas, and the southwest valley, and currently another 6,625 multifamily units are currently under development.

And finally, the Redfin report noted that another contributor to rising rental rates in Vegas are the still high level that interest rates for home mortgages currently are at.

Elevated mortgage rates are likely bolstering U.S. rental demand, and as a result, propping up prices,” the report said. “The average 30-year-fixed mortgage rate is more than double the 2.65 percent record low hit during the pandemic. Some renters are putting off their home purchasing plans because monthly payments for homebuyers are near their all-time high.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Short-Term Rental

Clark County to Ramp Up Enforcement of Unpermitted Short-Term Rentals This Memorial Day Weekend

LAS VEGAS, NV – In anticipation of increased tourism during the upcoming Memorial Day weekend, Clark County officials have begun to ramp up their enforcement of short-term rentals operating within their borders that are doing so without a license.

Clark County will have their STR enforcement team out combing the streets in response to community complaints; as of May 21, 2024, the team has already issued close to the same number of citations – 289 – for unpermitted short-term rentals than they did for the entirety of 2023, when that number was 348.

In addition, Airbnb have stated that they are also cracking down on rentals in the area this weekend that are potentially being booked to host large and unruly parties. Currently, the online short-term rental platform is running reservation requests through an automated process that examines all information available – the prior history of both the host and the guest, the timing of the reservation, and numerous other factors – in order to approve or deny the customer’s stay in Clark County.

A similar process that Airbnb had in place in Las Vegas for Memorial Day weekend in 2023 resulted in over 1,000 applicants being turned away from renting properties through their platform.

The intense crackdown on unpermitted short-term rentals in Clark County is occurring while homeowners wishing to rent out their abodes through services such as Airbnb and Vrbo continue to wait for the ongoing application process for a license, which so far has taken nearly two years.

The delays on the part of Clark County are causing intense frustration for many, said Greater Las Vegas Short-Term Rental Association founder Jacqueline Flores, who noted many homeowners are missing out on vital income that they could otherwise be getting.

It’s very frustrating. I mean, the homeowners are outraged,” she said. “Who knows how long that’s going to take the county because we don’t know if they’re going to do these hearings daily or just on certain days of the week. Are they just going to be monthly hearings? So, we don’t know how long that process is going to take.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

18b Arts District in Las Vegas

New Mixed-Use Apartment and Retail Complex Under Development in Las Vegas’ Arts District

LAS VEGAS, NV – Las Vegas’ downtown is sorely in need of new housing options for its inhabitants, and as a means to address that issue, construction is currently underway on a large, new mixed-use project in the 18b Arts District that looks to combine apartment units and retail, spread out amongst several buildings.

The project – located at 1200 S. 3rd Street, and dubbed 3rd Street Assemblage – is slated to take the form of three seven story, mid-rise apartment buildings that will offer a total of 337 units for rent, in addition to ground level retail and restaurant space totaling 8,500 square feet in size.

Along with residential and retail space, 3rd Street Assemblage, upon completion, will also offer a 353-space concrete parking structure – complete with electric vehicle charging stations – that will be available for tenant use so that they can avoid having to park their cars on the street.

The developer of the project, Southern Land Company, is also responsible for the Auric and Symphony Park II and III mixed-use projects as well.

Las Vegas Mayor Carolyn G. Goodman said that the development of 3rd Street Assemblage would be an exciting boon to the city’s arts community, which she said so far has been underserved in terms of housing options.

The 18b Las Vegas Arts District continues to be an exciting area that is an inviting destination for artists, visitors and residents,” she said. “For our local arts community, the area has long been ground zero, so it’s particularly exciting to see new housing opportunities take shape for those desiring to live in the epicenter of Las Vegas’ arts community.”

At the groundbreaking for the 3rd Street Assemblage project held in March, Southern Land Company presented a $5,000 donation to the First Friday Foundation to illustrate their commitment to supporting the city’s arts district.

The project is expected to be completed in late 2025; leasing for apartments is slated to begin in the second quarter of 2025, followed by retail leasing in the third quarter of that year. For information on availability, the Southern Land Company is your best bet.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Short-Term Rentals

STRs Located in Las Vegas Among Most Profitable in United States; Investors, Fortunate Owners, Cashing In

LAS VEGAS, NV – Short-term rentals, STRs, are a major money-making business in the United States, and a new report indicates that among all of the cities in the country, the ones located in Las Vegas are among the very most profitable short-term rentals in the entire country.

The housing market in Las Vegas shot to unprecedented heights during the COVID-19 pandemic, with the median price of a single-family home jumping by over 50 percent by May 2022. Nearly 100,000 new residents moved to Southern Nevada during the same period of time, creating a seller’s market the likes of which had not been seen in many a year.

While most of the homes purchased during this span of time were by families and individuals who had relocated to the state, a large number of them were bought by investors seeking to turn them into STRs, a logical occurrence given the fact that Las Vegas is one of the most well-known destinations for tourism on the entire planet.

A new report released by finance experts Wealth of Geeks compared the average nightly rate of STRs in major cities across the United States, and contrasted that data with the average weekly wage in the same city, as provided by the U.S. Bureau of Labor Statistics. When comparing the two sets of information Wealth of Geeks were able to figure out what percentage of their weekly earnings could be comprised of income from Airbnb ownership.

Among major U.S. cities, Las Vegas came in at number five on that list, with the average nightly rate being $312. And with the median weekly wage in Las Vegas being $724, the average profit made from a nightly rental rate would translate to approximately 43.1 percent of the owner’s weekly income, according to Wealth of Geeks’ data.  

Of course, STRs are typically not rented out seven days a week, 365 days a year; however, even a slow short-term rental can still generate a significant degree of revenue for its owner in Las Vegas. An example of a slow month could be comprised of two three-night weekends a month, which would bring in $1,872 in profit alone; during busier months, a fortunate owner could book all four weekends, and if they are using a four-night minimum, that would get them $4,992 a month.

And one thing about Las Vegas, experts say – there aren’t many slow months.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Eviction Moratorium Extension

Report Shows Las Vegas Residents Need to Make $70K to Afford Rent in the Valley

LAS VEGAS, NV – According to a new report by Zillow, Las Vegas residents need to be earning nearly $70,000 a year to be able to afford rent in the valley, an amount that is currently higher than the median household income. The current rental asking price comes in at $1,745, a 1.9 percent year-over-year increase and a whopping 34 percent jump since the beginning of the COVID-19 pandemic.

As of 2022, the U.S. Census Bureau estimates that the median annual income for a household in the Las Vegas Valley was $66,356; experts note that dollar amount has not risen by any significant degree in subsequent years due to decreased national wage growth.

In early 2021, the average household needed to be bringing in $52,000 a year to afford rent, meaning that the Las Vegas Valley has experienced the 15th largest increase of all major metro areas in the country.

Rent is typically considered “affordable” if it is takes up less than 30 percent of your monthly income. Rental rates in the Las Vegas Valley actually dropped slightly at the beginning of 2024.

Senior public relations specialist with Zillow, Mark Stayton, notes that the Las Vegas Valley is currently in an unusual situation where the number of units to rent and rental rates are both increasing.

The vacancy rate, which is seasonally adjusted, in Vegas is 9 percent, and has risen by 2.5 percentage points over the course of the pandemic,” he said. “that’s the 12th largest hike among the 50 largest U.S. metros by population.”

However, Skylar Oslen, the chief economist at Zillow and author of the company’s January rental report, predicts that rental rates should start going down across the country in 2024 due to the record levels of apartment construction that is currently underway.

Softer rent growth is ultimately good news for today’s renters who have faced significant financial strain from both general and rent inflation throughout the pandemic,” she said. “With wage growth now slower, but still persistent, rent affordability, the share of a typical household’s income that would go to market rate asking rent, stabilized over the past year at 29 percent. That’s down a percentage point from the record high set in June 2022.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Turning into a Renter

Rents in Las Vegas Dropping to Start 2024, According to New Report

LAS VEGAS, NV – As per a new report released by Zillow, in the Las Vegas Valley rents showed a distinct decline to kick off 2024, with experts saying now is a good time to be looking for an affordable new apartment in the city.

As per Zillow’s January rental market report, 16 major metropolitan areas in the United States saw a decrease in the average rental asking price at the beginning of the year; among those 16 was Las Vegas, where the average January rent was $1,745, which represents a 0.3 percent decrease from December 2023.

Senior Zillow economist Orphe Divounguy noted that there are several factors in Las Vegas that are contributing to lower rents – such as a cooling job market – resulting in landlords lowering their rates and offering additional perks in order to entice new tenants to sign on the dotted line.

It’s not a bad time to find a new apartment in Las Vegas. Rents are relatively soft right now, annual growth is just $33, and a slight monthly decline is the sixth largest among major metros,” he said. “Concessions offered by landlords, such as free rent or parking, are on the upswing too, and are now offered for nearly 40 percent of Zillow’s local rental listings. But the surge in rents in 2021 and 2022 means they’re now $400 more expensive than before the pandemic.”

Despite Zillow’s report noting the rental decrease in the aforementioned 16 major metropolitan areas in the country, the overall average rent in the United States is nonetheless 29 percent higher than it was prior to the COVID-19 pandemic, with average increases over the last four years of 7 percent annually. In contrast, prior before the pandemic took hold of the nation, the average yearly rental increase rate was 5.5 percent.

Aside from Las Vegas’ 0.3 percent decrease from December, the highest drops in rent in the country were in Austin, Texas (0.5 percent), San Diego (0.4 percent), Buffalo, New York, (0.4 percent) and Riverside, California (0.3 percent).

In addition, experts note that there is less of an incentive for renters to buy homes these days, due to the fact that house prices are increasing at a much faster rate than rent; given the current stability in the rental market, many are saying that is much more feasible to remain a tenant for the time being as opposed to a homeowner.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Clark County

Clark County Commissioner Asks for Review, Caps on Short-Term Rental Fines After One Renter Receives $240,500 Fine

LAS VEGAS, NV – With fines being levied against illegal short-term rental units in Las Vegas’ Clark County reaching astronomical sums – with one recent violator reportedly being hit with a whopping $240,500 penalty – a County Commissioner is calling for a review of the process behind issuing fines, and has proposed establishing a cap on them in the interest of fairness amid criticism of the county’s slow process of approving rental applications.

Clark County had passed an ordinance in June 2022 to begin the process of legalizing short-term rentals following the passage of an assembly bill that required the county to create guidelines to regulate the industry. However, as of February 2024, it remains illegal in Clark County to rent homes for a period of time less than 31 days.

In the meantime, the county continues to review the over 800 applications they have received, a process that the founder of the Greater Las Vegas Short-Term Rental Association, Jaqueline Flores, says is taking far too long and costing homeowners far too much.

So, it’s absolutely ridiculous that it’s taking this long. Property owners have been left out, you know, there’s enough money here to be made for everyone, not just the resort, hotel industry,” she said. “Some homeowners are still trying to comply with the law and not rent their houses but some other ones have bills to pay, and they have no other choice, but to try to continue renting their houses.”

New reports indicate that in the first week of February alone, Clark County issued 13 citations to owners of rental properties who were illegally operating them ahead of Super Bowl LVIII this past weekend. With demand for rental properties at a high point prior to the big game, the owners of some rental units – aggravated with the delay in the issuing of licenses – decided to roll the dice and put their properties on the market via services such as Airbnb and Vrbo.

In response to news that one homeowner in particular had been slapped with a $240,500 fine, County Commissioner Ross Miller noted during a Board of Commissioners meeting that it may be time to give renters a break until the county gets its act together.

Some of those fines are massive. We’ve seen six figure fines,” he said. “Maybe there is some cap to a fine… maybe there is some period of amnesty. I’ve certainly got a number of calls about extensive fines that are being attempted to impose…they may be eligible for a license.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Super Bowl 2024

Super Bowl LVIII Predicted to Drive Average Daily Rate of Rooms in Vegas to Highest in History

LAS VEGAS, NV – With the Super Bowl slated to take place in Las Vegas this year, experts are predicting that the elite event – which will be attracting sports fans from across the nation, and perhaps even the world – will result in the highest hotel average daily rate (ADR) for any host city in Super Bowl history.

Super Bowl LVIII, the championship game of the National Football League (NFL) for the 2023 season, is scheduled to be played on February 11, 2024 at Las Vegas’ Allegiant Stadium. A rematch of Super Bowl LIV, it will be played between the National Football Conference (NFC) champion San Francisco 49ers and the American Football Conference (AFC) champion and defending Super Bowl champion Kansas City Chiefs.

With that being the case, the rental market’s ADR in Las Vegas is projected to reach $573 between the days of February 9 through 11, the highest level out of any Super Bowl weekend in history. The reason for such a surge in prices is clear when you look at the statistics- it is currently anticipated that the rental market in Vegas – from Friday through Sunday night on Super Bowl weekend – will reach a whopping occupancy rate of 87.9 percent, and that level of demand naturally has a significant effect on pricing.

The ADR of $573 – combined with the projected occupancy rate of 87.9 percent – would equate to a revenue per available room (RevPAR) rate of $504. This would result in not only the highest level of demand in Super Bowl history, but also one of the highest for any sporting event in the history of Sin City itself; for example, the Formula One Vegas Grand Prix – held in November 2023 from a Thursday through Saturday period – resulted in an ADR of $502 a RevPAR of $390.

The current record holder for the highest Super Bowl ADR and RevPAR level is Miami, and one of the main reasons that Las Vegas is expected to overtake that record this February is due to the fact that the city has over twice the number of hotels (393) and rooms (172,707) available when compared to the Floridian city.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Steven Horseford

Nevada Senator to Introduce Legislation to Provide Oversight of Investor Home Renting

LAS VEGAS, NV – Rising home prices in Nevada, coupled with a rapidly increasing number of single-family houses being snatched up by corporate investors to be used as rentals properties, has made the path to home ownership for some state residents wrought with insurmountable obstacles due to affordability concerns and an overall lack of inventory.

Investors have been snapping up a significant number of residences in southern Nevada in recent years, with approximately 15 percent of single-family homes in Clark County being owned by such entities. The scope of this issue was laid bare by a report earlier this month that revealed a Dallas-based corporate landlord – backed by Wall Street – had purchased 264 homes in Clark County in a massive sale that took place on a single day in the summer of 2023.

Nevada lawmakers have previously introduced bills with the intent to limit and track the number of homes purchased by investors within the state. The most recent attempt pushed forth during the 2023 state legislative session, SB 395, was vetoed by Governor Joe Lombardo, who claimed the bill would have had a detrimental effect upon jobs, tax revenue, and the availability of rental properties.

However, action on this matter is now potentially being taken on a federal level. U.S. Senator Jacky Rosen and Congressman Steven Horseford, both Nevada-based Democrats, are co-sponsoring a bill called the Housing Oversight and Mitigating Exploitation (HOME) Act which, if passed, would make it illegal for any entity to rent or sell a unit at a price that was considered unreasonable, in addition to tasking the U.S. Department of Housing and Urban Development (HUD) with investigating instances of alleged price gouging and manipulation on the part of corporate investors.

Sky-high costs of housing and rent are hurting hardworking Nevadans and putting a strain on their budgets,” Senator Rosen said. “That’s why I’m introducing a bill to crack down on price gouging by corporate investors and lower housing costs for Nevada families. I’m committed to doing everything I can to lower costs and give Nevadans more breathing room.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.