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Category Archive : Rentals

Airbnb

Airbnb to Block One-Night New Year’s Eve Rentals in Las Vegas from Users with Bad Reviews

LAS VEGAS, NV – In an effort to crack down on unauthorized New Year’s Eve parties in their rental partner’s properties, Aidbnb recently announced that they would be blocking users with poor credentials from reserving one-night rentals in the Las Vegas region. The move, Airbnb says, is to assist with noise complaints from neighbors and damage complaints from their rental partners.

The announcement comes as a great many neighborhoods across the country have issued previous complaints regarding Airbnb customers disturbing their neighbors with noise and wild partying, which has been a long-standing complaint – especially in suburban Las Vegas communities – in regards to the service.

The vacation home rental company noted that guests who have a series of negative reviews from people they have rented from in the past will be automatically blocked from reserving one-night stays in the Southern Nevada region – always known as a popular destination for partiers on New Year’s Eve.

Airbnb has implemented similar one-night rental bans on other major holidays in Las Vegas, including Halloween, New Year’s Eve 2021, the Fourth of July, and local users under the age of 25 with a history of poor reviews. Overall, the company noted that over 1,550 reservations in the region were blocked due to these policies.

Based on their success in lowering the number of holiday-related complaints in Las Vegas with these new policies, Airbnb has announced that they intend to implement these bans on individuals with consistently poor reviews in other cities throughout the United States.

In addition, Airbnb has other polices that discourage users from renting properties to use as party hangouts, including putting a cap on the occupancy of any rental home at 16 people due to the ingoing COVID-19 pandemic.

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.

Lake Mead West Apartments

Affordable Housing Development Breaks Ground in North Las Vegas; Project Will Offer 156 Units When Completed

LAS VEGAS, NV – Lake Mead West Apartments, a new affordable housing complex that will be located near Texas Station in North Las Vegas, recently broke ground and, once development is started, is slated to be completed in 2023.

According to Hassan Chaudhry, principal of developer Foresight Companies and developer of Lake Mead West Apartments, the project will offer 156 units when completed and will have one, two, and three-bedroom units with below-market rents. At the moment, fair market rent in the area starts in the mid-$900 range.

“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” he said. “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”

Chaudhry noted that the phrase “affordable” shouldn’t scare off prospective tenants who are worried that may translate into a lack of quality.

“Affordable just means that there is an opportunity for someone to pay less in rent. it doesn’t mean the quality of construction is low somehow,” Chaudhry said.

Lake Mead West Apartments, the development cost of which comes in at approximately $31.5 million, will be comprised of a gated complex and will feature numerous amenities for tenants, including a dog park and a barbecue area. In addition, the project will also boast of so-called “Wrap Around Services” aimed at serving the needs of tenants, offering services such as affordable health care, a food pantry, after-school programs for students, social services, computer/internet workstations, and a children’s play area.

The housing complex was brought into existence via a public-private partnership with the City of North Las Vegas, Nevada Housing Division, Foresight Companies, LLC and a private investor called Red Stone.

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

After End of Eviction Moratorium, Evictions in Las Vegas Quadruple Since 2020

LAS VEGAS, NV – Since the end of the eviction moratorium in Las Vegas on May 31, 2021 – which was originally set in-place during the COVID-19 pandemic – Las Vegas has since seen a significant spike in evictions for a number of different reasons, but primarily for nonpayment of rent for an extended period of time.

While some of these evictions are due to genuine financial hardship brought about by the pandemic, reports indicate that many of these were due to tenants “gaming the system” by claiming hardship when none actually existed.

In September 2020, the Las Vegas Metropolitan Police Department reported 800 eviction notices were served, along with 395 lockouts; these took place while the eviction moratorium was still in-place. It should be noted that while the moratorium forbade evictions due to financial issues encountered due to the pandemic, other reasons for an eviction – such as destruction of property or being judged to be a threat or nuisance to your neighbors – remained valid.

In September 2021 – after the eviction moratorium had ceased – police reported that the number of evictions on record effectively quadrupled, with 1,168 for eviction notices served and 1,482 lockouts having been carried out.

Some of these tenants, however, are able to remain in their residences due to Nevada Assembly Bill 486, which states that someone cannot be evicted if they have a pending application for rental assistance through programs such as the CARES Housing Assistance Program (CHAP). However, if an application is not pending, Bill 486 does not apply and the eviction can go forth.

The COVID-19 pandemic caused untold hardship not just for renters in Las Vegas – as well as nationwide – but also for landlords, many of whom were forced due to eviction moratoriums on both a federal and local level to allow tenants who were not paying any rent to nonetheless live for months in their properties, essentially for free.

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

Prices of Short Term Rentals In Las Vegas Continue to Climb, Spelling Big Profits for Hosts

LAS VEGAS, NV – As the pandemic winds down and more travel restrictions are removed, more people are looking to catch up on the vacationing that they were forced to do without when the pandemic was at its worst. And, in Las Vegas, according to Fox News, short-term rental hosts are taking in bigger profits than ever before as tourists seem to be willing to pay nearly any price to get away for a few days.

Travis Schurr, an Airbnb “superhost” – which Airbnb’s website describes “as experienced hosts who provide a shining example for other hosts, and extraordinary experiences for their guests” – currently runs nine rental homes in Henderson.

Because of his superhost status, Schurr is able to access software programs that synch up with current rates that hotels in the region are charging, allowing him to change his pricing of his short-term rentals dynamically on a day-to-day basis in order to remain competitive. And so far in 2021, the profits he’s enjoyed month-to-month have only gotten higher and higher due to the incredible demand.

January we did $30,000 and then we did more the following month and then we did more the following month,” he said. “We didn’t see a slowdown from January until August we dipped and then September we outdid August, and then October we outdid September.”

October was a huge milestone for Schurr, with the superhost earning over $150,000 from his Henderson rentals, which range from a two-bedroom condominium to a half-acre of land with a four-bedroom house.

Prices can really go up if a major local event is taking place, Schurr notes; for example, when the Las Vegas Raiders NFL team played their first-ever home game at Allegiant Stadium, he was able to change sports fans as much as $1,300 per night – often for several nights in a row – to stay at his properties.

With holiday travel expected to pick up in November, Schurr said that he is expecting this month’s profits to continue their upward trajectory.

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 money

Las Vegas Apartment Rent Continues to Set Records, Skyrocketing To All-Time High

LAS VEGAS, NV – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent prices.

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.

Apartment Buildings

Las Vegas Based Apartment Complex ‘Ely at The Curve’ Purchased for $156 Million

LAS VEGAS, NV – Ely at The Curve, a 456-unit apartment complex located in the Spring Valley suburb of Las Vegas, has been purchased by Chicago-based LaSalle Investment Management from previous owners, The Calida Group, for $155.6 million.

Ely at The Curve, which offers easy access to not only the Las Vegas Strip, the greater Las Vegas Valley, and Downtown Las Vegas, but also several office and retail complexes, making it an ideal place to live for those looking for an apartment that is close to both business and entertainment options.

Situated at 6355 South Riley Street, Ely at The Curve was originally constructed in 2010 and offers one and two-bedroom apartments that come in at an average size of 945 square feet. The units offer a variety of attractive amenities for tenants, including walk-in closets, stainless steel dishwashers and high ceilings with crown molding.

In addition, there are two swimming pools, private cabanas, a clubhouse with coffee bar, a fitness center, and an outdoor lounge with fireplace. Ely at The Curve is located in a prime location in the Las Vegas Valley and looks to be an attractive option for professionals who have moved to the city amid the remote-work craze born out of the COVID-19 pandemic.

With the Las Vegas economy rebounding faster-than-anticipated after the end of mandatory business lockdowns, rental units in the heart of the city have proven to be an attractive – and highly-sought after option for those looking for new transplants to Southern Nevada.

Investors have been extremely active in the Las Vegas marketplace recently, with a number of high profile apartment sales having taken place as of late. In April, an unnamed buyer purchased three properties for $182 million from Tower 16 Capital Partners; in July, The Bascom Group also purchased three-properties for $72 million; and in August, TruAmerica Multifamily purchased Vida, a 252-unit building located near the Las Vegas Strip.

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.

Rental Complex

NVSAA Report Shows Apartment Marketplace in Las Vegas Is Among The Fastest Growing in U.S.

LAS VEGAS, NV – The Nevada State Apartment Association (NVSAA) released a report earlier this week indicating that the apartment marketplace of Las Vegas is showing definite signs of stabilizing after months of skyrocketing rents and low availability, while nonetheless remaining one of the very fastest-growing markets in the United States.

The report shows that, in the third quarter of 2021, apartment rents in Southern Nevada jumped an eye-opening 22 percent when compared to the corresponding period of time in 2020. The current average apartment rent in Las Vegas is $1,403 per month, representing a $255 increase year-over-year, when the average rent in the region was $1,148.

NVSAA Executive Director Susy Vasquez noted that the report is good news for Southern Nevada, as its previous rate of growth was not sustainable in the long-term.

“Rents are stabilizing as we enter the time of year fewer people tend to move,” she said. “Rents are expected to continue increasing, but not at the rate we’ve experienced this year. The growth rate of the past 12 months is just not sustainable for a healthy market.”

In addition, the average apartment vacancy rate in the third quarter of 2021 was 3.9 percent; this number represents a sizable decrease from the third quarter of 2020, when that number was at 5.4 percent.

The NVSAA noted that Las Vegas is still holding on as one of the fastest-growing apartment marketplaces throughout the COVID-19 pandemic. 2020 data indicates that the number of residents of Clark County has jumped by approximately 40,000 people – or 2 percent of the overall population – over the course of the last year.

The fact that the county’s population has continued to swell despite the effects of the pandemic and subsequent business lockdown measures speaks to the region’s quickly-recovering economy and increasing job growth in the recovering leisure and hospitality sectors.

The report also indicated increasing growth in apartment construction, with 6,300 new units currently in development during the third quarter of 2021, as opposed to only 3,800 units in the second quarter.

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.

alta southern highlands

Atlanta Developer Building Upscale Apartment Complex in Southern Las Vegas Valley

LAS VEGAS, NV – The southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

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.

Real Estate Experts Offer Tips on Navigating Cutthroat Las Vegas Rental Marketplace

Rising Rents in Las Vegas Making it Difficult for Some to Find Affordable Housing Options

LAS VEGAS, NV – Amid skyrocketing demand and a shortage in options on the open market, finding affordable housing in Las Vegas is becoming difficult to achieve for some residents, citing steadily rising rents in the valley – which reports say are seeing some of the highest increases nationwide –  as the reason why.

Some Southern Nevada residents are reporting that the cheapest monthly rents they are encountering when looking among available inventory of two-bedroom apartments on the market is ranging from approximately $1485 in the valley’s northeast area to as high as $1700 in Henderson and $1850 in the southwest.

In addition, a report published recently indicates that rents in Henderson have ballooned by as much as 45 percent from one year ago.

Of course, contributing to the rental issue is the fact that Las Vegas is still in the grip of a housing and rental shortage that developers are struggling to address, with numerous apartment complexes and housing communities currently in the works that real estate experts are saying are expected to help stabilize rents in the region once they are completed.

But in the meantime, reports indicate that owners and investors are currently testing the waters in terms of seeing how much they can get for their rental properties in a red-hot marketplace, often increasing their asking prices in light of any amenities that their properties possess, such as it being a newer build or if it has a pool.

However, until more house and apartment rentals are available in Las Vegas – with more and more projects are being announced and started by the day – some local residents are expressing sincere concern over finding affordable places to live in the meantime.

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.

Promontory

Las Vegas Real Estate Broker Scott Gragson’s Mansion Listed for Rent at $50K Per Month

LAS VEGAS, NV – The mansion of Scott Gragson – a Las Vegas-based real estate broker who is currently serving time in prison in connection with a fatal drunk-driving accident – has been listed on the rental market, for the whopping price of $50,000 per month.

The mansion, located at 5 Promontory Ridge Drive in The Ridges – a wealthy master-planned community in Summerlin – is described as a “desert contemporary masterpiece,” comes in at 10,621 square-feet in size, is fully furnished, and features six bedrooms.

The residence also features a number of posh amenities for its tenant, including clear views of the famed Las Vegas Strip, a private movie room, a guest house, a gym, and a basketball court.

If security is a concern, the mansion also has a a series of two gated entrances with a guard on-duty.

Gragson, 55, had been arrested on May 30, 2019, after he had been involved in a drunk-driving crash in The Ridges that left Melissa Newton, a 36-year-old mother of three, dead. Gragson pleaded guilty in February 2020 to one count of DUI resulting in death and one count of DUI resulting in substantial bodily harm and was sentenced to eight-to-20 years in prison.

In addition to the prison term, Gragson had also reached a settlement deal to pay restitution to Newton’s family in the amount of $21 million; he would pay $12.8 million, and his insurance company would pay the remaining $8.2 million.

Additional settlements were also reached with the surviving passengers of the vehicle – Greg Tassi and Christie Cobbett – although the amounts of those have not been publicly revealed. A third passenger, Christopher Bentley, is set to begin his civil suit against Gragson this November.

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.

Vrbo

Due to New State Law, Clark County Mandated to Regulate, Tax Short-Term Vacation Rentals

LAS VEGAS, NV – A new state law that was signed by Nevada Governor Steve Sisolak on June 4 will, once it officially goes into effect next year, require that Clark County – and a number of cities – to tax all short-term vacation rentals (STVRs) within the city’s limits, in addition to imposing a number of other regulations upon the industry as well.

Assembly Bill 363, due to go into effect July 1, 2022, only applies to counties with over 700,000 residents – currently Clark County only –  and cities with over 25,000 residents, which includes Las Vegas, Henderson, and North Las Vegas. In addition, the bill will override the ban on STVRs that’s currently in-place in some of Clark County’s unincorporated areas, and will establish a number of rules governing them. Bill 363 mandates that the municipalities it covers establish a series of regulations covering owners of STVRs to:

  • Have a state business license
  • Pay an annual fee after acquiring local authorization
  • Designate a local representative for the rental
  • Maintain liability coverage, and
  • Collect lodging taxes from guests

In addition, Bill 363 lays out a number of other rules that cover how STVRs can be utilized and where they can be located:

  • Guests must stay a minimum of two nights in a non-owner-occupied property and one night in an owner-occupied property
  • Short-term rental properties must be located at least 660 feet away from each other
  • Vacation rental properties must be located at least 2,500 feet away from resort hotels
  • Vacation rentals within a multifamily dwelling are limited to no more than 10 percent of units
  • No more than 16 guests may stay in a short-term rental property
  • Operators may hold no more than five local authorization permits per state business license
  • Short-term rentals are prohibited in apartment buildings
  • Governments must establish specific requirements for noise, trash, and security
  • Short-term rentals are not allowed in communities with homeowners associations unless the association expressly allows them

Officials of local governments covered by this law are also required to establish and enforce penalties of operators of STVRs deviate from any of these rules, although certain minimum fines are laid out in the law; in addition, local governments are also allowed to create their own rules that are tailored for their individual needs and circumstances.

Third-party companies that facilitate short-terms rentals, such as Airbnb and Vrbo, are also required to collect taxes from individuals who utilize their services, in addition to having to submit reports each quarter to the cities they are operating in.

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.

Tennessee-Based Developer Unveils New Downtown Las Vegas Luxury Apartment Complex

LAS VEGAS, NV – Auric Symphony Park, a new luxury apartment complex situated in downtown Las Vegas, was recently unveiled by Nashville, Tennessee-based developer Southern Land Company, providing some much-needed housing options in that part of the city.

Southern Land Company’s vice president of multifamily development west, Kevin House, said that the developer’s founder, Tim Downey, feels that Auric Symphony Park will “revitalize” the downtown Las Vegas area.

“I think we were probably taking a little bit of a leap when we bought the site,” House said. “Tim, the founder of our company, really saw the vision of the area and saw what the city saw so we were excited to buy in and become part of the area.”

House said that new businesses and entertainment establishments that have recently set up shop in the vicinity – such as The Smith Center for the Performing Arts and World Market Center – will create the need for more housing for employees and tourists, saying that “We’ll bring even more bodies and more life to the area.”

Auric Symphony Park – which took two years to complete – features one- and two-bedroom apartments – varying in size from 591 square feet to 1,452 square feet – with rents ranging from $1,495 to $3,100 per month.

The apartment complex features a plethora of lush amenities for its tenants, including two-story cabanas overlooking a large pool area, a gym that offers residents on-site fitness classes, bike storage with a workshop area, a pet spa and pet park offering free tennis balls for pets, and a resident’s lounge on the fifth floor with impressive views of the Las Vegas cityscape.

In addition, the property also boasts approximately 21,000 square feet of ground level retail and restaurant space. Auric Symphony Park began renting units in early July; currently, the 324-unit complex is about 30 percent pre-leased and 18 percent occupied.

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.