Category Archive : Rentals

LAS VEGAS, NV – While the nation is keeping their eyes on the ever-evolving and expanding housing market of Las Vegas, Nevada, a directly-related market that often gets overlooked – the rental market – is also experiencing a massive period of growth. Much like homesteads in the region, rental units, such as apartments and condominiums, are in big demand, short on supply, and growing in price.

Las Vegas rental prices are increasing at one of the fastest rates in the United States, according to reports, while vacancy is at an all-time low; essentially, this means that there aren’t enough rentals to go around, and that’s driving prices up to significant levels. Developers are in the midst of efforts to create more apartment buildings and condos to satisfy demand, but at the moment they’re falling short of necessary construction goals.

Currently, the typical Las-Vegas-based apartment in the third quarter of 2018 is pulling in an average rent of $1,020, which represents a jump of 5.8 percent from the same period in 2017. While this amount is far below the average price of an apartment in other, more expensive regions of the county – which lies in the $1,300+ range, currently – it still is an increase of 5.8 percent from one year ago, which means that prices in Vegas, while still more affordable than the national average, are still going up at record speed. The availability of rental units in Vegas is a large contributor to the rental hikes as of late, reports show- currently, the vacancy rate for apartments and condos in Southern Nevada stands at 3.6 percent.

However, homes rentals are also feeling the squeeze, with prices increasing at similar rates as they are for apartments; as of press time, rent for a single-family home in Vegas for June has jumped 5.7 percent over the same period in 2017, and while it has been surpassed in recent months by other cities, in early 2018 Vegas had the fastest-climbing rental rates in the United States. Southern Nevada boasts a large number of rental homes on the market, due to the fact that investors bought numerous houses on the cheap during the recession and have since retained the majority of them (as opposed to selling) rental properties.

As the region’s economy recovered and bounced back after the recession ended, the influx of new businesses and jobs greatly increased, along with the number of newly-transplanted residents; as a result, housing demand grew…along with rental prices. As mentioned before, developers are struggling with producing new housing options for residents hungry for shelter, but until they catch up, demand – and, correspondingly, prices – is sure to continue its upward ascent.

If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Financial Behemoth “Blackstone Group” on Las Vegas Real Estate Buying Spree; Snapping-up Properties Left and Right

LAS VEGAS, NV – The Blackstone Group, a New-York-based real estate and financial behemoth – currently holding $450 billion in assets under management – has been on a spending spree in Southern Nevada recently, snapping up properties left and right as the surging economy in the region has been driving up home and apartment prices. Clearly, Blackstone sees opportunity and is determined to get in on the action in a big way.

In recent years, Blackstone has acquired a slew of single-family homes – many of which were used as rentals – as well as Hughes Center office park, the Cosmopolitan of Las Vegas, showroom World Market Center, multiple apartment buildings, and in May of this year, two Henderson hotels- SpringHill Suites and TownePlace Suites, a deal reportedly worth $36 million.

Apartment buildings are picking up steam in terms of sales as of late; reports indicate that in an 11-day stretch of time, $260 million in rental-based real estate – accounting for five apartment complexes – changed hands among investors; of the five apartment complexes purchased, Blackstone bought the Northwest valley complex Xander 3900 for $69.5 million, reports say.

This development leaves no doubt as to how red-hot the rental scene is in Vegas these days. After all, with the economy booming and new businesses setting up shop in large numbers, people looking for jobs in a hot market – in addition to the attractiveness of Southern Nevada’s relatively low cost of livings when compared to other parts of the U.S. – are transplanting themselves en masse, and just as anywhere else, these people needs places to live.

But that’s not all when it comes to Blackstone’s ambitions in the Las Vegas rental market– since spring of 2017, they have spent a total of $616 million in acquiring rental properties in the region, with their most recent purchase being Solis at Flamingo in the eastern part of the Las Vegas Valley to the tune of $72 million, which represents an increase of over $20 million of the amount paid by the seller just three years prior; clearly, home prices aren’t the only values skyrocketing in the area.

Part of the attractiveness of Vegas’ rental scene for investors is the fact that, despite steadily rising prices, the market is nonetheless still much cheaper than many other parts of the country. With omnipresent construction taking place in an effort to meet the rampant demand from buyers and renters alike, Vegas is experiencing a real estate boom that, while still not at pre-recession levels, is getting close and, according to experts, will eventually overtake those levels unless some unforeseen circumstance occurs. But the bottom dropping out is unlikely, because even though the economy of the region is still largely tourism-driven, industry and the job market are taking hold in a big way not seen in decades, ushering in an era of stability that suggests regular long-term economic growth. Exactly why investors are pouring money into Las Vegas these days.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – Las Vegas’ transformation into a major player in the national sporting scene (the region has already successfully lured popular NFL team the Oakland Raiders into the fold, come 2020), continues to chug along as a home-town Pacific Coast League baseball team recently announced they have broken ground on a brand-new, state-of-the-art facility sure to attract many new fans in the near future.

Minor League Baseball the Las Vegas 51s – named after the infamous Area 51 military base located 80 miles north of Vegas – broke ground on Friday, February 13 on the Las Vegas Ballpark, a $150 million, 10,000-seat stadium located in Summerlin, with construction due to be completed in time for the start of the 51s’ 2019 season.

In April 2013, the 51s – formerly known as the Las Vegas Stars until they were re-named in 2001 – were purchased by Summerlin Las Vegas Baseball Club LLC, a joint venture of Howard Hughes Corp. and Play Ball Owners Group. The group’s intention was to eventually move the 51s to a new stadium in Summerlin. In October 2017, the Las Vegas Convention and Visitors Authority approved a 20-year, $80 million naming rights agreement to help pay for a new $150 million ballpark, which is expected to include 22 suites, a center field pool, kids’ zone, and several bars. The stadium will be owned by the Howard Hughes Corporation.

The team won their only division title in 2002, with the team posting the best record in the league at 85–59, but they lost to the eventual PCL champion Edmonton Trappers, three games to one. In 2012, the 51s signed a Player Development Contract with the New York Mets through the 2016 season.

The 51s have played out of Cashman Field Las Vegas since 1983, which has a capacity of 9,334 people; the decision to move to a brand-new home stadium was based on a number of factors, with most of them revolving around the age of the facility. Considered far behind the times, Cashman Field had fallen into disrepair in recent years, with the field, bullpens and clubhouse criticized by players as being “second class” and “decrepit.” The stadium also has very limited training facilities.

The final straw, however, fell in 2015, when the stadium’s sewage system backed up during an actual game, causing raw sewage – including actual fecal matter and other potentially infectious materials – to flow into the dugouts, driving the team out onto the playing field; it’s a problem that players and team owners say has yet to be fully rectified, with manager Wally Backman expressing concerns that the incident could repeat at any time. The numerous issues eventually drove team president and chief operating officer Don Logan to publicly declare his embarrassment to have the 51s associated with Cashman Field in any way.

“It’s disappointing that Vegas has the worst facility in our league when we have such a great town with the greatest hotels, the greatest dining, the greatest shopping,” he said. “It’s not becoming of this community to have a place like this.”

Come 2019 and the completion of the Las Vegas Ballpark, however, the Las Vegas 51s – and their fans – will finally have a new stadium with cutting edge, modern amenities that they can be proud to call home.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Developers Pouring Resources into Apartment Complexes Throughout Southern Nevada

LAS VEGAS, NV – With the housing boom overtaking Las Vegas in recent years, one fact has emerged above all others- there are currently not enough houses to satisfy the overwhelming demand, pure and simple. But while developers are doing their best to ramp up construction to give prospective Southern Nevada homeowners more options (which would hopefully also help to drive down skyrocketing real estate prices in the process) people looking for a roof over their heads are turning to apartments, causing their availability – and prices – to dwindle as well, and subsequently driving more and more investment in that aspect of local housing.

Recent reports have noted that apartment vacancy rates in Las Vegas are among the lowest in the United States, currently standing at only 3.1 percent, compared to the national rate of 4.5 percent; this represents a vacancy increase in Las Vegas of 2.8 percent over the second quarter of 2017. Rent prices have continued to climb with greater demand as well, with tenants experiencing a 0.7 second-quarter bump to an average monthly cost of $956 in the Southern Nevada region; the national average is currently $1,295, which makes Vegas slightly cheaper than many other cities nationwide, albeit for the time being.

Bridge Investment Group, based out of Salt Lake City, Utah, is jumping into the apartment scene with both feet; they recently announced that they had purchased eight Las Vegas apartment complexes in a deal worth approximately $130 million. The complexes that were acquired as a part of the deal include Oasis Meadows on Nellis Boulevard in east Las Vegas; Oasis Landing on Bonanza Road; Oasis Ridge on Charleston Boulevard; and Oasis Bay on Katie Avenue, among others.

Buying apartment complexes in Las Vegas en masse is nothing new; in May, New York investment firm The Blackstone Group purchased three in May for $170 million and TruAmerica Multifamily of Los Angeles acquired three complexes of their own in September of 2016 for $83.5 million; in addition, 15 local apartment complexes, a retail center, and 20 acres of property were sold by Camden Property Trust of Houston to out-of-state investors.

Indeed, the apartment situation in Las Vegas is such that developers are finding it worth the effort and expense to replace aging and outdated apartment complexes as opposed to renovating them; for example, the 120-unit North Las Vegas public housing complex Rose Gardens – assailed by numerous structural issues due to its advanced age that would take at least $12.5 million to fix (according to estimates), will be building a new Rose Gardens right across the street as part of a new project spearheaded by the City of North Las Vegas to improve the surrounding neighborhood. The new Rose Gardens will be an energy-efficient, water-smart building, and once completed, the demolition of the old building will make way for yet more apartment complex construction to fill the area’s population needs.

Las Vegas’ apartment market has become highly competitive in recent months and years, with a general uptick in rents and construction amid dwindling vacancies. With recent increase in development, it’s expected that the apartment market in Las Vegas is only going to continue to heat up.

Looking for information on the fast-evolving Las Vegas real estate market? Thinking of relocating here? Investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – When the largest alternative investment firm in the world decides that your city is ripe for sinking their dollars into on a vast scale, it all but cements you as a hot property, and for all intents and purposes, that’s just what Las Vegas has become in recent months.

The Blackstone Group is an American multinational private equity, alternative asset management, and financial services firm based in New York City. It specializes in private equity, credit, and hedge fund investment strategies, and it has recently turned its sights on the Southern Nevada region and the current real estate surge that is gripping the local economy.

The prices of single-family dwellings have gone up nearly nine percent since February 2016, with the average home currently going for approximately $240,000. 2,249 single-family homes were sold in the Southern Nevada area in February, an increase of 6.5 percent from one year ago; and with that steadily increasing demand also comes increasing prices; in February of 2012, the average price of a single-family home in the Las Vegas was about $121,000, but in 2017 that same home will net a seller $240,000. Not only has the Las Vegas real estate market stabilized since the burst of the housing bubble of the mid-2000’s, but it clearly is on the comeback trail in a very big way…and investors, such as Blackstone, are sitting up and taking notice.

The Blackstone Group recently signed on the dotted line to acquire ownership of three Las Vegas Valley apartment buildings – primarily from developer Martin Egbert of Nevada West Partners – to the tune of $170 million. The properties included in the deal are Dream apartment complex in Henderson as well as Union Apartments and SW Apartments, both situated in Vegas’ southwest valley. All told, the deal netted Blackstone ownership of 972 individual living units, and when you do the math, that comes out to approximately $174,900 apiece; in contrast, apartment units in the region were going for about $96,700 each one year ago at about this time, which is yet another example of the skyrocketing real estate market in Las Vegas these days.

This move represents a distinct change of pace from the investment giant; previously, The Blackstone Group was known for their budget-conscious nature when it came to Las Vegas properties, purchasing over 900 homes in Southern Nevada at rock bottom prices after the housing crash, promptly turning them into rentals servicing both Millennials – who typically are either unwilling or unable to spend the money needed into buying a home – and tourists to the area. This strategy, while not immediately resulting in tidy profits, has finally come to fruition in the last year, as the prices of rentals – both homes and apartments – have jumped steadily in 2017, with a typical rent for a three-bedroom home rising up three percent in the first three months of the current year to an average monthly price of $1,328, and according to reports, apartment prices went up four percent, with one-bedroom apartments now typically costing $890 on the open market.

Clearly, places to live in Las Vegas – home purchases or rental properties of different types – are in ever-growing demand and not showing any signs of slowing down; even powerful business tycoons of Wall Street are opening up their wallets to degrees unprecedented in recent years to get in on the action, and as a result, investors of all walks of life are seeing dividends on their efforts. Las Vegas is, quite literally and figuratively, a hot property right now, and anyone looking to cash-in is best advised to get moving while they can.

If you’re looking to invest here in the Las Vegas Valley, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the recent real estate explosion taking place in Southern Nevada in the past year, it’s not only homes that are selling at a record pace as needs begin to outpace supply; rental properties are also showing a dramatic surge in recent months, as visitors and tourists are indeed scrambling to take whatever they can get their hands on. It’s a phenomena that’s becoming to acute that it’s actually gotten the attention of local government, which has recently started looking into tightening the regulations that oversee the rental industry in Las Vegas.

A great many homes in Las Vegas are actually owned by investors as rentals – which is contributing in part to the recent ongoing property shortage for prospective homeowners in the area – and apparently the allure of staying in a home away from home is turning out to be quite appealing to tourists; in 2016, over 340,000 visitors to the Southern Nevada region rented houses and apartments as opposed to staying at a hotel, and while providing a healthy return on the investments of property owners, some neighbors aren’t too keen about sharing their space with random out-of-towners. While many members of the tourist trade are positive additions to the Las Vegas scene, a few random party-goers have raised the ire of residents, enough so that Vegas officials have considered a new bill that would address rental properties in an attempt to assuage the concerns of area locals.

The Las Vegas city council has recently proposed new legislation that would directly target short-term rentals; among the rules that would go into effect if the bill passes would be the requirement of a special-use permit for an individual or company to operate a home or apartment rental, which would give both the city and residents living locally to any potential rental more say-so into who could and should be allowed to operate within the area. Landlords would have 365 days to procure a permit – properties with two bedrooms or less would be exempt – and at least $500,000 in liability insurance coverage would be needed. A legitimate business license number would need to be prominently displayed on all forms of advertising, from billboards to Internet ads.

The stated goal of this legislature, were it to pass, is to ensure that landlords with a history of being hands-off when it comes to their tenants would have to adhere more closely to city ordinances, ensuring a better life for neighboring families of rentals and rental guests alike. City officials have had to field a number of complaints from residents in recent years about so-called “party houses” with loud music, litter, and other disruptions, which simply makes things harder to legitimate renters who are just trying to run an honest business while respecting their neighbors.

The new ordinance, sponsored by city Councilwoman Lois Tarkanian, is currently being worked on with public input from both rental owners and residents alike. A vote date is not currently yet set.

A small percentage of Vegas homes that are used as rentals are done so illegally, with those caught facing fines up to $1,000. Many people who operate rental homes in the area do so not just for profit, but to help them make ends meet in an economy that, while improving by leaps and bounds, is still tough on some residents on occasion. Other rental homes are owned by large Wall Street firms, which were bought up in droves specifically as rental properties, aimed both at tourists and millennials saddled with student debt who are unable to afford to buy a home of their own; already, these firms are seeing a healthy return and are even actively building more houses where they can in the region to serve as additional rental properties.

LAS VEGAS, NV – After Las Vegas has endured the effects of a burst housing bubble in the mid-2000’s – a phenomena that occurred nationwide but was felt acutely in the Southern Nevada region more than most – the real estate market in the midst of a rebound that is equally as impressive as the previous decline was bad. The economy is rebounding and jobs are coming back; as a result, housing options are in big demand, supply is tight, and prices are steadily climbing, and, due to this, the rental market is displaying a similar surge as well, as prospective homeowners are being forced to settle, albeit temporarily, for renting one.

A three bedroom home in Las Vegas, in terms of rent, has jumped up in the first three months of 2017 three percent to an average monthly price of $1,328, according to reports. With the summer season fast approaching, prices are expected to climb further as per the norm during that time of the year. The rate of vacancy in the Vegas region – both in terms of homes for sale and rental properties – dropped  to 4.16 percent in the closing months of 2016.

But in addition to an economy on the mend and the subsequent influx of businesses and jobs that are fueling this home-selling trend – couple with a smaller-than-average supply of homes for sale to being within Southern Nevada, which is further driving up demand and subsequently prices –  another reason why the rental market is booming in Las Vegas is that, during a small swell of the real estate market that occurred a few years ago – one that unlike currently, ultimately went nowhere – investors purchased a large number of properties with the intention of renting them out to vacationers, business travelers, and so on.

This has contributed, in part, to the current housing shortage, as many homes that would normally be on the market for prospective buyers are sitting in a rental limbo of sorts. However, with dwellings in short supply, the gamble many of these investors made several years ago is starting to pay off, as residents who are unable to secure a house to buy are settling for the next best thing- renting one instead.

The so-called “Raiders Effect” is also being cited as a reason for the shortage of housing options in Las Vegas; with the area now boasting not only a professional hockey team, but the arrival within the next two years of one of the National Football League’s most well-known teams in the Oakland Raiders – who will be taking up residence in a brand-new 65,000 seat state-of-the-art stadium – industry is being attracted to the area, and with them, people relocating in hopes of a fresh start and gainful employment. And a few die-hard Raiders fans are even moving to Las Vegas to be near the home base of their favorite team, believe it or not.

It isn’t just home rentals that are steadily climbing due to the cutthroat housing market in Las Vegas; apartment rentals are in high demand as well, and like anything else that people are clamoring for, when demand goes up, prices are sure to follow. According to reports, apartment prices went up four percent in the last year, with the average one-bedroom apartment fetching $890 on the open market; if you’re looking for more space, a two bedroom abode will set you back $1050 on average.

Again, lack of supply is cited as a factor in these prices as well, with almost anything considered to be a living space going for a premium in the current Las Vegas marketplace; a trend that shows no sign whatsoever of slowing down or abating from its upwards climb anytime soon.

LAS VEGAS, NV – As if Las Vegas’ economy – and as a by-product, it’s real estate market – wasn’t beefing up its already impressive profile, Amazon.com, the nation’s largest online retailer, is currently in the process of constructing a massive warehouse in North Las Vegas to be used as a regional fulfillment center for the countless orders placed via their website on a daily basis.

Amazon’s warehouse, one of over 75 Amazon currently has across the country, will ring in at an impressive 800,000 square feet, and is being erected near Lamb Boulevard and Tropical Parkway. The facility is expected to open its doors for business in summer 2017, and with the opening of said doors will come a immediate boon to the local economy in the form of 1,000 new jobs, many of which will man the warehouse stocking items and packing orders that are destined for numerous locations throughout the Southwest.

As an enticement for Amazon to set up shop in North Las Vegas, Nevada Governor Brian Sandoval has offered up $1.8 million in tax savings in the form of tax abatement’s for the online retailer. According to Amazon’s latest annual report to the Securities and Exchange Commission, the company saw net income of $2.37 billion for the year ended Dec. 31, 2016.

Governor Sandoval noted in a statement that Nevada has been attracting numerous big-name companies to its corporate landscape; in addition to Amazon, The Honest Company, CML Media Corp Sutherland Global Services, TH Foods and Zazzle are expected to set up shop in the area, not to mention the impending re-location of the Oakland Raiders NFL team to Las Vegas within the next 1-2 years. With this injection of fresh blood into the region, Sandoval said, is serving to turn Nevada in general and Las Vegas in particular into a destination not only for tourism, but business as well.

“That’s what provides the jobs…a variety of companies will spur growth in Nevada, including Amazon.com, the largest internet-based retailer in the world,” he said. “North Las Vegas is transforming…Nevada’s business-friendly atmosphere is not only helping existing Nevada companies expand, but also bringing industry-leading companies to our state.”

One of the most popular areas for people to rent these days is Las Vegas, Nevada.  Long known as one of the best cities to visit in the world, it is now becoming a place where people come to live.  Whether you are looking to buy or rent a home in Las Vegas there are many residential homes, condos, and town homes to choose from in and around the Las Vegas Valley.

There is a Las Vegas that exists outside the famous “La Vegas Strip.”

The neighborhoods in Las Vegas tend to be the typical culprits of urban sprawl, with partitioned sub-divisions all over the city.

All in all, Las Vegas provides a ton of things to do and things to see, even beyond what you might find on Las Vegas Boulevard. It features excellent restaurants, lots of great entertainment, shopping and only a 20-30 minutes drive to Lake Mead National Recreation and Mount Charleston.

If you need any assistance in locating a home for rent in Las Vegas, don’t hesitate to contact us today at 702.376.0088 or complete our contact form.