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Category Archive : Rentals


Nevada Officials Report Significant Funds Still Available in COVID-19 Rental Assistance Program

LAS VEGAS, NV – According to reports, Nevada officials have announced that a large amount of federal funding made available to those impacted by the COVID-19 pandemic is still available via the state’s CARES Housing Assistance Program, which launched last Monday.

Since the program began on July 20, it has received 3,085 applications from residents whose finances have been negatively impacted by the pandemic and are seeking assistance with remaining in their homes. Most of the people applying for rent assistance are asking for up to two or three months of back-rent to be paid to cover missed rent payments during the eviction moratorium.

The COVID-19 pandemic has caused widespread financial hardship in Nevada, with record unemployment numbers dominating the economy amid mandatory business closures and stay-at-home orders issued to halt the spread of the dangerous virus. And while cases of COVID had dropped to levels that saw these mandates being lifted, the long-term financial issues – coupled with a resurgence of positive cases – has left many facing the very real prospect of homelessness.

The rental assistance program is being run by the Nevada Housing Division and in coordination with Clark County Social Services, the Reno Housing Authority, and the Nevada Rural Housing Authority. In addition, a network consisting of 14 community not-for-profits is administering the program in Clark County.

Nevada Governor Steve Sisolak recently announced the rental assistance program, available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, in the form of $30 million in federal CARES Act funding allocated to residential rental assistance, and an additional $20 million towards commercial rental assistance.

In order to apply for the rental assistance program, Nevada residents can visit Successful applicants should begin seeing payments sent directly to their landlords over the course of the next two weeks, reports say. Funds will be dispersed on a first-come, first-served basis.

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.


State Senator Cortez Masto Announces Housing Assistance Available for Nevada Residents Affected by Pandemic

LAS VEGAS, NV- The COVID-19 pandemic has touched all Nevadans particularly hard resulting economic hardship in one form or another for the vast majority of residents. With Governor Steve Sisolak’s moratorium against residential evictions due to end in September, many people are scrambling to secure funds to stay in their homes as landlords dealing with unfortunate tenants unable to meet their rent are about to be forced into making a very difficult decision.

In order to provide a measure of relief for many involved in the current financial crisis, State Senator Catherine Cortez Masto recently announced that help is available for Nevada residents in the form of $30 million in CARES Act funding allocated by Governor Sisolak to residential rental assistance and an additional $20 million towards commercial rental assistance.

The CARES Act funding, an addition to several other forms of assistance – both via the government and select not-for-profits – is available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, be it a loss of employment or major reduction in income due to a decrease in work.

Among the various programs and organizations that can help Nevada residents make up their rent deficits is the Nevada Housing Division’s CARES Housing Assistance Program, which not only offers funding to people unable to make their rental or mortgage payments, but also to landlords and property owners who are currently not receiving payments from tenants due to COVID-19.

In addition, up to three months of rental assistance can be provided to qualified city residents by the City of Las Vegas Housing Assistance Program, payable directly to the landlord; the city of North Las Vegas is offering both short-term and long-term rental assistance to lower-income households to eligible individuals and families; and various charities in Northern Nevada are offering housing assistance, including Catholic Charities, the Nevada Rural Housing Authority and the Reno Housing Authority.

Finally, the Legal Aid of Southern Nevada is offering an online FAQ that residents can consult to find out how the end of the residential moratorium will affect them, as well as information about further housing assistance that are out there that they may be able to utilize.

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 Notice

Clark County Attempts to Set Up Eviction Protections, But Are They Reasonable to Landlords?

LAS VEGAS, NV – According to recent reports, Clark County officials are attempting to set up an ordinance that will offer a degree of protection to those facing losing their home or apartment in September, when a mandate by Nevada Governor Steve Sisolak to prevent evictions due to the ongoing COVID-19 pandemic is set to expire Sept. 1.

However, critics are arguing that these proposed protections introduced last week may lean too far in favor of tenants, leaving landlords, who have also been suffering financially – as hundreds of thousands in the state have from the widespread economic damage caused by the pandemic – out in the cold.

The proposed ordinance, in part, would charge landlords with a misdemeanor if they discriminated against an individual by refusing to rent, negotiate, or make a property available to them on the basis of their source of income, or if they had a previous eviction on their record that was related to the pandemic.

Clark County Commissioner Justin Jones noted that the proposed ordinance was created in response to the financial hardship suffered by Las Vegas residents, many of whom have lost their jobs in light of mandatory stay-at-home orders issued by Governor Sisolak in order to curb the spread of COVID-19.

“Clark County is doing everything in its power to keep people in their homes,” he said. “We know that this is a difficult time so we want to take every action that we can.”

Part of this ordinance stems from a rental assistance program that Clark County is planning on rolling out; officials have said that some landlords may be reluctant to rent to potential tenants receiving assistance from the program, fearing the sigma that Section 8 housing programs often bring with them.

Shanta Patton, a regional vice president of the National Association of Real Estate Brokers, noted that she does not support any ordinance that does not allow a landlord their right to make a decision on who to rent to based on a background check that would include a tenant’s income source and eviction history.

The ordinance is expected to be publicly heard Aug. 4.

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

$50 Million in Federal Coronavirus Relief Funds to be Made Available to Las Vegas Renters Facing Eviction

LAS VEGAS, NV – For renters in the Las Vegas area that are behind on their rent thanks to the COVID-19 pandemic and a looming eviction date threatening to see them put out on the street, good news is potentially coming in the form of relief funds from Nevada state.

According to reports, $50 million in federal coronavirus relief funds via the Nevada State Treasurer’s office are to be made available to renters facing eviction on September 1 when Governor Steve Sisolak’s extended moratorium on residential evictions and foreclosures is due to end.

Previously, Sisolak’s moratorium, enacted on March 29 as a response to widespread unemployment and economic hardship brought about by the pandemic, was due to come to an end on June 30. However, as that end date approached, Sisolak made an amendment- instead of ending at the end of June, the moratorium will be lifted in phases over the course of the summer, with residential evictions finally allowed to fully resume on September 1.

With numerous landlords already preparing paperwork for the mass evictions expected to begin at the start of September, the Nevada State Treasurer’s office announced this week the availability of federal relief funds to help qualified individuals to remain in their homes. The $50 million will be divided into two categories – residential tenants will have access to a $30 million pool, and commercial tenants, $20 million.

Applicants would have to meet income qualifications and would have to have lost their employment due to COVID-related issues. In addition, applicants cannot receive Federal Housing Vouchers and the liquid resources of the entire household must not exceed $3,000.

According to reports, residents of Clark County will be able to apply for the federal coronavirus relief funds within the next week; in addition, tenants who are behind on their rent are encouraged to work with their landlords on a method and timetable of repayment of back monies owed. Landlords seeking back rent, on the other hand, would do well to inform their tenants of the federal relief program if they are unaware of it.

Editors Note: The photo used in this article, the Clark County Regional Government Center building in Laughlin, Nevada., is for editorial use only. It is credited to Felipe Sanchez and licensed through

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 AirBnB Bookings Restricted for Some Local Residents Under Age 25, Based on Review History

LAS VEGAS, NV – According to reports, AirBnB has recently instituted a new policy in Las Vegas – as well as nationwide for that matter – which imposes restrictions on renting homes through their service for some local residents under the age of 25.

Individuals under the age of 25 will not be able to rent an entire home – as opposed to just a single room – through the AirBnB unless they have a previous, proven record of consisting of positive reviews from previous home rentals. A minimum of three positive reviews are required, and the reviews can be compiled from anywhere in the country; they do not have to be specifically situated in Las Vegas, AirBnB said.

If someone under the minimum age of 25 and without the required review credentials attempts to rent a home, they would automatically be blocked from doing so by the website; the rental will not be processed. A recent example AirBnB supplied was an 18 year-old Las Vegas resident who was unable to utilize the service.

The reasoning for the move on the part of AirBnB , according to a release they put out, is to help curb the spread of the conronavirus pandemic, citing public health mandates in place throughout the country. In addition, they noted that they typically have more issues with younger renters in general.

“We’re taking actions to support safe and responsible travel in the United States,” Airbnb said. “[Young people] wanting to get out of their situation get into an Airbnb with a pool, bigger backyard, bring their friends in and then obviously we know what happens when people have been locked up for the last three months.”

Henderson has reported several complaints from AirBnB rental houses, which may have contributed in-part to this new program.

This policy pertains to all United States residents under the age of 25, and only affects AirBnB listings near the area in which the under 25 year-old resident resides; these residents are able, however, to rent entire homes outside of the area where they live. Private rooms and hotel rooms are exempt from this clause, AirBnB says.

Editors Note: The photo used in this article, a woman installing AirBnB on a Lenovo tablet, is for editorial use only. It is credited to Daniel Krason and licensed through

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.

Vacation Rental

As the Country Reopens from COVID-19, Experts Weigh-In on the Safety of Staying in Hotels, Rental Homes

LAS VEGAS, NV – With the country slowly reopening its economy in the wake of the COVID-19 pandemic – with varying degrees of success – one question on many minds is travel. After sitting in quarantine for the past several months, people are understandable suffering from acute bouts of cabin fever. But at the same time, they’re wondering- is it safe to travel? Am I putting my health at risk if I stay in a hotel, cabin, or rental home?

According to recent reports, the Centers for Disease Control and Prevention (CDC) does say that travel can lead to an increased risk of exposure to contracting COVID-19; the travel industry is taking notice and making every attempt to minimize the risk to the customers who are starting to patronize their establishments once again.

Two organizations – the American Hotel and Lodging Association and the Vacation Rental Management Association – have released extensive guidelines based on CDC recommendations to help curb the spread of COVID-19, and when it comes to travel, the best practice these days is coming as close to a “no contact” stay as humanly possible. Paying online as opposed to in-person is recommended, as is staying in places that utilize digital keys.

Social distancing is vitally important. You should maintain a minimum distance of six feet from all other guests and staff in any lodging, in addition to wearing masks. Touching potentially contaminated surfaces is less problematic, due to the nature of how the virus spreads, but should be taken into consideration as well. Make sure you clean and disinfect tables, chairs, sinks, and so on before touching them.

Also, guidelines vary from region to region in the United States, so it’s for the best to educate yourself on them for where you’re going, BEFORE you go. Call ahead to any place that you might be staying and ask how often cleaning is carried out, if hand sanitizing/washing stations are available on common areas, and how effective their air ventilation systems are. It’s advisable to bring your own sheets and pillow cases as well as your own cleaning/disinfecting products just in case, and tell management that you do not want housekeeping to turn down your room. You’ll handle that yourself each day.

Avoid enclosed spaces such as elevators in favor of stairwells, and if possible keep windows open to help circulate air. Be careful if you use gyms and pools. Inquire about the lodging’s policies on social distancing and mask use, as well as temperature/virus testing procedures for staff. Is the hotel operating at a reduced capacity to keep crowding down? To that end, are they limiting single-night stays?

Nothing is foolproof when it comes to COVID-19, but following these guidelines can help minimize your risk of contracting it when traveling.

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 Agreement

How Small Landlords Are Hurt by Eviction Moratoriums

LAS VEGAS, NV – Time Magazine recently did an article on how Eviction Moratoriums – much like the one issued by Nevada Governor Steve Sisolak during the ongoing COVID-19 pandemic – can be especially harmful to small, “mom and pop” landlords who may own only one or two small rental properties.

With a shutdown mandated by Governor Sisolak on all businesses deemed to be “non-essential” putting many people temporarily out of work, the majority of Nevada residents were facing evictions or foreclosures amid extreme financial hardship. However, the Governor’s moratorium disallowed lockouts, notices to quit or pay, or eviction filings while the state of emergency was in effect. The moratorium also waived all late fees throughout the emergency period.

The moratorium was originally due to end June 30, and landlords were lining up to begin eviction proceedings for a slew of delinquent tenants. However, late last week Sisolak extended that moratorium for specific circumstances. But in the meantime, the landlords of those properties – many of whom have not been receiving income since March – are struggling themselves, and the smaller the landlord, the more difficult the struggle.

A good example of how especially difficult moratoriums can be for small landlords can be summed up in the story of Greta Arceneaux, as chronicled in the above-linked Time article. Arceneaux was a divorcee with two children facing grim financial prospects in 1960’s Los Angeles when she got a loan, demolished her own home, and built a five-unit rental complex upon the land. The gambit worked – she had developed a steady income that lifted her and her family out of poverty and into the middle-class for many years… until COVID-19 hit, that is.

While the Nevada moratorium has proved to be a hardship for many landlords state-wide – especially in light of its recent extension – Los Angeles’ has been even more restrictive to property owners, with tenants being allowed up to 12 months to repay their back rent – without any late fees attached – from the end of the city’s emergency declaration. For some, like Arceneaux, this is an insurmountable obstacle thrown in her path during an already difficult period. She has reportedly been saddled with $15,000 in unpaid rent, in addition to having to maintain the apartment complex with money right out of her own pocket. In addition, she is also bound by new state building codes that require earthquake prevention reinforcement in her building, a decree that stands to set her back $60,000 or more. At this point, her retirement is being threatened.

While she feels for her tenants who have lost jobs and are facing economic crises themselves, Arceneaux is also struck by the unfairness of her situation. While it is unfortunate that her tenants may be facing hardships, why is she being forced to shoulder their misfortunes in addition to her own? And on top of that, the number of people looking to move into an apartment during a pandemic is low; while a large complex can get by with a few vacancies here and there, it’s a far more difficult prospect for a small-time landlord with only four or five units.

This is an issue that is currently plaguing a great many Americans in light of the COVID-19 pandemic, as many cities and states have passed similar moratoriums. According to the 2015 American Housing Survey, roughly half of the rental market in the U.S. is run by large companies; the remainder are run by individuals and normally consist of homes and small complexes, like the type owned by Arceneaux. But while large companies often can benefit from funding provided by the CARES Act, smaller landlords typically cannot.

Many city and state governments are encouraging landlords to work out payment plans with their delinquent tenants, but for many who have invested their life savings into their properties and are losing money each and every month they are denied rent, such an arrangement can certainly seem unfair. If governments force this burden upon property owners, they should be prepared to assist them financially.

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 Letter

Sisolak: Nevada Evictions Can Begin July 1 for Commercial Properties, August 1 for Some Residential Properties

LAS VEGAS, NV – Since the beginning of April, Nevada residents whose finances have been negatively impacted by the ongoing COVID-19 pandemic have been offered a safety net against eviction by a moratorium issued by state Governor Steve Sisolak. However, that moratorium is due to cease July 1 for commercial properties and August 1 for ‘some’ residential properties (certain causes – see directive 025 below); experts are anticipating a slew of evictions to follow soon afterwards. Those who have not been able to pay as the coronavirus pandemic began have until Sept. 1 or risk eviction.

The above document has been combined for simple reading, to see the original three page document click here (

With a shutdown mandated by Governor Sisolak on all businesses deemed “non-essential,” many Nevada residents found themselves out of work. For those barely scraping by paycheck-to-paycheck, looming evictions and/or foreclosures have become a very real possibility. However, with the Governor’s moratorium in place, these residents have been protected by disallowed lockouts, a cease on notices to quit or pay, as well as no legal eviction filings during the state of emergency.

“We’ve now reached a point where tens of thousands of Nevadans are wondering how they’re going to make rent or pay their mortgage,” Sisolak said at the time. “These are good, hard-working people who are just looking for one of the most basic and essential necessities: a roof over their heads. This is not the time to put people out on the streets. This is also not the time to evict small business owners who have been hit hard by the economic fallout of this pandemic.”

In addition to those directives, the moratorium also waives all late fees throughout the emergency period; once the emergency is officially over, Sisolak noted that any landlords that are owed back-rent by their tenants should work with them on devising a repayment plan. And, as of the released dates, that period of emergency will end as Nevada continues the process of reopening its economy.

While Sisolak’s decree was a boon for many working-class people who were experiencing financial hardships due to the pandemic, equally put upon were landlords who were denied income for months yet still expected to provide essential services for their tenants, such as utilities and repairs…even if they were not paying rent.

Adding to frustration is the fact that some tenants were receiving stimulus checks and unemployment checks, yet were opting to take advantage of Sisolak’s moratorium by not using those funds to pay their rent, something that the Governor acknowledged in a recent interview.

“I’ve got landlords that are telling me that there are individuals who are clearly taking advantage of it in a way that was not intended and that was never what we wanted to do,” he said. “We’re taking advice on that from landlords who have spoken up and we’re listening.”

Some attorneys representing landlords are encouraging their clients to work with delinquent tenants on payment plans in lieu of immediate evictions in an effort to avoid a slew of empty properties come August / September.

“It is just as imperative today as it was when I signed the original directive to allow Nevadans to stay home and stay safe as much as possible, while also providing clarity and a timeline in which rental obligations must be met,” Sisolak said in his latest statement Thursday evening.

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.

Share Downtown

“shareDOWNTOWN” – Downtown Vegas Apartment Complex Due to Open Late June

LAS VEGAS, NV – Due to open in late June 2020, shareDOWNTOWN – a new apartment complex located in Las Vegas’ downtown area – offers small, affordable apartments conveniently located within a busy employment area to give workers a local place to live within easy walking distance of their jobs, according to reports.

The apartment complex, which is four stories in height, will feature 63 one-bedroom units that are 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month. Most units will offer either city or mountain views, reports say.

When the complex opens later this month, the first 16 units will be made available with a limited early move-in special discount; the remaining units will be made available soon afterwards.

The building features an interior, open-air courtyard available to all residents that includes a large shade tree, landscaping, and a shared BBQ. Communal lounge areas on each floor offer free Wi-Fi, workspaces, private conference rooms, flat-screen smart TV and a wireless printer/scanner.

A unique aspect of shareDOWNTOWN will be a focus on healthy and active activity for its tennants; rather than one centralized gym or fitness facility location on the premises, as is the norm of most apartment complexes, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, eschewing complex machinery and equipment in favor of an “urban style workout.” shareDOWNTOWN’s exercise rooms will primarily rely on body-weight exercise stations that will provide for a full-body workout, making use of movements such as dips, pull-ups, push-ups, and more.

The apartments will feature enhanced security, including key-less front door locks, key fob main entry, fully secured garage and remotely monitored cameras. Developer Sam Cherry broke ground on shareDOWNTOWN last summer, with the original open date being May 2020. Cherry has previously developed two Las Vegas condo towers prior to shareDOWNTOWN- the 16-story Soho Lofts, and the 22-story Newport Lofts.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

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.

Vacation Rental

Amid COVID-19, More Travelers Turning to Home Rental Getaways for Socially-Distant Vacationing

LAS VEGAS, NV – Despite the ongoing COVID-19 outbreak winding down in some respects and states across the country starting the reopening of their local economies, the specter of the pandemic – and the possibility of an eventual resurgence – will continue to shape American’s vacation plans for some time to come.

According to a recent report, due to this “new normal” that we are all living in, many people who have been enduring home quarantines and are itching to get away from it all – yet still to maintain social distancing and safety guidelines – are turning to vacation home rentals this summer, with Las Vegas being one of the most popular destinations in question.

Reports also indicate that the vacation home rental industry is changing to meet these new times. Mainly used for short-terms stays of a few days, many are now encountering increased demand from clients who are looking to stay longer than usual – average stays have increased from a few days to as long as a month – after having been cooped up in their own homes for the last several months. In addition, new cleanliness and sanitation guidelines to help prevent the spread of COVID-19 are ensuring that landlords will make sure their properties are in full compliance to keep their renters safe.

The appeal of a vacation home rental is that it is possible to maintain a degree of social distancing that normally is not possible to do in a large and crowded hotel resort. These people are often on the lookout for large properties with plenty of amenities – such as a pool or a fire pit – that are adjacent to attractions that they can visit safely, such as the famed Las Vegas Strip, which is currently in the process of reopening for business after being shut down during the height of the pandemic.

The hotel industry has been one of the hardest-hit by the pandemic, not expected to fully recover until late 2022, but records show that the home rental industry – led by companies such as Airbnb and Vrbo – have continued to receive bookings thanks to people afraid to travel to crowded regions but desperate to get away in some form. Labor Day bookings of vacation homes, in fact, were reported to be comparable to last year’s figures, according to Airbnb and Vrbo.

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.

Man Thinking

Renters In Las Vegas Growing Increasingly Desperate Amid COVID-19 Pandemic

LAS VEGAS, NV – With the coronavirus pandemic taking its toll upon the Las Vegas economy, there remains some light at the end of the tunnel as the Strip is set to reopen this Thursday. While that is good news for most, some renters who have been laid off or furloughed are still awaiting financial relief in the form of unemployment benefits and they are growing increasingly desperate despite the rental market itself managing to weather the storm, according to reports.

Leading up to the pandemic, which has brought the national economy to a near-standstill, the Las Vegas real estate market was skyrocketing after nearly a decade of dormancy due to the mid-2000’s recession. Construction was rampant, housing was scarce, and rents were rising. When the pandemic hit, real estate was one of the few industries allowed to continue to conduct business, albeit with numerous alterations to increase safety. And while the market certainly took a dive, it did not collapse, and experts are expecting a potentially speedy return to business as usual once restrictions are lifted.

Nevada Governor Steve Sisolak had mandated that all non-essential businesses close in March to help curb the spread of the coronavirus; he also introduced a temporary freeze on eviction and foreclosure proceedings amid rising unemployment statistics, with the number of those without jobs in the state hitting 28.2 percent.

However, that isn’t making things any easier by renters struggling to meet their monthly payments; according to Nevada HAND, a Southern Nevada organization that operates approximately 4,200 apartment units, there has been a significant increase in the number of individuals requesting help in paying their rent. Overall, however, Nevada HAND noted that the number of tenants that have not made their rental payments is not unusually high, possibly due to furloughed or laid off employees receiving severance or other assistance from their employers.

Shelter Realty, which manages over 500 single family homes, townhomes and condos has had 94.2% of their Las Vegas tenants pay their rent in full for both April and March. In addition, property management company TruAmerica Multifamily, which owns and runs over 5,500 apartments in Las Vegas, also said that a great many of their tenants – 86.4 percent – are still paying the rent on-time, despite some Southern Nevada residents facing delays in obtaining their unemployment benefits. Reports indicate that low-wage workers, including those who work minimum-wage jobs or who might not have adequate savings, are suffering worse than others that were more financially sound at the time that the pandemic hit.

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.

Family Sitting

Experts Predict How COVID-19 Pandemic Could Permanently Change Real Estate

LAS VEGAS, NV – Experts are currently weighing in on the Las Vegas real estate scene and the changes that are being forced upon it – both in the here-and-now as well as long-term – due to the ongoing coronavirus pandemic.

The housing market in Las Vegas has been bruised and battered by the pandemic as lawmakers have instituted a series of mandates to keep the population and non-essential businesses under lock-down in an effort to halt the spread of the disease, which has claimed over 100,000 lives in the United States so far (102k+ as of today). And while these efforts have proved to be helpful, the short-term impact upon the economy – with many businesses closed, tourism halted, and unemployment skyrocketing – has been brutal.

One of the most affected industries in the Southern Nevada region has been the previously-booming real estate market. Sales have dropped as families lose jobs and worry about their ability to purchase a home and lenders tighten mortgage requirements, but there are also potential long-term impacts that many experts note could change real estate for years to come.

For example, some experts are noting that the pandemic could reverse the current trend of living in densely-packed, city-based downtown areas – where residents are currently cooped-up in tiny apartments during the quarantine and social distancing difficult to maintain when venturing out – with a switch in preferences to the suburbs, which have more options for getting out and experiencing nature safely.

Also, a trend toward renting may be in the cards, as the financial hardships many people are currently enduring – combined with a weakened economy – may be taking the concept of home ownership out of the cards for the time being simply due to affordability concerns.

Another side-effect of the pandemic is that people are spending more time in their homes, with many also working from home; in doing so, many people are realizing that they actually may want a larger home to accommodate the extra time they are likely to be spending there for what could potentially be, the next year as we deal with the fallout of the coronavirus, including a potential flare-up and resurgence come this fall and winter.

For those with more financial cushioning, experts are predicting that more well-off Americans may actually choose to invest in a second home. During the pandemic, many people with second homes fled their primary residences to more comfortable and secluded abodes that they owned in places like the Hamptons or Poconos. With that example before their eyes, it’s possible that more people might set up a situation like that in case the coronavirus rears its ugly head once again soon.

And finally, the very nature of property sales will likely be changed going forward by the coronavirus. Real estate agents, in an effort to adapt to the crisis while still doing business, began offering “virtual” home tours, video walk-throughs, and a plethora of other services. In addition, the typical mountains of paperwork involved when it comes to closing a deal are in the process of being overhauled and streamlined where possible.

As you can see, the coronavirus pandemic – despite the fact that it’s current run appears to be nearly brought under control – will nonetheless have lasting effects upon the real estate industry, both in Las Vegas and nationwide.

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.