LAS VEGAS, NV – While visiting the city of Las Vegas on Tuesday’s campaign trail, President Biden announced new actions on the part of his administration to address rising home and rent prices and the construction of more affordable housing options, both in Nevada and in the United States as a whole. While in Vegas, the announced actions included calling on Congress to pass proposed legislation that would place a 5 percent cap on rent increases on the part of corporate landlords who own more than 50 units, with a failure to comply resulting in the potential loss of federal tax breaks.…
LAS VEGAS, NV – The recent drought of affordable housing options in Las Vegas can be contributed to a number of different reasons, but a new report indicates one of the factors affecting the situation is the large number of California residents relocating to Nevada that have been outcompeting state residents for housing for some time now. Bob Cleveland, President and Chief Executive Officer for the nonprofit Rebuilding Together Southern Nevada, noted that Californians have been outbidding Nevadans for homes in the Las Vegas Valley for several decades now. The situation was exasperated even further starting in 2022 when the Federal Reserve…
LAS VEGAS, NV – For many people, visiting Las Vegas is a dream vacation full of opportunities to relax and take in the sights of one of the most glamorous cities in the United States. However, for the residents of the town, especially those classified as seniors, it can be challenging to find an affordable place to live. While communities like the Ensemble Senior Apartments offer lower rent options for seniors, the number of available units has been slowly dwindling. To help create more affordable housing options for seniors, state officials signed over five acres of federal land to Clarke…
LAS VEGAS, NV – Amid skyrocketing rents in Las Vegas driving very real cost-of-living concerns, two new affordable housing apartment complexes – both being constructed by the same developer – are set to open soon, allowing families and individuals on a budget a way to put a roof over their heads. Decatur Commons Family and Decatur Commons Senior – neighboring buildings located at Decatur Boulevard and U.S. Highway 95 near Meadows Mall that are being developed by Nevada HAND will offer 480 residential units between them both when the $110 million project is completed. Nevada HAND President and CEO Audra Hamernik…
LAS VEGAS, NV – In an effort to combat skyrocketing rents making it difficult for some residents to put a roof over their heads, a commissioner in Clark County is proposing that a mandatory “affordable housing” law be put into effect as it relates to every new apartment complex erected within the county’s limits. Commissioner Michael Naft said that multiple constituents have reached out to him as of late, asking for help in addressing the county’s high rents which are making life unaffordable for many working-class families and individuals. “I’ve got a binder on my desk of people who contact my office…
LAS VEGAS, NV – Addressing concerns over cost-of-living increases in Southern Nevada in recent years, a developer has begun construction on an affordable housing project targeting Las Vegas senior citizens in the east section of the valley, a vulnerable population that is often neglected when it comes to housing options in their price range. According to the Neighborhood Housing Services of Southern Nevada (NHSSN), ground was broken on “The Golden Rule Senior Apartments” on Eastern Avenue on Thursday of last week, which – once completed – will provide 60 rental units for very low-to-moderate-income seniors. The National Low Income Housing Coalition has…
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…
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…
LAS VEGAS, NV – Ovation Development Corp., a Las Vegas-based apartment developer, has announced they will be holding the grand opening ceremony next week for their newest project, an affordable senior housing complex located in the southern Las Vegas Valley. Heirloom at Pebble is a 195-unit 55-and-over apartment building situated at 2325 East Torino Avenue, near the intersection of Eastern Avenue and Pebble Road. The complex, which originally held a soft opening in May, offers apartment units with one and two-bedroom layouts, with monthly rent prices ranging from $573 to $1,377, which includes all utilities. The project, which cost approximately $48 million,…
LAS VEGAS, NV – The housing market nationwide has been experiencing a series of hurdles and setbacks due to the ongoing inflation and rising mortgage interest rates that have been plaguing prospective homebuyers throughout 2022. However, real estate experts are noting that while Las Vegas isn’t immune to these issues, the marketplace is currently proving to be far more affordable overall than much of the country. As 2022 soon enters into its final month, Las Vegas real estate expert Kirby Scofield stated in a recent interview that – despite the economic roadblocks that are in the way – individuals can still get…
LAS VEGAS, NV – New housing construction data released Friday suggests conditions that could continue supporting demand for rental housing in fast-growing markets such as Las Vegas, where population growth has remained strong and the pace of new single-family home construction has slowed. According to the latest U.S. Census Bureau and U.S. Department of Housing and Urban Development New Residential Construction report, overall U.S. housing starts increased 19.0% in June. The increase, however, was driven largely by a rebound in multifamily construction, while single-family housing starts edged down 0.2% for a third consecutive monthly decline. At the same time, permits…
LAS VEGAS, NV – A policy discussion taking shape in Nevada could have implications for how real estate investors structure property ownership in the Las Vegas housing market, as lawmakers examine whether a long-standing tax exemption should be revised or eliminated. The issue centers on the growing share of homes owned by corporate entities and investment groups across Southern Nevada. Housing data referenced in multiple reports suggests that investors account for a notable portion of the region’s single-family housing stock, with estimates generally ranging from the mid-teens to around one-fifth of all homes. Investor activity has also played a visible…
