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Experts: Las Vegas Housing Market Expected to Continue Rapid Growth Into 2021

LAS VEGAS, NV – According to reports, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result.

However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and beyond; all while many other industries in Vegas are still experiencing financial trials and tribulations as COVID continues to cause issues.

What separates Las Vegas Real Estate from other businesses in this regard? Experts say that “cheap money” is a leading cause, with mortgage rates currently experiencing record lows that are expected to continue into the New Year; this translates into affordable monthly mortgage payments that help to keep housing demand at a high level.

Another factor feeding into Las Vegas’ current real estate success is the mass exodus of residents from highly-taxed neighboring states – mainly, California – into Southern Nevada who are seeking to take advantage of the comparatively cheaper cost of living.

This demand has also caused home prices to escalate at a level not seen since before the mid-2000’s recession, although that price growth could slow in 2021 depending on the number of listings on the market; the more that are listed, the slower prices will rise.

However, real estate is a tricky business, and even a market that is doing as well as the one in Southern Nevada is not immune to issues; currently, it also has a higher-than-average amount of late mortgage payments when compared to the country as a whole, reports say.

But, if the circumstances that have caused Las Vegas’ real estate to thrive despite the pandemic persist, experts say that 2021 will likely continue to set records, especially with a new COVID vaccine on the way.

Shelter Realty Property Management specializes 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.

House with Two Car Garage

“Las Vegas Housing Market Will Continue to Grow in 2020 Due to Low Inventory”

LAS VEGAS, NV – According to a recent interview with a noted real estate professional, the Las Vegas housing market – booming in recent years after laying in dormancy for over a decade – will continue to be fueled going into 2020 and beyond by a number of factors, not the least of which is how the region’s low home inventory will only help to increase overall demand.

The population of Las Vegas is increasing by as much as 50,000-60,000 people annually; that factor, combined with new home construction not keeping pace with demand, has resulted in shortages, especially in price ranges considered affordable to the average working Joe. In contrast, unlike the housing market, rental construction has been keeping pace with demand, resulting in more stabilized pricing.

Homes in Las Vegas at the $350,000 price range are attracting buyers in particular, given the fact that – due to steadily rising prices overall – homes at this price are becoming more and more rare. In recent years, skyrocketing prices of homes in Vegas have begun to raise affordability concerns, as previously Southern Nevada had been lauded for its low cost of living.

While still far more affordable when compared to the national average and especially neighboring states such as California, the cost of a median single-family home in Vegas has been getting to the point where it could potentially become an issue if prices maintain on this path. The $350,000 price range has become the magic bullet, so to speak, offering a balance between profit for sellers and affordability for buyers, especially for new transplants to the regions who have been lured there by job prospects born out of the newly-blossoming economy. In addition, loans for buyers – complete with low interest rates – are widely obtainable in Vegas, although the qualification process is said to be stringent due to the high rate of applicants. Thus, ultimately, getting a house at an affordable price in Las Vegas is a combination of patience and vigilance, in addition to being ready.

Shelter Realty Property Management specializes 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.

Vegas Housing Market “Most Stable in 20 Years,” Says GLVAR

LAS VEGAS, NV – Experts have recently noted that the Las Vegas real estate market has settled into a degree of stability that the region has not seen for 20 years, according to reports. This comes after a period of skyrocketing growth that followed one of the worst recessions Vegas has seen when the housing bubble burst in the mid-2000’s.

Real estate sales and the amount of homes for sale in Vegas neighborhoods have approached a greater degree of synchronicity with the real estate market being the most stable in years, according to GLVAR. Photo: Pixabay.

Greater Las Vegas Association of Realtors President Janet Carpenter recently stated that there are a number of factors that figure into this determination, including home price appreciation slowing to a more gradual rate than the region has seen in years. 

Sales and the amount of homes on the market has also approached a greater degree of synchronicity, reports say. In July, 3,159 single-family homes were purchased, representing an 8.8 percent increase from June yet only a slight decrease of 0.8 percent from the same time period one year prior. The median sales price of those homes was $303,000, showing only a dip of 0.3 percent from the previous month with an increase of 8.8 percent from July 2018.

As for the available inventory on the Las Vegas real estate market, 7,808 homes were for sale without current offers at the close of July, which represents over a 63 percent increase from 2018 but only a 0.1 decrease from June 2019.

Clearly, the market is falling into a more sustainable pattern than it has seen in some time, when a previous lack of inventory coupled with massive demand caused home prices to swell at a record rate that many experts feared would lead to affordability concerns down the road. This was a major concern, as Vegas was often seen as a more affordable alternative to neighboring states such as California, where the escalating cost of living was actually driving some residents out. 

However, a greater amount of homes on the market are helping to reign in skyrocketing home price growth and are giving potential home-buyers more options, leading to an overall more stable marketplace for Las Vegas’ future.

Shelter Realty Property Management specializes 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.

Amid Soaring Rent Prices, Las Vegas Apartment Market Still Considered Healthy and Affordable

LAS VEGAS, NV – According to reports, despite the fact that rental prices for apartments in the Las Vegas area have increased over the past 12 months more than any other major U.S. metropolitan area in the United States, the market is nonetheless still considered by experts as remaining quite healthy and affordable, especially compared to neighboring states such as California.

Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive. File photo: Pixabay.

In a recently-released Zillow report, the median rent in Las Vegas for all property types was $1,435, which represents a 10 percent jump from the same period one year prior. However, local realtors are disputing this figure, noting that the median rental price is more around $1,100; this price is made possible by the fact that developers have been working long and hard over the past year to construct more apartments and condos to satisfy the rapidly-growing demand for affordable housing options in Vegas.

However, reports note, developers have not quite met housing demands as of yet; Clark County occupancy is currently at 95 percent, which is considered the hallmark of a healthy rental market, and further stability of the market would be ensured if more building was completed.

Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive, such as Seattle, Washington or California’s Bay Area.

Recognizing Las Vegas’ need to expand its rental options in order to further lower prices, developers have been hiring in droves in order to bolster their workforces; experts note that apartments can’t be built fast enough, and that the market has yet to completely recover from the lack of construction activity that took place in Vegas during the recession, a time when numerous projects where either abandoned or outright cancelled. 

Another factor that real estate experts say will be affecting the market in the near future is the impact that professional sports will have upon rentals in Las Vegas; once the Las Vegas Raiders NFL Football team begins hosting home games in the city at the start of their 2020 season, demand for rental units – which are typically cheaper than renting hotel suites for ten or more games per year – will likely increase even more as fans of the team flood the city on a regular basis.

Shelter Realty Property Management specializes 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.

Nevada Passes New Housing Laws Governing Construction, Housing Development, Evictions

LAS VEGAS – Lawmakers in Nevada have recently passed a number of new pieces of legislation that are aimed at governing certain aspects of the housing market in the state, such as the eviction process, defect claims on construction projects, and the development of affordable housing.

Nevada lawmakers are hoping that a number of new bills including Assembly Bill 421, Senate Bill 103, and Senate Bill 151 will assist with construction, housing, evictions and of affordable housing for low-income residents. File Photo: Pixabay.

To start with, the state Legislature – currently under Democratic control – enacted a law to counter one passed four years ago when the lawmaking body was under Republican control. The new law enables victims that allege that a contractor has engaged in sub-standard construction work to have an easier process if they wish to sue said contractor for damages in court. Due to take effect on October 1, 2019, Assembly Bill 421 enables customers of a contractor to report alleged defects in housing and building development projects in “reasonable detail” when presenting a notice to the contractor; previously, the law in place was more exacting, requiring “specific” and “exact” levels of detail. In addition, plaintiffs now have 10 years in which to file a lawsuit against a contractor, as opposed to the six years allotted under the old law.

Next was a new law aimed at potentially providing a boost to the construction of affordable housing for Nevada residents of limited financial means. Due to go into effect on July 1, 2019, Senate Bill 103, gives local municipalities the ability to apply discounts on some of the fees that are typically levied on affordable housing projects. In addition, Senate Bill 448 – due to come into force on January 1, 2020 – adds to the support of affordable housing construction by allowing Nevada officials to provide financial assistance to new projects with the ability to issue transferable tax credits in the amount of $10 million per year

State lawmakers are hoping that these bills will assist with the issue of affordable housing for low-income residents, which number at approximately 73,000, according to reports. Currently, developers construct about 1,000 units annually that are aimed at this population; these bills could increase that output to as much as 1,600 per year.

And finally, Senate Bill 151, due to kick in starting July 1, 2019, would increase protections for those renting properties by granting more time to tenants before they are able to be evicted by landlords for lack of payment on their rent; in addition, late fees for delinquent rent payments will be capped at five percent of the full amount of the tenants regular rent amount, and more time will be granted – seven business days, as opposed to the previous five –  for tenants to pay overdue rent to landlords to avoid eviction. Evicted tenants will also be allowed to enter their former dwelling to procure “essential” belongings, such as medicine, for up to five days.
Whereas the previous laws could be seen as overly favoring renters and developers, some are saying these new laws have swung the pendulum too far in the opposite direction, while others are applauding the new bills.

Shelter Realty Property Management specializes 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.

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

LAS VEGAS, NV – The news when it comes to Las Vegas real estate, day in and day out, mainly consists of the skyrocketing home prices and scant availability of properties for sale, resulting in a mad scramble for just about any home or condo that a buyer can get their hands on. It’s been like this for a while now due to Vegas’ booming economy and quickly-recovering job and housing market, but what is life in Southern Nevada like once you’re lucky enough to have finally gotten your hands on an abode? Will the cost of living – mainly, property taxes – prove to be yet another hurdle to deal with?

In a word, no. In more words…well, please read on.

Unlike other regions in the United States, such as New York, where high taxes are driving people out to greener pastures (financially speaking), Las Vegas features a strict property tax cap that assures homeowners that their costs will only incrementally increase from year-to-year, keeping their bottom lines manageable. In addition, the sale of a home in Vegas does not trigger a reassessment of the property for tax purposes, therefore the purchase price of any given home will not be adversely affected; this prevents property taxes from being a deterrent from any given property sale in the region.

The tax cap is currently set at three percent and ensures that property taxes can only increase that currently set amount – and not a penny more – in any given year. The cap is re-examined each year by the state, and features a variable rate; in recent year, the property tax cap in Las Vegas has been as low as one percent and as high as eight, although recent trends have seen the rate slowly increasing as if late.

An major advantage of the tax cap is the fact that it currently works hand-in-hand with the fact that most properties in Vegas received their most recent re-assessments at the end of the mid-2000’s recession, a time when property values were at an all-time low; while the market has bounced back and house values are the highest they’ve been in over a decade, the tax cap greatly prevents property taxes from increasing at the same speedy rate.

To really get a sense of how much cheaper the cost of listing in Las Vegas is, one merely has to look it Nevada’s neighbors to see how the other half lives; Mike Scanlin, CEO of IT company Born to Sellrecenly noted that his 2016 move from California’s Silicon Valley to Las Vegas saved him a small fortune in terms of property taxes.

“California has a nice climate, but the state income taxes, property taxes and property values drove me crazy,” he said. “You can make half as much in Las Vegas and save more money. In fact, the money I’m not paying in California state income tax is more than the mortgage on my 2,400 square-foot home.”

As you can see, the appeal to newly transplanted residents of living and working in Las Vegas isn’t just the economy, or the culture, or the job market, or the influx of new businesses and enterprises, or the booming real estate…it’s the quality of life and bang for your buck you can enjoy once you’ve arrived and settled down as well, allowing you to work less and enjoy life more while you’re at it.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Construction Workers Desperately Needed in Las Vegas to Keep Up with Housing Demand

LAS VEGAS, NV – After the housing bubble in Las Vegas during the mid-2000’s there hasn’t been much of a need for construction workers, as numerous houses and properties – purchased by unlucky investors looking to turn a fast buck – found them sitting unused for the better part of a decade or more as the demand for homes seemingly dried up overnight. Fast-forward to 2017, and the rapidly growing and recovering economy of the Southern Nevada region is not only gobbling up those formally vacant dwellings and vacant lots, but demand is now such that the most sought-after employees in the state are not accountants or engineers, but – you guessed it – construction workers.

The numerous construction projects on the drawing board in Las Vegas have resulted in delays as companies far and wide have found themselves short on workers they need. Currently, demand for affordable housing and apartments in Vegas has resulted in a shortage of selection and skyrocketing prices, and companies have been working overtime to erect new dwellings in an attempt to keep up with demand and to help slowly draw those prices down to a more manageable level.

With work currently progressing on the $1.9 billion Las Vegas Raiders stadium, and an estimated $15 billion of construction projects already slated for the next decade, experts say that up to 10,000 workers are currently needed in order to get these projects up and running. In addition to housing, entertainment, retail, and other building projects have sprung up in recent months, including work on a 14-screen movie theater in North Las Vegas that represents a revitalization attempt of the beleaguered area’s economically-downtrodden downtown district.

In addition, construction in Southern Nevada may get an additional shot in the arm thanks to the innovation of two local businessmen; currently, a high amount of materials for house and building construction needs to be delivered into the region from other states or even other countries, but Father and son Barry and Jordan Yost are investing in a new company – Precision Tube Laser LLC – that may change all of that.

Currently, parts for heavy industrial power generating items such as solar towers and pressure vessels are typically constructed and imported from the Southern United States or Asia; however, with the help of state tax abatement in the amount of $89,000, Precision Tube Laser LLC is the new, proud owner of a $1.2 million laser tube cutting machine – the TruLaser Tube 5000 – that is capable of cutting tubing and other materials into shapes with a precision that standard hand-held, propane-based cutting torches are unable to approach. Without the wait and cost of having to order materials from factories hundreds or even thousands of miles away, construction projects in the Las Vegas area can get a head-start on projects that otherwise might be stuck in the mire until expensive imported parts finally arrive.

The arrival of companies such as Precision Tube Laser LLC into the local construction scene are likely to herald more such innovation in the region once their need is proven; it’s likely that other needs relevant to the Vegas construction community that are served via out-of-state sources will eventually be served in-house as well, leading to an even larger boost to local real estate, and in turn, the need for yet more construction workers. Industry analysts are encouraging those looking for work in Nevada to get the training needed to get involved, as the majority of positions needed in construction tend to pay well, and are expected to provide regular work well into the future as Las Vegas continues on its journey back to prosperity.

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

Highly Competitive Housing Market Spells Difficulties for Would-Be Homeowners; Rise in Prices, Heavy Activity in Las Vegas

LAS VEGAS, NV – After the so-called pop of the housing bubble in the mid-2000’s and subsequent crash of the real estate market, the last year or so has seen a resurgence the likes of which have not been witnessed in quite some time, with a spike in the local Southern Nevada economy fueled by new businesses and jobs taking up residence in the region, in addition to rapidly-rising demand for housing and rental units. As always, demand sets ever-increasing value and prices; according to recently-published reports, property prices continued to climb as Las Vegas moves into a very real house shortage.

The report reveals that 4,297 properties – consisting of condominiums, townhomes, and single family homes – sold for premium prices on the open Las Vegas market during May of 2017. The median price range of houses that sold in the region during that month was $250,000; this represents a 3.3 percent increase from April ($249,000) and an increase of 13.3 percent from the same period of time one year ago.

The rise in prices and the heavy activity on the sales front, of course, only spells good tidings for the recovery of the Las Vegas economy and real estate market, especially if you’re an investor; however, it can also represent a significant hurdle for those on a budget looking to purchase a home for the first time in order to start a family. As an example, a recent article chronicled the efforts of Kierra Jemison, a single mother of four children, as she attempted to navigate the Las Vegas housing landscape for an affordable home for her family after being forced out of a previous rental. With a very strict budget – Jemison is looking for something with four bedrooms to the tune of $200,000 – she set out with a sense of hopeful anticipation, but soon found herself frustrated and demoralized after 30 house tours and five offers saw her no closer to her goal, as she found herself outbid at every turn in an incredibly competitive marketplace.

Very quickly, prospective first-time homeowners in Southern Nevada are finding it harder and harder to find a property under the $300,000 mark. New construction, however, looks to address the lack of housing and rental options; Lake Las Vegas, up until recently, was considered a lackluster investment in terms of real estate, yet it has recently seen a number of housing projects in the works, with as many as six developments stated to be completed and entered into the marketplace within the next year. However, while this will certainly help to address the scarcity of real estate options – Las Vegas currently has a two-month supply of homes on the market, whereas a balanced market typically has a six-month supply – the subsequent prices of these new developments stand to mirror the current marketplace. For example, one of the Lake Las Vegas developments in the works – CalAtlantic Homes Regatta Pointe – will feature homes in the mid-$300,000 range.

In the meantime, prospective homeowners on a budget, such as Kierra Jemison, will have to continue to fight it out with other like-minded individuals in a marketplace that is currently seeing explosive growth and expansion; however, with big-money investors in droves setting up shop in the region and real estate prices continuing to climb ever-higher, competition for affordable housing options will remain fierce.

If you’re looking to purchase a home 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.

North Las Vegas Spearheads Redevelopment in Effort to Revitalize Business, Housing

LAS VEGAS, NV – Hitching themselves to a trend in Southern Nevada as a whole in recent months, North Las Vegas has begun an effort to revitalize large swaths of its real estate, especially in a northern area that had previously been plagued with drug dealing and violent crimes. The efforts will concentrate on development with a focus on senior and public housing options; in addition, major out-of-state businesses are setting up shop in the area, providing an influx of jobs and economic growth.

The North Las Vegas City Council recently approved a sweeping two-year development plan that would drastically alter the landscape of the region, with the goal being to attract retail and other businesses in order to spur the creation of jobs, kick off the local economy, and take advantage of the shortage of housing options in Las Vegas. A public 120-unit apartment building aimed at senior citizens – a project projected to cost a staggering $22 million –  is already underway on a 2.7 acre patch of land; this development will take the place of the Rose Garden, a complex slated for demolition that is situated west of North Las Vegas’ downtown area.

In addition, the Buena Vista – an apartment complex that was infamous for being the epicenter of drug dealing and violent crimes in the area – was purchased by the City of North Las Vegas approximately three years ago and subsequently razed to the ground, and plans are in the works that could see a variety of projects making use of the land, from safe, affordable housing options to retail. Assistance in North Las Vegas’ redevelopment efforts is being provided by the U.S. Department of Housing and Urban Development, which had previously bestowed a grant upon the city to aid in their outreach to the community as to how to proceed with their efforts.

Clearly, the shifting tide in North Las Vegas has companies sitting up and taking notice; chief among them being Amazon, the online retail giant, which is slated to open a fulfillment center in the area. The center – Amazon’s second in North Vegas – is already under construction; estimated to come in at 800,000 square feet and to ultimately employ over 1,000 workers and office personnel, hiring has already commenced on the initial 500 that will staff the complex while it gets ready for operation.

Other retailers are also clamoring to get a foothold in North Las Vegas due to the earnest efforts to develop it into a destination friendly to business and housing options; famed La Bonita supermarket will be opening a 55,000 square-foot establishment in Fiesta Plaza in downtown North Las Vegas. The lease, described as “long-term,” obviously signifies the confidence of La Bonita in the local economy to support a serious commitment in the community on behalf of businesses.

Offering a helping hand in an effort to expedite further business growth in the region, the City Council of North Las Vegas is taking steps to speed up the process of applying for – and receiving – building and construction permits. The plan consists of a self-certification program that architects and engineers can participate in; once certified via eight hours of classes provided at the City Hall, certified architects and engineers who submit their plans for audit will find the process greatly speeded up, reducing construction timelines and saving developers money.

These are but a few of the many initiatives in effect that are seeking to turn around the fortunes of North Las Vegas in an effort to turn it into a destination for businesses and families to live, work, and prosper, taking advantage of the real estate and economic boom that is currently taking root in Southern Nevada as whole.

MountainView Hospital KK Stock Las Vegas, NV / USA - June 9, 2018: Mountain View Hospital in Las Vegas Nevada

Ground Broken on New Las Vegas $82 Million Multifamily Community, Expected to Open Spring 2026

LAS VEGAS, NV – Chicago-based developer CEDARst Cos. has officially broken ground on a new $82 million multifamily community located in the Las Vegas Medical District, the first residential facility of its kind to be built in that area of the city.

Upon completion, The Presley will take the form of a 275,000-square-foot, 236-unit, seven-story apartment complex, with development fueled in-part via a $56 million North River Partners construction loan. The architect on the project is Booth Hansen and the general contractor is OS Construction.

Located on a on 1.12-acre plot of land at the intersection of Alta and South Tonopah drives, The Presley will be comprised of both studios and one-and two-bedroom apartments, with a percentage of the complex’s overall units – the current number is not currently known – to be designated for affordable housing.

There will be a number of amenities made available for tenants, including a fitness center, a coworking lounge, a golf simulator and a rooftop pool deck overlooking the surrounding cityscape.

The Presley will be the first apartment complex built in the Las Vegas Medical District, addressing a very real and growing need for housing options in that section of the city.

According to a statement released by CEDARst Cos. CEO & Managing Partner Will Murphy, The Presley represents the start of the overall evolution of the Medical District, which has seen large recent investments in clinical, academic and research facilities, making it one of the fastest-growing local economies in the Las Vegas Valley.

The Presley will be CEDARst’s second property in Las Vegas, with the firm also actively developing another residential facility in the form of The Myles, which is a 311-unit complex in the Las Vegas Arts District due to open in spring of 2026.

Development of The Presley is also slated to be completed by spring of 2026.

Shelter Realty Property Management specializes 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.

High rise residential building of flats with cladding being replaced with fire resistant materials

Growing Number of Developers Favor Building Las Vegas “Up” as Opposed to “Out”

LAS VEGAS, NV – Amid the housing shortages that are plaguing Southern Nevada in recent years due to a lack of real estate to build upon, there is a growing number of developers who are vocally favoring the concept of focusing more on building Las Vegas “up” as opposed to “out.”

An emphasis on erecting more high-rise apartment and condominium buildings – as opposed to single-family homes – is being touted by some real estate stakeholders as a means to help Vegas alleviate its current issues with affordable housing as more and more people move in and its economy expands.

Among those in favor of Vegas building “up” is Brian Nugent – a real estate broker with IS Luxury – who noted the addition of more apartment and condo complexes could help families to afford places to live in the city.

As there is less and less land available for single-family detached homes, I think high-rises become more and more appealing,” he said. “So, I think there could be a need moving forward for more high-rises.”

Currently, the federal government owns about 88 percent of the land in Clark County alone, with over half of that property – 2.6 million acres – managed by the Bureau of Land Management (BLM). The failure to release parts of that land for development has contributed to the current housing crisis being experienced in the region, experts say.

BLM has been slow to release land for development to the private sector, and current estimates indicate that if that doesn’t change soon, the Las Vegas Valley could run out of buildable land by 2032, according to the economic consulting firm Applied Analysis.

Up until recently there has been land available in the valley and because Vegas has grown so much recently as a city and its population, it really just seems like in the last few years the conversation about running out of land has really picked up,” Nugent said. “Where in the past it was easy for developers to buy plots of land and do detached single-family home developments, because the land was readily available and I think as more and more of that land gets developed and less is available then the next logical question would be is it time to start going vertical?”

Shelter Realty Property Management specializes 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.

Panorama cityscape view of Las Vegas at sunset in Nevada, United States of America

Two Real Estate Firms Team Up to Build Luxury Rental Complex Along Las Vegas Boulevard

LAS VEGAS, NV – A new luxury rental apartment complex is now in the early stages of development just south of the famed Las Vegas Strip, with two real estate firms located in the midwestern United States teaming up to make the project a reality.

The Cleveland, Ohio-based NRP Group – one of the nation’s top multifamily real estate developers, general contractors, and property management firms, according to the firm’s website – and Chicago, Illinois-based Waterton, a real estate investment and property management company with a focus on multifamily and hospitality properties, issued an announcement in October that they will be developing a 368-unit luxury apartment complex called South Valley.

Construction on the apartment complex – located at Las Vegas Boulevard and Erie Avenue, between the South Point and the M Resort and situated approximately 15 minutes south of the Las Vegas Strip – is slated to start “imminently,” with the first units expected to be ready for their respective tenants to move in during the middle of 2027, the two companies stated in a recent press release.

The project will take the form of two four-story buildings boasting numerous posh communal amenities, including outdoor seating areas with fire pits and a “well-appointed” club lounge, according to the developers.

In addition, the apartments themselves will spare no expense when it comes to luxury bells and whistles, including quartz countertops and subway-tile backsplashes in their kitchens.

This is not the first foray into the Southern Nevada real estate scene for either of these firms. Waterton has previously bought apartment buildings in the Las Vegas Valley, and NRP Group is currently in the midst of constructing several apartment projects in the region, including a luxury building in the southwest valley, a rental complex on Silverado Ranch Boulevard, and a North Las Vegas-based affordable housing complex.

Shelter Realty Property Management specializes 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.