LAS VEGAS, NV – To address the housing crisis that is currently ongoing in Las Vegas, the Southern Nevada Home Builders Association (SNHBA) announced that petitioning the government to release more federally-controlled land for development would be the group’s main priority in 2025, a goal that’s looking now more than ever closer to becoming a reality.

SNHBA CEO Tina Frias last week said that her organization has been working with the office of Nevada Senator Catherine Cortez Masto on bipartisan efforts to make 25,000 acres of federal land available to Clark County for the development of both affordable housing as well as growing local business interests. In addition, an additional 2 million acres will be set aside for conservation.

Along with the above-mentioned acreage being made available, Frias expressed hope that additional land will be released in the near future as well.

From the folks that have been involved in federal lands in the state for 30-plus years and are part of my membership, they said this is the most momentum they have seen on a lands package ever,” she said. “I’ll tell you in my opinion I’m both excited but also nervous because I think we will see something come to fruition.”

One of the primary reasons for the housing crisis in Southern Nevada, according to a growing number of those in the real estate industry, is due to the Bureau of Land Management (BLM), with the federal agency currently managing nearly three million acres in Clark County; the U.S. government currently owns 80 percent of the land in the state of Nevada overall – the most out of any state in the country – and 88 percent of Clark County.

In 1998, the Southern Nevada Public Land Management Act was passed that set aside approximately 67,000 acres out of the 2.9 million available in the Las Vegas Valley for development of residential housing units or commercial uses, with an additional 33,000 acres that have also been earmarked for potential developing that have not yet been released.

Frias also referred to a proposal by the Trump Administration to give a joint task force the ability to identify and release lands in the state for development, but said that the process involved can be very convoluted and slow; as a result, she’s hoping for an act of Congress – in addition to the continued efforts of local government – to streamline and speed-up things.

We need to recognize there’s an elephant in the room and that’s the land constraints,” Frias said. “That’s going to take coming together at the federal level and working collaboratively with our delegation. That will take continued leadership from the governor’s office and local government will play a key role in that as well.”

Shelter Realty Property Management specializes 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 – After several months in a row of ebbing and flowing and coming precariously close, Las Vegas home prices in January finally set a new all-time record for the region.

According to a new report by industry group Las Vegas REALTORS, the median price of an existing single-family home in Las Vegas reached $485,000 in January; this represents a whopping $10,000 increase over the previous month’s price and a jump of nine percent year-over-year.

The previous record high in Vegas was $482,000, set back in May 2022.

Brian Gordon, Principal with Applied Analysis, said that following a degree of stagnation in the local home market that saw inventory rise, recent renewed demand driven by an influx of out-of-state transplants – and a subsequent increase in sales – led to January’s significant jump in housing costs.

Prices have continued to rise. We’ve seen a decent amount of home sales take place over the last month,” Gordon said. “The demand side of the equation has continued. We continue to see people migrating in. We’re seeing people move in from California and other markets that are demanding housing.”

However, increased demand isn’t the only driving force behind rising home values; Gordon also noted that the costs associated with building homes have also been going up as of late.

The cost of land that’s ultimately required. The cost of building materials or labor,” he said. “All of that sort of factors into prices on the new home construction side and that tends to ripple through the real estate market. I think the resale market is also seeing some of that upward pressure on pricing as demand continues to persist.”

But, while this may create unfortunate barriers to affordable housing for some, the good news is that Vegas residents fortunate enough to already own a residence are enjoying a sizable jump in the equity that their home has been building up over the years.

Shelter Realty Property Management specializes 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 – A proposal implemented by the former Biden Administration’s Federal Communications Commission (FCC) that would have banned mandatory bulk billing arrangements for internet services in apartment buildings – allowing tenants to opt-out of their landlord’s Internet Service Provider (ISP) choice in favor of their own – has been withdrawn by the Trump Administration, effective immediately.

Originally in March 2024, former FCC Chairwoman Jessica Rosenworcel had put forward the proposal that would have mandated tenants not be required to pay for specific internet services by their landlords in an effort to increase consumer choice in the broadband market.

The ban would not have been sweeping or all-encompassing; instead, it was meant to increase competition in the market by simply allowing tenants in apartments, condominiums and public housing to opt-out of arrangements and seek out their own ISP, potentially allowing them to find more affordable internet access plans.

At the time, the proposal encountered a high degree of blowback on the part of the internet service providers and the multifamily community, and to date had not yet come to a vote.

However, new FCC Chairman Brendan Carr – appointed to the position by President Donald Trump – has withdrawn Rosenworcel’s proposal from the FCC’s consideration. When queried about his decision, Carr said that bulk billing arrangements can actually result in making high-speed internet more accessible and affordable to consumers, especially elderly people living in affordable housing or low-income renters.

Experts note that ISP costs when using bulk billing can potentially be up to 50 percent lower for tenants who use it; in addition, barriers such as credit checks and installation fees are often removed from the equation as well.

In contrast, opponents of bulk billing arrangements say they stifle competition in the market; in a previous effort to address this, the FCC in 2022 issued a ban on exclusive revenue-sharing agreements between landlords and ISPs in multi-tenant buildings.

Shelter Realty Property Management specializes 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 – Over 150 single-family homes were purchased in the Las Vegas Valley throughout 2024 by a real estate investment firm backed by Wall Street, according to property records.

The Greenwich, Connecticut-based firm in question, Starwood Property Trust, bought 151 homes in the valley in October for a combined $58.2 million, spread out over three separate transactions. The homes are located in several different communities across the valley, including North Las Vegas, Henderson and the southwest and northwest valley.

Starwood Property Trust will be turning most of these valley-based properties into rental units, as the mammoth firm – worth an estimated $6.45 billion – currently owns numerous rental homes throughout the United States.

Kristi DesJarlais, Senior Vice President of Communications and PR for Invitation Homes – the largest owner of single-family rental homes in the United States, owning 84,000 in 16 markets as of July 2024 – confirmed that the Dallas, Texas-based firm would be serving as property manager for an as-yet unknown number of the new homes acquired by Starwood Property Trust late last year.

Previously, in 2023, Starwood sold 264 homes that it owned in the valley to Invitation Homes in a deal worth $98 million.

The acquisitions by Starwood Property Trust are part of an ongoing phenomenon where hedge funds and corporate landlords backed by Wall Street – in addition to affluent investors – have been responsible for a rash of purchases of single-family homes across the country in recent years that they then typically utilize as rental properties. However, experts say this has been contributing to a shortage of affordable housing for families, in addition to being responsible for a rise in rental rates as well.

At this rate, according to a study by MetLife Investment Management, by 2030 approximately 40 percent of all houses in the United States could be owned by Wall Street corporations.

Shelter Realty Property Management specializes 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 – The former sites of the Texas Station and Fiesta Rancho in North Las Vegas – both of whom closed their doors for business in 2020 due to the effects of the COVID-19 pandemic – are now being developed into a new housing community that, upon completion, will help to address the ongoing housing crisis in the region.

Hylo Park, whose construction is anticipated to begin early this year, is slated to take the form of a new mixed-use development – comprised of a 700-unit housing complex, along with entertainment and retail components, among other options – located upon the currently empty 73-acre lot that was left behind following the 2022-2023 demolition of the Texas Station and Fiesta Rancho hotels.

The Hylo Park project was originally announced by Agora Realty & Management in July 2023 following an abortive attempt by the city of North Las Vegas to acquire the property for use as an affordable housing development; however, city officials deemed the purchase price to be too high.

The North Las Vegas Planning Commission approved Agora Realty’s final development plan for the south end of Hylo Park in December, with construction of the project slated to begin in early 2025; a finish date has not yet been publicly announced.

Upon completion, Hylo Park is planned to have a housing complex with approximately 700 brand-new units, in addition to a sports field, an outdoor entertainment venue, a 150-room hotel, restaurants and bars, a convenience store, a car wash, an ice rink, and possibly more.

Reports indicate that surrounding residents have reacted positively to the news of Hylo Park’s development, as the 2020 Texas Station and Fiesta Rancho closures have left locals with a less entertainment options in the area, a situation they anticipate will be remedied by this new project.

Shelter Realty Property Management specializes 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 – In an attempt to address the current housing crisis in Southern Nevada, the Bureau of Land Management (BLM) announced they will be auctioning off approximately 90 acres of land located throughout the Las Vegas Valley this upcoming March.

According to a notice posted by the BLM on the Federal Register, the online-based auction – slated to start at 8 a.m. on March 18 – will be comprised of 89.35 acres of land divided into 11 separate parcels.

BLM noted that 30 days prior to the auction, specifics of the land up for grabs – including legal description, physical location, encumbrances, reservations, rights-of-way and exact acreage – will be posted online.

Currently, what has been revealed by the BLM is that two parcels are located in Henderson, along with one in the southern part of the Las Vegas Valley and three in the northwest part; some are situated adjacent to commercial lots, and other next to residential properties.

As for the local jurisdictions that the properties are located in, two are within Henderson, three are in the city of Las Vegas, and six are in Clark County.

As per a press release put out by the BLM announcing the auction in March, the federal agency noted that the land being auctioned off will not be done so with any discounts, as per the 1998 Southern Nevada Public Land Management Act; instead, the parcels will be sold at “fair market value.”

Critics have become increasingly vocal with their complaints over the BLM’s seeming reluctance to set aside more land for residential or commercial development in the Las Vegas Valley, either by releasing it outright or allowing it to go to auction. Indeed, many are blaming the agency in-part for the overall lack of affordable housing options in Southern Nevada, and it is hoped that this auction is the first of many that will eventually remedy the situation.

Shelter Realty Property Management specializes 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 – Two cases that are currently before the United States Supreme Court, depending on their outcome, could have a serious impact upon several aspects of the home development industry, mainly when it comes to federally-mandated environmental reviews and how they could affect the overall timeline of construction projects.

Depending on the outcomes of San Francisco v. EPA and Seven County Infrastructure Coalition v. Eagle County, Colo., addressing the housing crisis in Southern Nevada could face significant setbacks, as developers could be required to greatly increase the scope of federally-required environmental reviews and/or studies to gauge the potential impact that their construction projects could have.

The Las Vegas Valley has been experiencing a housing crisis in recent years, due to a shortage of affordable housing units; this can be attributed to several factors, but the main culprit experts say is an overall lack of land to develop, given the fact that much of the land in Southern Nevada is owned by the Bureau of Land Management (BLM). Critics of BLM have pointed out that the federal agency has been slow to release additional lands for housing development, contributing to the housing crisis that is currently ongoing in the valley.

However, even if additional lands are released for development, builders could face an uphill battle depending on the outcome of the two aforementioned Supreme Court cases. Reviews to ensure that the surrounding environment and wildlife – as well as any federally-protected endangered species – are not harmed by any given construction project can already contribute to a significant amount of time and planning, ranging anywhere from months to years.

These cases could cause environmental impact reviews and studies to become even more stringent, mandating that the review process take into consideration a more diverse array of environmental harm, including potential threats to drinking water and other maladies.

The overall intention of these lawsuits is to ensure the health and well-being of millions of people across the country, a cause that should be lauded; the unfortunate side-effect, however, is that it may take even longer to address Las Vegas’ housing crisis depending on the outcome, according to the National Association of Home Builders.

Both of these cases have the potential to add uncertainty to the development process. And uncertainty translates to added time and money,” the organization said in a statement.

Shelter Realty Property Management specializes 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 – The cost of housing in the United States is a hot button topic leading up to the presidential election in November, and a new study shows that the residents in a growing number of states across the nation are becoming “cost burdened” by the percentage of their income that they have to devote to paying their monthly rent and utilities, with Nevada and Arizona leading the pack in terms of this demographic.

“Cost burdened” is a designation for individuals or families who are paying over 30 percent of their income on rent each month; in 2019, there were seven states where a majority of tenants were in this situation. However, fast-forward to 2023, and that number of states is now at a shocking 21, according to the U.S. Department of Housing and Urban Development (HUD), with approximately 22 million renters nationwide now having to devote a substantial amount of their take-home pay to ballooning housing costs.

Having to allocate over 30 percent of their income to rent and utilities may leave tenants with difficulty in paying for other necessary goods and services, including medical care, transportation, clothing, and food, HUD says.

The three states that have recorded the largest increases in the percentage of cost burdened renters are Arizona, which jumped from 46.5 percent to 54 percent; Nevada, from 51.1 percent to 57.4 percent; and Georgia, from 48.8 percent to 53.7 percent. Coincidentally, all three are presidential swing states, and both candidates – Republican Donald Trump and Democrat Kamala Harris – are sure to make addressing the affordable housing crisis a focus during their campaigning there.

According to the University of Nevada, Las Vegas, the Las Vegas area itself had the largest number of cost burdened renters in the entire state at 58.3 percent, beating out New York City (52.6 percent) and San Francisco (48.9 percent).

Other states that saw large increases in their cost burdened populations include Florida (55.9 percent to 61.7 percent) and Maine (44 percent to 49.1 percent).

Shelter Realty Property Management specializes 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 – In the Las Vegas Valley a tiny home is generating big demand from desperate Las Vegas renters on a budget, with its landlord receiving scores of inquiries from prospective tenants, a situation he said he was not expecting, according to Fox 5 Las Vegas.

The 160-square-foot residence is listed for just $950 a month – half the average rent in the valley, which is currently $1,745 – and is located on the landlord’s own property; he said he built it himself for just $22,000, and did so as a way to help out people during the ongoing economic downturn that the country has been experiencing.

I’ve literally [had] 113 and counting people. [My phone] keeps ringing on wanting to rent it,” the landlord said, who asked to remain anonymous when speaking to local media. “It’s definitely in people’s heart to want to save some money right now. This economy’s tough, and just doing my share on trying to help someone out.”

This isn’t the first time that this generous landlord has put such an offering on the market, having built dozens of other small homes that he rents out. In 2021, the Nevada State Legislature passed a law that requires cities whose populations are higher than 150,000 to create zoning laws for tiny homes, with compliance required by 2024.

The $950 rent includes all utilities and services, including water, electricity, internet, garbage removal, and plumbing. The interior boasts a small pull-down table for dining, a kitchen with a cooktop stove, a bathroom, a washer and dryer combo, and a bedroom located in an upper loft overlooking the main floor.

In addition, the tenant that snags this property will also enjoy a small backyard space, including a garden and a table and chair.

The landlord noted the interested parties run the gamut from a family of four to numerous single parents with children and pets. But the one uniting factor that all of the prospective tenants share is a need for affordable housing, and they are apparently willing to sacrifice some living space in order to acquire it.

Shelter Realty Property Management specializes 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 – An apartment complex catering to low-income seniors has begun construction in the southwest Las Vegas Valley this week, a project spearheaded by a local non-profit organization known as Nevada Hand that is looking to address affordability concerns for elder residents.

Dubbed Buffalo Cactus Senior Apartments, and owned by Buffalo Cactus LP, the complex is located on Buffalo Drive and Cactus Avenue and, upon completion, will take the form of a 125-unit community for senior citizens, according to Nevada Hand’s Vice President of Community Affairs Wally Swenson.

We’re excited here to be breaking ground,” he said. “The only day that I’m more excited about than breaking ground is the day, we call it key day, when we give keys to the residents when they can move in.”

Swenson was on hand at this week’s groundbreaking, wearing a hard hat and getting his hands dirty with the rest of the crew in an attempt to keep up with the increasing demand for affordable housing in Las Vegas, particularly when it comes to its most vulnerable citizens.

We have a housing crisis throughout the nation and we have one locally,” he said. “We have one statewide. 84,000 is the gap between what we currently have and what we need.”

Buffalo Cactus Senior Apartments isn’t the only project that Nevada Hand has in the works to further their goal. In addition, they’re also currently building an additional 2,000 affordable units throughout the city, as well as housing 8,000 seniors and low-income families currently throughout 5,000 units they have already completed.

According to Nevada Hand, Buffalo Cactus Senior Apartments is targeted at individuals making between $20,000 and $35,000 per year, which is considered to be in the low to very low-income range. In contrast, the average one-person household adjusted income in the Las Vegas Valley is $60,700, as per the U.S. Department of Housing and Urban Development.

Nevada Hand is a non-profit that – in addition to housing – provides other services for seniors and low-income families in the city, including shuttles for their tenants and a food bank. The organization accepts donations, and if you are interested in helping to support them, please click here.

For more information on affordable housing call (702) 739-3345 or visit the Nevada Hand website; https://www.nevadahand.org, Nevada’s Nonprofit Leader in Affordable Housing.

Shelter Realty Property Management specializes 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 – According to a new report released this week, a Dallas-based corporate landlord backed by Wall Street purchased hundreds of homes in Clark County in a massive sale that took place on a single day in the summer of 2023.

Spread out amongst three separate residential transactions that took place on July 18, a whopping 264 homes in Clark County were purchased by Invitation Homes (NYSE: INVH) from the Miami-based investment firm Starwood Capital Group. The three transactions consisted of $57.5 million for 155 homes, $26.3 million for 70 homes, and $14.1 million for 39 homes, for a grand total of $98 million, as per Clark County property records.

94 of the homes sold were located in the city of Las Vegas, With an additional 77 homes in North Las Vegas. The purchase price for the homes in question ranged from between $292,000 to $694,000, with the average price being $371,514.

While that deal between Starwood Capital and Invitation Homes may seem mind-bogglingly huge, it was merely part of a larger transaction between the two entities that consisted of a $650 million real estate portfolio swap for approximately 1,900 single-family rental homes, most of which are spread out amongst areas in Texas, Florida, Arizona, Nevada, and California.

The deal is part of an ongoing phenomenon where hedge funds and corporate landlords backed by Wall Street – in addition to affluent investors – have been responsible for a rash of purchases of single-family homes across the country in recent years that they then typically utilize as rental properties. However, experts say this has been contributing to a shortage of affordable housing for families, in addition to being responsible for a rise in rental rates as well.

At this rate, according to a study by MetLife Investment Management, by 2030 approximately 40 percent of all houses in the United States could be owned by Wall Street corporations.

Shelter Realty Property Management specializes 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 – Construction on Parq at Camino, a new luxury apartment complex in North Las Vegas, has been completed and the facility is now open and leasing to new tenants. 

Parq at Camino, developed by Morgan Stonehill, is comprised of 417 units spread out over 13 buildings and is located northwest of the Craig Ranch Regional Park and south of the 215 Beltway. It features one, two, and three-bedroom apartments ranging in square footage from 837 to 1,299, with rents starting at $1,407. 

The complex’s management company, Cushman & Wakefield, noted that Parq at Camino features numerous amenities for their tenants, including electric vehicle charging stations, covered parking, pet washing stations, a dog park, a pool, clubhouse, indoor and outdoor fitness center, business center with computers and internet access, and an outdoor picnic area with barbecue grills. 

The Las Vegas Valley has been experiencing issues with housing options for its many residents with a shortage of both single-family homes and apartments, and one of the areas hardest hit by this problem is North Las Vegas.  

While over the course of the last year North Las Vegas saw rents dipping significantly for one-bedroom apartments, reports indicate that they have been increasing steadily as of late due to increased demand. 

However, that demand is slated to be addressed as numerous apartment units – including Parq at Camino – are either opening or are in the process of opening across the valley, including in North Las Vegas. As more apartment units open, rents are expected to decrease proportionately, providing a measure of relief for those looking for affordable housing options. 

North Las Vegas is currently ranked fifth on the list of cities with the greatest population increase since 2020, according to the U.S. Census Bureau, having added 9,917 additional new residents by 2021.

For information on leasing opportunities at Parq at Camino call (702) 796-7900 or visit: https://www.parqatcamino.com

Shelter Realty Property Management specializes 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.