LAS VEGAS, NV – A new report from UNLV’s Lied Center for Real Estate confirms an ongoing trend in Las Vegas as of late where rents are increasing in poor and middle-class neighborhoods, where in contrast they are consistently lowering in more affluent areas, with several factors contributing to this developing issue. 

Las Vegas-area realtor Michelle Gamble said that many of her lower-income clients are facing a hard time out there in terms of the increasing amounts of money they must devote to rent, noting that currently, “the market is tough.” 

I’ve had clients who came into Nevada, they moved here about four years ago where they were paying like $900 a month,” she said. “Now their rent is up to $1500 and $1600. And no upgrades.” 

Another realtor, Steve Hawks, confirmed the ongoing issue where lower and middle-class rents are rising, whereas rents in rich areas are dropping; this is a phenomenon that he attributes to the low home mortgage interest rates that many buyers took advantage of during the COVID-19 pandemic. 

The higher-end rents are coming down quite a bit. The lower-end to mid-range rents are staying steady. Maybe going up a little bit,” he said. “Many sellers are no longer selling their home to buy another. Instead, they’re renting their home out because their interest rate is so low and their payment is so low.” 

In contrast, Hawks said, the recent price increases at the lower end of the rental spectrum can most likely be attributed to out-of-state hedge funds that snapped up a great deal of affordable housing in the region who are now looking to turn a quick profit. 

They pretty much control the rental market in that arena under $500k. They have by far the most rentals,” he said. “This is what happens when you have big corporate America buy single family houses where people can’t rent. People can’t buy. What does that do? It causes prices to go up. It causes rents to go up. That’s the number one problem right there.” 

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 – Currently, Asians and Polynesians are making up some of the fastest growing ethnic groups in Las Vegas, and according to experts they are starting to make a serious impact on the Southern Nevada real estate market. 

With May representing Asian American and Pacific Islander Heritage Month, realtor Shane Nguyen – who has worked in the local industry for the past 26 years – said that approximately 12,000 members of the Asian American Pacific Islander (AAPI) community are moving to Las Vegas on an annual basis; at the time of the 2020 U.S. Census, there were 335,000 individuals who identified as being AAPI living in Clark County alone. 

Nguyen noted that the reason Vegas is so appealing to AAPI people is because housing prices are more affordable compared to many other large metro areas in the country, with most of the members of the community that are moving here hailing from California. 

The real estate over there is almost three times more than over here so as you can see it is very affordable and it’s close to California,” he said. 

In addition to the more affordable housing, another reason why many AAPI people are moving to Southern Nevada is due to the extremely business friendly climate when compared to neighboring states such as California. This makes for a significant lure to Asians and Polynesians, whom Nguyen noted tend to be very hard-working and entrepreneurial. 

We invite small businesses, we don’t have a corporate tax, personal tax, involuntary tax, we don’t have franchise tax, gross receipt tax, so it makes it very attractive for business owners,” he said. 

As of late, Las Vegas’ Chinatown has been expanding rapidly and the AAPI community has, as a result, been spreading throughout the entire valley, providing significant contributions to the local economy as well as the real estate market. 

We help the real estate market in terms of buying homes, there are many investors out there that are not from Las Vegas or Nevada, and they come from other states to invest here because it is so affordable,” Nguyen said. “Las Vegas is an amazing city it is a melting pot and It welcomes all walks of life.” 

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 – As Las Vegas’ real estate market begins to cool down overall amid rising mortgage rates and record inflation nationwide, the massive rent increases tenants have been seeing have started being walked back recently.

While the average rent in Las Vegas in August was approximately $1,890 – representing an 8 percent jump from the same period of time in 2021 – it’s a far cry from the whopping 25 percent increase rents experienced from August 2020 to August 2021, reports say.

So, while rents are still going up in some instances, the degree of which – with the amounts being called “unsustainable” in the long run by experts – appear to be slowing down significantly, and in some cases going down slightly.

According to Susy Vasquez, interim executive director of the Nevada State Apartment Association (NVSAA), part of that reason is the overall change of the rental market in Las Vegas when compared to last year.

While still a popular destination for many transplants from elsewhere in the country, Vasquez notes that the overall the number of people moving to Southern Nevada is lowering and, due to high prices, more rental units are sitting on the market for longer periods of time. As a result, some landlords are offering various concessions to prospective tenants, such as lowered rent.

But despite these changes in the market, experts say that demand is still “very high” when compared to most other places in the country – due to the still-relatively low cost of living and booming job market – and the current high cost of homes is driving many to rentals until prices come down.

Renting in Southern Nevada is expected to further stabilize in light of a $500 million affordable housing plan launched by Governor Steve Sisolak in early 2022, which would provide funding for initiatives such as new multifamily development, rehabilitation and preservation of existing properties, land acquisition for new construction, and homeowner financial assistance.

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 VAGAS, NV – With mortgage rates going over 6 percent for the first time in 14 years – with the last instance of this occurring during the Great Recession of 2008 – prices of many homes on sale in the Las Vegas real estate market have begun to lower in response, experts say.

The situation is causing some degree of confusion among prospective Vegas-area homebuyers, as many are unsure of what to do; should they wait to make a purchase until mortgage interest rates go down, or would they end up doing themselves more harm than good if that gamble fails to pay off?

However, experts are saying that those who are interested in buying a house should act now and lock in an interest rate, since the fact that home prices are dropping should serve to offset the amount that your monthly payment would be going up. For example, if a homebuyer were to wait and interest rates go up another half-percent, they would find themselves with a much higher monthly payment than if they had purchased a home that cost as much as $10,000 to $20,000 more.

Those in the know are also noting that higher mortgage interest rates may actually cause a reduction in the amount of homes available on the market, as there are not only fewer buyers, but also fewer sellers, with more people taking a “wait and see” approach to listing their homes until circumstances improve.

But real estate experts are saying they anticipate the issue to have less of an impact in Southern Nevada than it will have elsewhere in the nation, given the region’s strong job growth over the course of the last year, as well as the resurgence of the hospitality industry following the COVID-19 pandemic. The area’s low taxes and relatively affordable housing when compared to many other parts of the country are also still serving to drive interest in moving to Las Vegas.

Those factors, along with belief by some that mortgage rates may come down sooner rather than later, will ensure that Las Vegas will remain a competitive and attractive housing market for years to come.

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.

Boulder City, Nevada

Although Boulder City, Nevada is located only twenty-three miles from the City of Las Vegas, it is a world apart from the glamour and glitz of its famed neighbor. For example, the Boulder City charter prohibits, and has always prohibited gambling within the city limits since the city was established in 1932.

The uncontrolled growth seen in Las Vegas over the past two decades in particular, has served as a warning to Boulder City regulators who, wanting to preserve the peace and tranquility treasured by its residents, have placed strict limits and limitations on building permits for single and multi-family construction, and have not allowed large hotel complex construction. Hotels in Boulder City are modest in size and are limited to a thirty-five room capacity.

Discover why Boulder City homeowners trust Shelter Realty for expert Property Management. Request your Free Rental Analysis today and find out what your property could earn.

The creation of Boulder City in 1932, was directly due to the fact that the Bureau of Reclamation required housing facilities to be built specifically for the workers who would be brought into the area to begin the construction of Hoover Dam.

The Bureau of Reclamation remained in control of Boulder City until 1958, and the city was finally incorporated on January 4, 1960.

Although many residents are employed in, or operate businesses in Las Vegas, they prefer the neighborly atmosphere of Boulder City. Affordable housing and medical care, as well as a livable tax rate, particularly in comparison to Las Vegas, has been another incentive that has continued to attract new residents.

In fact, and directly due to the affordability and peaceful surroundings of Boulder City, Money Magazine ranked Boulder City number six in the Magazine’s annual list of the twenty-five best places in the country to retire.

Although highly rated as a retirement community, Boulder City is a great place to raise a family, as well. This family-friendly town has an elementary, middle and high school under the jurisdiction of the Clark County School District, and higher educational institutions are located just a short drive from town. A small satellite campus of the College of Southern Nevada serves the immediate area.

With plenty of outdoor recreational activities such as golf, mountain hiking trails, nearby Lake Mead for boating, a city pool and tennis courts, easy living and nearby Las Vegas for exciting night life, Boulder City offers something for everyone, and is a truly great place to call home.

If you are considering relocating in or around the Boulder City area, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Throughout the COVID-19 pandemic, Las Vegas residents saw their rents increase by what some would consider to be unsustainable degrees; the subsequent increase in gas prices and inflation – which, as of June, hit a whopping 9.1 percent – have only served to put additional financial stress upon not only Southern Nevada residents, but people nationwide.

Currently, the local average Vegas rent is $1,480 a month, which is still $140 cheaper national average of $1,620; nonetheless, it still represents a steep increase over previous years, when the average rent jumped 23 percent year-over-year from 2019 to 2020, and then an additional 11 percent in 2021.

However, experts are predicting that as 2022 continues, rents should finally start to stabilize as local Vegas residents’ leases come up for renewal, offering them a slight respite from the economic onslaught so many Americans are dealing with on a daily basis.

According to Nevada State Apartment Association (NVSAA) Executive Director Susy Vasquez, the skyrocketing rents that have plagued so many Vegas inhabitants should start to calm down as the year progresses, with an additional increase of only approximately 5.5 percent expected by the close of 2022.

“Currently, the apartment market appears to be normalizing and stabilizing,” she said. “We are not going to be experiencing that year-over-year rent growth that we have been seeing in the double digits. We’re going to be experiencing more single-digit rent growth moving forward.”

While the economic chaos and uncertainty seen during the pandemic may be waning, Vasquez says new headwinds in the economy could impact the rental market. That includes inflation’s impact on driving up mortgage rates, and consequently, slowing home sales.

While rising home mortgage rates and house prices are driving up demand for rental units from those who are currently priced out of homeownership, local and state lawmakers are working with developers to fast-track construction on new housing; this goes hand-in-hand with the 7,440 units currently under construction in Clark County, which is expected to reduce the demand for rentals and drive lease prices down.

“They really are looking to minimize the amount of time that it takes to get those shovels into the ground, not only with affordable housing, but any housing development,” Vasquez said. “I think they’re looking more at land areas that they have, and looking to see what they can put on that land in a quick amount of time in order to relieve the pressure of supply.”

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 – Arioso, a 195-unit affordable rental community for low-income seniors in southwest Las Vegas, recently held its grand opening celebration, and the developer – Ovation Design & Development – said that more accommodations catering to low-income residents are vitally needed as rents continue to climb throughout Southern Nevada and the nation.

Ovation founder Alan Molasky said that as affordable rental options continue to shrink for local residents – especially seniors, many of whom live on tight, fixed incomes – Ovation’s commitment to serving this venerable segment of society is their number one priority.

To that end, Molasky – who was accompanied to Arioso’s Grand Opening with numerous local dignitaries, such as Governor Steve Sisolak and Clark County Commissioner Justin Jones – said that Ovation’s high-quality apartment complexes are not only lower-priced for qualified seniors, but also offer a number of amenities, such as recreational and resident service components.

“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well-documented,” Molasky said. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Governor Sisolak stated at the event that one of the biggest problems facing residents of Nevada is rental options they can afford, especially as rents have been skyrocketing following the end of the COVID-19 pandemic.

“I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” Sisolak said. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

The Energy Star-rated Arioso represents the 13th affordable senior housing community built and managed by Ovation, and includes one and two-bedroom apartments, and offers a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities for residents.

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 – Las Vegas-based real estate firm Nigro Development held a public groundbreaking ceremony recently to signify the start of construction on SpringHill Suites, a 127-room hotel situated in the Las Vegas Valley north of the 215 Beltway at Decatur Boulevard.

According to a statement issued by the firm, construction of SpringHill Suites is slated to be completed in the first quarter of 2023, with Nigro Development President Michael Nigro saying that it will address a very real need for housing options in this part of the city.

“The southwest region of Las Vegas has developed so much in recent years, and there is an increasing need for this type of property to support those in the community as the population and visitor numbers grow, along with the new industrial businesses opening in the area,” he said.

Nigro Development is no stranger to the Las Vegas real estate scene; they are responsible for creating several mass rental properties in Southern Nevada in an effort to address the serious demand for affordable housing options as the local economy continues to recover in the wake of the COVID-19 pandemic.

In addition to SpringHill Suites, the company has also been responsible for constructing a Residence Inn on St. Rose Parkway in Henderson and a Fairfield Inn & Suites on Sky Pointe Drive in the northwest valley, both of which were completed in 2019. In addition, the firm also broke ground on a 119-room TownePlace Suites in North Las Vegas in 2020; that project is slated to be finished and open for business in the spring of 2022.

“With over 600,000 square feet of space currently under management for investor partners, Nigro Properties has proven success in the property management realm,” Nigro’s website states. “Nigro Properties ongoing objective entails providing first class environments for conducting business while attracting and maintaining satisfied tenants. Nigro Properties’ staff never ‘rests on its laurels.’ They are steadfast in their quest to maintain the highest levels of quality customer service in Las Vegas, always fostering positive tenant relations and exceeding expectations.”

Feature photo: Todd Nigro, Brian Paulson, Michael Nigro, Dave Voiss, Mike Cook, Cory Frank pose during the ground breaking at Decatur Commons and going vertical ceremony for Springhill Suites. Photo credit: Ronda Churchill for Nigro.

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 Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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 – Home prices in Las Vegas set yet another record in September, all while several experts have noted that the skyrocketing real estate prices in the Southern Nevada region are finally showing signs of beginning to stabilize.

The median sales price of previously owned single-family homes, which accounts for the majority of the home sales in Las Vegas, hit a record $406,500 in September, which represents a 0.4 percent increase from August and a whopping 20.5 percent jump from the same period of time last year, reports say.

3,209 houses were purchased in September, which is a virtually identical number from August but a 1.9 percent decrease from September 2020. Inventory of available homes on the market increased slightly last month, but still hovered at levels well below what was available last year.

At the end of September, 3,463 single-family houses were on the market without offers, representing an increase of 6.4 percent from August but a decrease of 27.8 percent from September 2020.

The real estate market in Las Vegas has essentially been supercharged over the past year, with the city bouncing back far quicker than anticipated after the economic impact of the COVID-19 pandemic resulted in lost jobs due to extended lockdowns of businesses.

A fast-recovering economy, low-cost home loans, high demand and low inventory have resulted in rapidly accelerating housing prices – with intense competition often driving buyers to pay more than the asking price – that had some worrying about affordability issues, with the median sales price having increased by over $100,000 since January 2020.

However, experts have also noted that while records are still being set, increases have been gradually slowing going up by smaller and smaller amounts but recognizing that pricing trends seen before the pandemic may soon become the norm, especially as developers work diligently to address demand for affordable housing and rental options.

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 developer has announced plans to construct an apartment complex catering to the 55-and-over community, situated right behind a Las Vegas business that considers those in that age group among its core customer base- Henderson’s Sunset Station Hotel and Casino.

Ovation Development has filed plans with Henderson city officials for the apartment complex – dubbed Radiance at Sunset – that would be constructed upon a 5.3-acre section of property that is owned by Sunset Station, located off Warm Springs Road between Marks and Stephanie streets.

Apartment construction has been picking up in Southern Nevada as the pandemic has been slowly subsiding, with developers attempting to address the very real need for affordable housing options in the region fueled by Las Vegas’ recovering economy and job market.

Radiance at Sunset would consist of 249 apartment units, and should have no problem attracting tenants, since Southern Nevada has proven to be a popular destination for individuals that have retired and are looking for an affordable location to call home – Nevada lacks state income taxes and boasts a low cost of living – that also offers nearby entertainment options such as casinos and golf courses.

Sunset Station’s ownership noted that while younger people frequent their casino, their main clientele – especially as restrictions related to the COVID-19 pandemic have eased – remain those aged 65 and older, making a neighboring apartment complex aimed at the older set ideal.

Radiance at Sunset will also be located near other local amenities that would likely prove attractive to seniors, including a 72-lane bowling alley, 13-screen movie theater, bingo, and the Galleria at Sunset shopping mall.

Representatives of Ovation Development have noted that the project is still very early in the development process, and that they are currently “working through some typical predevelopment issues” before construction can commence.

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 real estate firm from Atlanta, Georgia has gotten into the highly competitive Southern Nevada rental marketplace with the recent announcement they have purchased two large apartment complexes located in the east-side of the Las Vegas Valley.

The firm, known as Carroll, noted that they had acquired the Emerald Springs, a 436-unit complex, in addition to The Meadows, a 383-unit building situated only three miles away and located on the very same road, which is Nellis Boulevard; Emerald Springs is near Bonanza Road, and The Meadows is near Desert Inn Road.

While Carroll did not mention the amount the firm paid for the two apartment complexes, public records from Clark County reveal that the properties sold for a combined total of $163.25 million.

Investors have been buying rental properties in Las Vegas in droves as of late, fueled by low borrowing costs and a demand from consumers moving to the city for its flourishing job market and relatively low cost of living. Records indicate that 10,424 Las Vegas apartments were purchased by investors in 2021 through the month of July, in comparison with the same period of time in 2020, was only 3,065 acquired. 

David Perez, Carroll’s chief operating officer, confirmed in a statement to media that both Emerald Springs and The Meadows are currently 96 percent occupied when the purchases took place, ending a three or four-year quest on the part of the firm to find the right rental space in the Las Vegas area to invest in.

Carroll also has rental holdings in the western region of the U.S. and that Las Vegas has proved an especially attractive city to invest in as its economy is still in the process of recovering from the pandemic and tourists – which are a driving force of Vegas’ financial well-being – are finally starting to coming back.

Also, in contrast to the rising rent rates in Vegas as of late – the average rent jumped 22.7% year over year in July – Perez noted that while maintenance will be improved at the two properties, the firm is not looking to raise rates for tenants in an effort to provide 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.