LAS VEGAS, NV – Following housing costs in Southern Nevada reaching extremely high peaks after the lifting of lockdown measures following COVID-19’s wake in 2022, tenants are now finding rents in the region reverting back to pre-pandemic levels. In fact, according to a report released by the University of Nevada, Las Vegas’ (UNLV) Lied Center for Real Estate rents in Nevada are now essentially at the same level today that they would have been at if the COVID pandemic had not taken place at all. The data suggest that asking rents, today, are on par with what they would have been…
LAS VEGAS, NV – While still generally far more affordable than most other areas of the country, the cost of living in Las Vegas has come under scrutiny recently amid surges in both house prices and rent, but a new survey released by real estate company Redfin indicates that a recent increase in the number of housing units available on the market has led to a corresponding decrease in the amount of money that tenants are paying their landlords each month. While not all renters are experiencing a drop in what they pay, many reportedly are; when Las Vegas Valley resident Erin…
LAS VEGAS, NV – New data from Redfin indicates that apartment rental rates in Las Vegas are increasing faster than the national average, a development driven both by strong demand and an overall limited amount of inventory, among other factors. Many other cities in the Southeast and Southwest United States have seen rental rates dropping when compared to last year, with the average rate having increased 1.7 percent by the end of April and 1.1 percent year-over-year. However, Las Vegas has bucked that trend, with rates having increased 2.4 percent by the end of April and 1.7 percent year-over-year. Furthermore, Colliers…
LAS VEGAS, NV – During the mid-2000s recession, numerous families lost their homes to the dreaded malady of foreclosure. And while the housing market has obviously improved significantly since those days, experts are noting that the number of foreclosures nationwide is starting on an upward trajectory once again, with Las Vegas being considered as currently having the highest number of them. However, it’s not time to panic just yet, as the current level of foreclosures aren’t even close to approaching those seen during the recession; however, a new report from Attom Data does provide some sobering insight into the current state of…
LAS VEGAS, NV – After months and months of skyrocketing rent increases that drove very real affordability concerns, the rental market in Las Vegas has finally begun to show signs of stabilizing in a positive manner. While units are still being leased at a healthy rate in Vegas and landlords are still purchasing buildings and developers are constructing new projects, rent increases have been dialed back and tenants have even begun to negotiate rental rates once again, a tactic that was pretty much nonexistent for the past couple of years, experts say. Whereas rent hikes of anywhere from $200 to $1,000 were…
LAS VEGAS, NV – Due to rising interest rates on home loans marking the end of cheap borrowed money – combined with national inflation currently at a 40-year high – home prices in Las Vegas have actually dropped for the second consecutive month in a row after over a year of consistent, record-setting monthly gains, leading experts to remark that the market in Southern Nevada is “definitely turning.” In July, the median sales price of previously owned single-family homes was $465,000, representing a drop of 3.1 percent – amounting to $15,000 in value – from June, at which time the median sales…
LAS VEGAS, NV – After a long period of time that saw Las Vegas home prices continuously increase and break records month-after-month, the inevitable has finally taken place: according to a report released Wednesday by Las Vegas Realtors (LVR), local home prices dropped for the first time in over two years, an occurrence that experts say is proof that the market in Southern Nevada is finally beginning to stabilize. The median price of existing single-family homes sold in Las Vegas in June dropped to $480,000, down from the all-time record-setting amount of $482,000 that was set in May; this represents the…
LAS VEGAS, NV – During the depths of the COVID-19 pandemic the housing market unexpectedly started to boom, propelled by record-low interest rates on home mortgages and buyers enticed by acquiring homes with cheap money. But as demand continued to increase, home prices began to swell, with buyers taking solace in the fact that interest rates nonetheless remained very affordable. Unfortunately, this is no longer the case, as an attempt to lower out-of-control inflation and prevent a potential recession, the Federal Reserve has begun increasing their interest rates. This, sadly, has correspondingly caused a significant jump in the cost of…
LAS VEGAS, NV – The housing market in Las Vegas has experienced a historic degree of growth in the past year, with fierce competition for the city’s limited inventory resulting in fast sales, multiple offers – many well above the asking price – with cheap money in the form of low-interest mortgage loans fueling the activity to levels not seen before the mid-2000’s recession. However, one vital piece of the puzzle – and one of the main driving factors – of that sales activity is quickly going away. Borrowing costs have been steadily rising as of late, and the resulting higher-interest home…
LAS VEGAS, NV – A new report indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country. The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere…
LAS VEGAS, NV – Due to ever-increasing demand and a lack of inventory, the cost of apartments in the Las Vegas valley continues to climb, with the median monthly price of a one-bedroom unit hitting its highest level ever, a development that is continuing to stoke concerns over affordability among residents in the region. Reports indicate that roughly half of the valley’s residents are renters, and the rapidly-increasing costs of doing so are starting to weigh heavily upon them; the monthly rent for a one-bedroom apartment currently ranges between $1,200 to $1,700, with the median price being $1,500. In stark contrast,…
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…
