Las Vegas Apartment Rent Continues to Set Records, Skyrocketing To All-Time High

LAS VEGAS, NV – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent prices.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Vegas, long thought of as one of the most cost-effective and affordable places to live in the United States, will likely hold onto that distinction for quite some time to come. However, at least one aspect of that impressive reputation has been starting to unravel in recent months, with a report indicating that Southern Nevada’s ultra-competitive home prices are now increasing faster than the national average, leading to many being priced out of the market.

The dependence that Las Vegas has on tourism as one of the main driving forces of its economy has always resulted in an ebb-and-low over the years, and the region’s housing market has been just as vulnerable to those variations in activity.

Over the past 20 years, real estate has hit extreme lows and highs, and currently Las Vegas is in the midst of yet another high, thanks mainly to a rapidly-recovering economy, low inventory, and very low borrowing costs that have enabled home buyers to get the very most for their money.

Similar circumstances have taken hold across the country – home prices have increased nationwide overall – but currently there is nowhere it is quite as acute as it currently is in Las Vegas, according to a new report.

The recently-released S&P CoreLogic Case-Shiller index show home values in Nevada increasing at rates far outpacing the national average; prices in Southern Nevada were up 23.8 percent year over year in August, which represents a much bigger overall jump than the national average of 19.8 percent.

In contrast, August 2020 home prices in Nevada had only increased 4.7 percent year over year, whereas the national average was 5.8 percent, the index notes.

Of course, it should be pointed out that home prices in times of economic hardship have also tended to hit Nevada harder than many other parts of the country as well. During the mid-2000’s recession, home prices in Las Vegas had plunged almost 33 percent year over year; nationally, however, the worst drop by home prices was seen in early 2009, which was just shy of 13 percent.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Less than one year after purchasing the property, legendary KISS rock-and-roller Gene Simmons has listed his luxury home overlooking the Las Vegas Strip for $15 million, which is over $4 million than what he originally paid for it back in May of this year.

Simmons had previously purchased the two-story, six-bedroom, 10,871 square-foot residence at 7 Talus Court, in Henderson for $8.2 million, with the 72 year-old rocker – also known on-stage as “The Demon” – also purchasing the adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million.

Of course, the fact that Simmons is already selling the property – so closely after having plunked down a significant amount of dough to acquire it to begin with – begs the obvious question of “why?” However, the answer – which Simmons recently gave during an interview with the Wall Street Journal – is actually more mundane than one would have expected.

“They’re not fans of 115-degree weather,” Simmons said of his wife, model Shannon Tweed, and their two adult children. “How many houses do you need anyway?”

County records show the property has six bedrooms, six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished basement of 3,026 square feet and basement garage of 2,284 square feet. However, the home has remained largely unused since the purchase.

In a separate interview with the NY Post in March, Simmons noted that he was also parting with his long-time Los Angeles home in favor of a “quieter life” in the form of a 12,000 square-foot mansion in Lake Tahoe, isolated from the public on an extensive four acres of land.

“We are moving out of LA for a number of reasons: one of which are the tour buses. After a certain point, we have had enough of that, even though we appreciate the attention,” Simmons said. “I’m done. There are earthquakes, fires and pandemics every year. Even though there is nice sunshine, I’m done.”

Simmons also noted that that California has become “inhabitable” due to its insanely-high tax rates.

Editors Note: Photo shown is Simmons and his wife Shannon Tweed arriving at the 2011 American Music Awards at the Nokia Theatre in downtown Los Angeles. File photo: E Jaguar PS, Shutter Stock, licensed.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Ely at The Curve, a 456-unit apartment complex located in the Spring Valley suburb of Las Vegas, has been purchased by Chicago-based LaSalle Investment Management from previous owners, The Calida Group, for $155.6 million.

Ely at The Curve, which offers easy access to not only the Las Vegas Strip, the greater Las Vegas Valley, and Downtown Las Vegas, but also several office and retail complexes, making it an ideal place to live for those looking for an apartment that is close to both business and entertainment options.

Situated at 6355 South Riley Street, Ely at The Curve was originally constructed in 2010 and offers one and two-bedroom apartments that come in at an average size of 945 square feet. The units offer a variety of attractive amenities for tenants, including walk-in closets, stainless steel dishwashers and high ceilings with crown molding.

In addition, there are two swimming pools, private cabanas, a clubhouse with coffee bar, a fitness center, and an outdoor lounge with fireplace. Ely at The Curve is located in a prime location in the Las Vegas Valley and looks to be an attractive option for professionals who have moved to the city amid the remote-work craze born out of the COVID-19 pandemic.

With the Las Vegas economy rebounding faster-than-anticipated after the end of mandatory business lockdowns, rental units in the heart of the city have proven to be an attractive – and highly-sought after option for those looking for new transplants to Southern Nevada.

Investors have been extremely active in the Las Vegas marketplace recently, with a number of high profile apartment sales having taken place as of late. In April, an unnamed buyer purchased three properties for $182 million from Tower 16 Capital Partners; in July, The Bascom Group also purchased three-properties for $72 million; and in August, TruAmerica Multifamily purchased Vida, a 252-unit building located near the Las Vegas Strip.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Nevada State Apartment Association (NVSAA) released a report earlier this week indicating that the apartment marketplace of Las Vegas is showing definite signs of stabilizing after months of skyrocketing rents and low availability, while nonetheless remaining one of the very fastest-growing markets in the United States.

The report shows that, in the third quarter of 2021, apartment rents in Southern Nevada jumped an eye-opening 22 percent when compared to the corresponding period of time in 2020. The current average apartment rent in Las Vegas is $1,403 per month, representing a $255 increase year-over-year, when the average rent in the region was $1,148.

NVSAA Executive Director Susy Vasquez noted that the report is good news for Southern Nevada, as its previous rate of growth was not sustainable in the long-term.

“Rents are stabilizing as we enter the time of year fewer people tend to move,” she said. “Rents are expected to continue increasing, but not at the rate we’ve experienced this year. The growth rate of the past 12 months is just not sustainable for a healthy market.”

In addition, the average apartment vacancy rate in the third quarter of 2021 was 3.9 percent; this number represents a sizable decrease from the third quarter of 2020, when that number was at 5.4 percent.

The NVSAA noted that Las Vegas is still holding on as one of the fastest-growing apartment marketplaces throughout the COVID-19 pandemic. 2020 data indicates that the number of residents of Clark County has jumped by approximately 40,000 people – or 2 percent of the overall population – over the course of the last year.

The fact that the county’s population has continued to swell despite the effects of the pandemic and subsequent business lockdown measures speaks to the region’s quickly-recovering economy and increasing job growth in the recovering leisure and hospitality sectors.

The report also indicated increasing growth in apartment construction, with 6,300 new units currently in development during the third quarter of 2021, as opposed to only 3,800 units in the second quarter.

Shelter Realty is a Real Estate and Property Management Company specializing 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 — Elon Musk’s Boring Company is currently one step closer getting the approvals it needs to begin construction on its so-called “Las Vegas Loop,” which would see the developer of the successful Las Vegas Convention Center “people mover” create a similar project running underneath the famed Las Vegas Strip.

Next week, the Boring Company will be attending a series of meetings with Clark County officials in an attempt to gain the approvals it needs to make the Las Vegas Loop a reality. The project would consist of a 15-mile underground dual-tunnel system that will ferry people back and forth through the Resort Corridor – with additional stops at Allegiant Stadium and UNLV – via automated Tesla electric vehicles.

Boring Company will be presenting a proposal for the alignment of the proposed route to Clark County officials next week; however, each stop along the proposed route would need additional individual land use permits before they can be constructed, which may represent a lengthy procedural process for billionaire Elon Musk’s company.

Plans classify the Las Vegas Loop as a monorail, but this is not accurate; in reality, passengers would be whisked to their destinations on paved roads and in unmanned Tesla electric cars. 

Currently, the Las Vegas Loop is slated to stretch underground along Las Vegas Boulevard from Russell Road to Sahara Avenue, with additional stops to the North of Sahara that are outside of the city of Las Vegas’ jurisdiction; these stops will have to acquire additional permits before they can be developed.

In addition, a particular route – dubbed “Caesars Loop” – will stop at several properties operated by Caesars Entertainment on Las Vegas Boulevard, as well as connecting to the previously up-and-running “people mover” that the Boring Company had constructed for the Las Vegas Convention Center.

Boring is also seeking a franchise agreement that would enable them to establish the times that the loop would operate, collect fares, and sell advertising and concession deals, and offer discounts to patrons of various hotels and casinos.

If the franchise agreement is granted and Boring is unable to complete construction of the Las Vegas Loop for whatever reason within a specified period, they will be on the hook for filling in any tunnels that may have already been excavated.

Shelter Realty is a Real Estate and Property Management Company specializing 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 numerous delays, the construction of the Majestic Las Vegas – a new hotel located just off the Las Vegas Strip – is slated to have its groundbreaking in early 2022 according to the hotel’s website, which touts the facility as being a “one of a kind” non-gaming, non-smoking, ultra luxury resort.

The hotel, which will cost $850 million, will be located on the site of the Clarion Hotel on Convention Center Drive, across from the newly expanded convention center. The Clarion was purchased in 2014 by developer Lorenzo Doumani, who eventually tore the hotel down nine months later in anticipation of developing the Majestic on the property.

Originally, the Majestic was to have been completed in the summer of 2021, but ran into numerous delays. However, even with the announced early 2022 starting date, the developer anticipates the project being completed by late 2024.

Once completed, the Majestic – which will be developed by Lorenzo Doumani’s Majestic Resorts – will feature 720 rooms and will not have gambling or smoking allowed on the premises. According to the five-star hotel’s website, it has been designed by renowned architect Paul Steelman and will have six “extraordinary” freestanding restaurants, 270,000 square feet of Corporate Sky Suites located on the tower’s top ten floors, and an “all encompassing” medical wellness spa and fitness facility that will be “amongst the finest of its kind anywhere in the world.”

“I think what’s not here; what’s lacking is a high-end boutique, non-gaming, non-smoking, ultra-classy sophisticated kind of place and that’s what we’re going to do,” he said.

Prices of suites will start at $10 million, reports say, with Doumani – who originally officially announced the project in 2019 – saying that the Majestic is something different for Las Vegas, which is exactly what the city needs at this point in time.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – TruAmerica Multifamily, a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States, recently announced the acquisition of several rental properties across the country, including a garden-style community in Las Vegas, Nevada.

TruAmerica stated that they have “increased their footprint” in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, with Co-Chief Investment Officer Matthew Ferrari referring to these regions as being “among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth.”

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.

The purchases among these three states, TruAmerica announced, come to a total of $209 million, and account for a combined total of approximately 1,000 apartment homes, with Nevada, Florida, and Utah now representing about 25 percent of TruAmerica’s entire real estate portfolio. The company has plans to invest heavily in these properties – especially Nevada, which has experienced skyrocketing growth in its local economy and real estate market as of late – with improvements currently in the works to interiors, exteriors and amenity spaces.

Since its founding in 2013 by real estate investor Robert E. Hart, TruAmerica has acquired and/or manages a portfolio of more than 45,000 apartment units valued at roughly $10 billion, located in California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.

TruAmerica largely focuses on investing in and renovating older mid-level or “Class B” garden style and midrise apartment communities. In its first years of existence, TruAmerica focused on investments in major metro areas throughout the western U.S., with Las Vegas counting among the earliest cities that the company has put extensive amounts of money into.

Shelter Realty is a Real Estate and Property Management Company specializing 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 southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

Shelter Realty is a Real Estate and Property Management Company specializing 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 is a Real Estate and Property Management Company specializing 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 – Businesswoman, writer, and famed television personality Martha Stewart has announced that she will be opening a restaurant at the Paris Las Vegas Hotel and Casino, which is planning to demolish part of the existing building to make room to accommodate the new eatery.

The information for the new venture was obtained via paperwork for a construction permit for the facility, which is currently named simply “Martha Stewart Restaurant,” but will most likely obtain a more colorful moniker later on. The restaurant is slated to take the place of the recently-closed Martorano’s, a South Philadelphia-inspired eatery.

Stewart will not be the only celebrity to have a restaurant at the Paris Las Vegas Hotel and Casino; instead, she will find herself in the company of Gordon Ramsay Steak – an ultramodern spot serving dishes such as beef Wellington in a “boisterous British setting” – and Brioche by Guy Savoy, a sweet and savory grab-and-go brioche shop offering delectable flaky French pastries.

In addition, this winter will see Paris Las Vegas also open the Vanderpump à Paris, a cocktail bar by British restaurateur, designer, television personality Lisa Vanderpump.

Stewart’s previous attempt at entering the restaurant field was in New York City when she opened the Martha Stewart Café in 2015, which permanently closed its doors for business in 2019.

Caesars Entertainment – the owner of Paris Las Vegas – has yet to officially announce Stewart’s restaurant, nor have any announcements been made in regards to the type of cuisine the establishment plans to serve or its anticipated opening date, but word will likely come soon as construction permits have already been applied for.

Shelter Realty is a Real Estate and Property Management Company specializing 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.