Experts Predict the Las Vegas Luxury Home Market Will Continue to Heat Up In 2021

LAS VEGAS, NV – According to recent reports, the Las Vegas real estate market will continue to gain momentum throughout the upcoming year, but its hottest aspect will remain its luxury home sales, which are expected to flourish throughout 2021.

With traditional social activity curtailed by precautionary measures put into place by the ongoing COVID-19 pandemic, more and more people are looking to deal with the concept of the “new normal” by renting and purchasing homes that give them more space to spread out than a traditional abode offers.

Reports indicate that the purchase of large-scale, luxury homes in many regions in the United States, but especially in Las Vegas, reached a fever pitch during 2020, and that trend seems poised to continue – and possibility elevate further – during 2021 as COVID continues to be the driving force until vaccine rollout efforts result in eventual herd immunity.

Reports indicate that, in 2020, 313 luxury homes valued at $1 million or more closed, which represents a 26.7 percent increase from 2019, when 247 were sold. In addition, sales of homes that were valued less, but still considered in the “pricey” range – up to $750,000 or so – jumped by 11.7 percent in 2020.

Meanwhile last year, sales of homes costing $1 million or more saw a jump of 38 percent in 2020 over 2019, and the available marketplace for homes of that caliber continues to shrink as inventory becomes less available due to demand.

The Las Vegas regions continuing the most luxury sales in Las Vegas during 2020 – and likely to continue into 2021 – are the Southern Highlands, The Ridges in Summerlin, MacDonald Highlands and Seven Hills in Henderson, reports say.

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 – According to reports, the constant restrictions being put on public space by the ongoing COVOD-19 pandemic have resulted in homebuyers desiring more and more personal space in their real estate purchases to counteract this unusual trend in the marketplace.

For example, California resident Aaron Franklin eventually decided to leave his diminutive one-bedroom residence in Marina del Rey for a much more spacious and affordable home in Las Vegas that included many amenities that his Californian home did not, such as a tennis court and swimming pool. The deciding factor? Affordability concerns born out of the COVID-19 pandemic and a desire for more elbow room, he said.

“I was working out of a living room,” Franklin said of his stay in Marina del Rey, noting that now that he is in Vegas he has “a dedicated room for doing all my meetings and videos, and my wife has her own room.”

Remote working has remained a major factor in requirements among buyers throughout the COVID-19 pandemic, especially when children are concerned; after all, having additional space is especially attractive when you have one – or more – little ones running around and threatening to intrude on a random video conference call with your boss. And when taking online school into the equation, having more room to spread out takes on an even greater urgency, most regional transplants say.

“Since COVID’s happened, I don’t need to be there anymore,” Franklin said of his decision to relocate from California to Las Vegas. “I was paying essentially $3,000 a month in rent for a one-bedroom apartment there, and I just bought a house here (Las Vegas) that’s about $300 less a month.”

Franklin said the 3,000-square-foot home he purchased with his partner has four bedrooms, and is a “massive upgrade in space” and allows them to finally host guests and have a dedicated work space that they didn’t when they were Californian residents.

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 – With the competitive landscape of the current housing market, many homes are facing bidding wars and selling for well over asking price. In fact, in 2021 there will be a record number of new homes built – the most since before the housing crash of 2008. If you can’t find a home you like, you should consider building a new home. Builders will often customize the home to your preferences, so you can add that home office or luxury bathroom. The process of building a new home can be complicated and overwhelming. That’s why Redfin asked industry experts (new home builders and real estate agents) to share the most common misconceptions around building a new home and the truth behind them.

1. Assuming Your Designer Knows Exactly What You Want

The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design 

2. You Won’t Need A Home Inspector

When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction.  Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed.  I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc., and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Realty

3. Custom Equals Expensive

Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes

4. Building Is Extremely Difficult And Time-Consuming 

Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders

5. Construction Will Progress Flawlessly And Without Hiccups

The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular 

6. Using Price Per Square Foot To Compare Custom Builders

Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes 

7. A New Construction Home Is Overwhelmingly Complicated

With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders 

8. Thinking You Won’t Need Representation

New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty

9. Underestimating The Skill Required To Design And Build Modern Homes

Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials.  The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail.  Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects

10. Building A New Construction Home Is A One-person Show

A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc 

11. You’ll Save Money Not Using A Real Estate Agent

One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for.  You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. -Ryan Fitzgerald – Uphomes 

12. That A Custom Build Will Be Less Expensive And Happen Quickly

When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards. It has your signature touch and hopefully has design elements that make it special to you.  But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty 

Lexi Klinkenberg of Redfin contributed to this story which was originally published on The Redfin Blog.

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 single most significant purchase one may make in their lifetime is a home. With that being the case, it may seem unusual that often times, this purchase will be made without ever setting foot inside the property, but in today’s “new normal” ushered in by the ongoing COVID-19 pandemic, it’s something more and more people are doing.

According to Las Vegas Weekly, in 2020, 63 percent of the homes sold in the United States were sold without the buyers ever having seen them in-person, which represents a unique development in the real estate industry; generally, this is attributed to random instances such as buyers from outside the region. However, more and more Las Vegas real estate agents are giving prospective buyers tours of properties via video; some of them are forced to do so out of heath COVID-related worries, but many are also due to the popularity of Southern Nevada real estate with those looking to take advantage of its affordability.

For example, one real estate agent recently gave a video tour of a Vegas home to a military couple stationed in the Middle East who were hoping to secure a residence in anticipation of returning to the United States.

It continues to be a “seller’s market” in Las Vegas, despite the pandemic and its resultant recession; the reason for this is low interest rates on home loans combined with and affordable cost of living and a small amount of inventory on the open market. The result is a competitive marketplace for properties – with regularly raising prices – that people are willing to circumvent conventional real estate processes for.

That said, buyers should be reminded to not rush into a perceived good deal too quickly; be judgmental of any and all pictures you may be presented with, and always question anything you may be wary of; it’s better to get these potential issue settled in the here and now than saddle yourself with a home you may regret for the next decade.

Always remember – it’s expected to remain a competitive “seller’s market” in Las Vegas in 2021, and with desirable properties getting purchased fast, it still makes sense to learn everything you can about a property – even if it’s virtually, before quickly snapping it up.

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 – According to reports, much of the Las Vegas real estate empire amassed by late entrepreneur and former Zappos CEO Tony Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area. Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

Representatives of the family have filed dozens of notices with Clark County District Court, with the properties in question slated to go to the “highest and best bidder,” with all transactions being cash only, representing hundreds of millions of dollars.

Properties up for grabs, reports say, are located around downtown’s Fremont Street area and include Zappos Headquarters – which he originally purchased for $65 million – as well as retail and food complexes Downtown Container Park and Fergusons Downtown, among many others.

However, the estate’s lawyer, Dara Goldsmith, noted that it is possible that not all of Hsieh’s properties would be sold, as the notices filed with the court allow for the “possible future sale” of the real estate in question.

“The estate may retain certain properties and sell others, or it may retain all of the properties,” she said. “Once the publication process is complete, the estate will consider reviewing serious, written offers.”

For 20 years, Hsieh – who had a net worth of hundreds of millions of dollars – headed up retail giant Zappos, selling the retailer to Amazon in a $1 billion-plus deal in 2009; he had retired as its CEO in August 2020. He is credited by many as being a central figure in the revitalization of Downtown Las Vegas.

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 – Mortgage lender TPG Real Estate Finance Trust has recently acquired 27.5 acres of prime real estate along the north and south edges of the famed Las Vegas Strip, according to recent reports. TPG acquired the property from Triple Five Group, according to Clark County records, through a “deed in lieu of foreclosure,” which typically involves avoiding foreclosure on a piece of property by the transfer of ownership.

According to reports, it’s assumed that the new property owner TPG – who is a lender, not a developer – will attempt to sell the property, as opposed to developing anything on it. The property sits upon one of the most desirable areas in Southern Nevada- a major tourism district located directly across from the currently under-construction Resorts World Las Vegas.

Experts have cast further doubt on TPG potentially developing the property themselves due to the many construction issues presented by the ongoing COVID-19 pandemic; more than likely, TPG will attempt to coincide a potential sale closer to the time where there is at least some sort of projected end of the pandemic so that buyers can plan for a return of mass tourism to Las Vegas.

The seller, Triple Five Group, is a conglomerate based in Edmonton, Alberta, Canada, which specializes in shopping malls, entertainment complexes, hotels, and banks, along with 3 indoor amusement parks. The company owns and operates two of North America’s largest malls, the West Edmonton Mall in Alberta and the Mall of America in Minnesota, both of which contain a wide variety of entertainment attractions alongside traditional retail.

According to their website, the buyer, TPG Real Estate Finance Trust is a balance sheet lender that originates first-mortgage loans greater than $50 million in primary and select secondary markets throughout the United States.

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 – According to a recent Forbes article, the Centers for Disease Control and Prevention (CDC) has recently extended the renter eviction moratorium through the end of March 31 in an effort to curb mass evictions due to financial hardship brought about by the ongoing COVID-19 pandemic. In addition, the proposed $1.9 trillion COVID-19 relief bill by President Joe Biden – which House Democrats aim to pass by mid-March – includes the possibility of extending that eviction ban through the end of September.

On one side of the equation, we have the millions of cash-strapped individuals who will be allowed to remain in their homes throughout the most difficult economic and health crisis in many years. On the other side, however, are landlords who will be forced to bear the brunt of hardship that the eviction moratoriums bring, as many of them will be asked to continue to provide free lodging for many tenants – in addition to still being responsible for paying mortgages and property taxes – with little hope of reprieve aside from federal rent assistance programs.

Meanwhile, some states have enacted their own moratoriums – independent of the federal government – that must be adhered to as well, adding an extra layer of hardship for landlords.

This is causing many smaller “mom-and-pop” landlords – which make up approximately 77 percent of ownership of small building apartment units – to struggle to make ends meet while still being expected to provide basic services and maintenance for their tenants. According to the U.S. Census Bureau, nearly 10 million households – about 20 percent nationwide – are currently behind on their rent.

Many of these mom-and-pop landlords are retired, and their rental properties represent an investment into their retirement and, in many cases, is their only source of income.

If you’re a landlord and you’re facing extreme financial hardship due to ongoing eviction moratoriums, it’s difficult to find an avenue of recourse, as rules and guidelines not only vary federally, but state-by-state and county-by-county. First of all, it’s best for you to consult with a qualified attorney in your area who is familiar with all the laws governing evictions; however, even on a local level, many courts are biased against landlords during the COVID-19 pandemic, experts say, and some property owners may have no recourse but to wait out the various moratoriums. However, some exceptions can be made in the event of criminal activity or a threat to a tenant’s neighbors.

In addition, some landlords can apply on the behalf of their tenants for money from a $25 billion Emergency Rental Assistance Program (ERAP) recently announced by the U.S. Department of the Treasury under the Consolidated Appropriations Act of 2021. The funds from this program can help households pay for rent and utilities, and in turn, help ease the financial stress of landlords at the same time.

Landlords may also be eligible for Pandemic Unemployment Assistance (PUA), which is a program that benefits self-employed individuals impacted by COVID-19 that would ordinarily not qualify for regular unemployment insurance (UI). The current PUA expiration date to apply for benefits is March 13, although President Biden’s proposed relief plan may extend that as far as through the end of September.

Some small landlords – if they report their income via a 1040 Schedule E, limited liability corporation or LLC – can also apply for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) for landlords.

Finally, it is recommended that landlords not pursue methods of dealing with tenants that may run them afoul of the law; instead, they should operate within all established guidelines and attempt to work with tenants on payment plans and helping them apply for rental assistance programs.

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.

LA VEGAS, NV – According to reports, the long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – may have finally garnered a new lease on life after it was re-acquired by its original developer and changing hands several times over the years.

Remaining a vacant development for a number of years after declaring bankruptcy during the crash of the economy in the mid-2000’s, the megaresort project has remained an unfinished eyesore amid the ongoing COVID-19 pandemic and a mute testament to the previous economic hardships endured by Las Vegas before it’s resurgence in recent years.

Koch Industries’ real estate wing, in conjunction with Florida developer Jeffrey Soffer, have joined forced to acquire the Fontainebleau property – more recently known as “The Drew Las Vegas” – according to a joint release put out this week. Soffer was once affiliated with the group that originally constructed the over 60-story resort in the mid-2000’s; one of many that entered into a state of limbo when the housing bubble burst during that period.

But unlike many developments started during that period of time, the Fontainebleau site has refused to give up the ghost, so to speak, remaining as a reminder of harsh times gone by.

The Fontainebleau’s new ownership have yet to publically reveal any details on their plans for the site; some are anticipating that the owners will revert the project back to its original Fontainebleau name, but so far any resumption of construction efforts has yet to be announced.

The 68-floor luxury resort, boasting almost 4,000 rooms and suites, is located near the Las Vegas Convention Center; construction on the $2.9 billion property had begun in 2007 by privately held Fontainebleau Resorts LLC, but was indefinitely halted two years later when the recession forced the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017.

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 – Earlier this week, President Joe Biden extended three federal protection programs safeguarding homeowners in the United States throughout the ongoing COVID-19 pandemic that were on the verge of ending next month.

First, Biden extended a ban on home foreclosures for federally-backed mortgages until the end of June 2021, in addition to extending a mortgage relief program; the goal of these actions is to help stabilize the housing affordability crisis that has been taking place throughout the ongoing COVID-19 pandemic.

The moratorium on foreclosures was initially set to end on March 31, but has been extended until June 30; this is the second time he has extended this ban following his record-breaking number of executive orders since taking office on Jan. 20. Originally, before Biden took office, the foreclosure moratorium passed during the Trump Administration was set to end on Jan. 31.

In addition, Biden has also increased the enrollment window for mortgage payment forbearance – which allows homeowners who have active home debts to pause or reduce their mortgage payments – until June 30.

And finally, Biden added an additional six months where the federal government will allow borrowers to defer mortgage payments; however, those looking to take advantage of this act would need to have been enrolled in a forbearance plan by the end of last June, reports say.

The Biden Administration issued a statement after the President signed these acts, saying that the government is “committed to protecting homeownership and housing stability during the pandemic,” and that the President’s actions will “directly benefit the 2.7 million homeowners currently in COVID forbearance and extend the availability of forbearance options for nearly 11 million government-backed mortgages nationwide.”

The Biden Administration did not address the current eviction ban on rentals that is currently due to expire on March 31; however, a COVID relief bill proposed by the President – which has not yet passed through Congress –  would extend the eviction ban until the end of September.

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 – According to a recent CNN article, the extension of the federal eviction moratorium through the end of March 2021 was a desperately-needed lifeline for countless people struggling with financial hardship due to the ongoing COVID-19 pandemic. In addition, President Joe Biden is attempting to pass a bill that would extend that eviction moratorium even further; if his proposed relief legislation passes in its current form, that eviction ban would be extended to Sept. 30, 2021.

While this is helpful to renters who have lost their jobs – or had their income severely curtailed – by COVID, to countless landlords, the continued eviction ban extensions have been a living hell, as for these programs to work they alone must bear the financial hardship – in the form of unpaid rent – on their very backs, according to Bob Pinnegar, president and CEO of the National Apartment Association.

“It’s important to recognize that, after 10 months of severe economic distress, job loss, and decline in rent collections, everyone is hurting,” he said, adding that landlords are “saddled with the financial burden of providing housing to America’s 40 million renters without sufficient resources to do so, and they leave residents to accrue even more debt.”

The original federal eviction moratorium was due to expire at the end of December, but was given an extra month as part of the second COVID relief package; upon taking office in January, President Biden signed an executive order extending it to the end of March.

Ultimately, Pinnegar said that everyone wants the same thing – for people to be able to stay in their residences. However, he argues, eviction moratoriums are not the way to achieve that since they do not shield renters from back rent that is accrued over the course of the ban; once the ban ends, the renter will owe large amounts of back rent that they will likely never be able to fully repay.

In the meantime, landlords – especially small mom-and-pop operations without any financial backing whatsoever – are being forced to house their tenants without the benefit of monthly income, which is stretching some of them beyond the breaking point, Pinnegar said.

“They just kick the can down the road, jeopardizing housing supply, quality of the housing stock and affordability on the other side of this crisis,” he said. “Without rent, owners can’t afford maintenance or capital improvements necessary to preserve the units. If owners cannot pay these, they risk their ability to provide safe housing for residents altogether.”

In addition, some landlords are not able to meet their mortgage payments, putting many of them into risk of foreclosure.

Pinnegar is currently calling for large-scale rental assistance from the federal government to help all involved parties get by during the ongoing eviction ban; President Biden’s proposed COVID relief bill currently calls for $30 billion in rental assistance on top of the $25 billion in aid approved in the most recent $900 billion stimulus package passed in December.

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 – In a city where unemployment has plagued the population throughout the ongoing COVID-19 pandemic, there’s one field where there’s plenty of opportunities for work: construction jobs, according to recent reports.

With as many as 11,000 homes expected to be built in the Las Vegas area over the course of 2021 to satisfy housing demands, currently developers in Southern Nevada need all the help they can get their hands on. However, according to the results of a National Association of Homebuilders survey, 76 percent of building companies have been unable to fill their construction worker positions adequately.

According to Amanda Moss, senior director of government affairs for the Southern Nevada Home Builders Association, her organization is concerned that if demand for housing isn’t met due to labor shortages, it could ultimately drive up prices of homes across the valley.

“We’re incredibly concerned that as prices continue to rise, material prices and even workforce shortages, which drive the cost of labor up,” she said. “That gets passed on to consumers and we could for sure see the unfortunate circumstance where Nevadans will get priced out of the market as other folks continue to move into the valley and buy up that already limited supply.”

Currently, the average pay for a construction workers job in Las Vegas ranges from $24 to $26 per hour; experience is preferred, but it is certainly not required, especially given the current shortage of workers, Moss said. Instead, applicants can learn via the Southern Nevada Home Builders Association’s own free, online, training program called “SNHBA Learn.”

“The great part of the construction industry is that we don’t have a barrier to entry or have any pre-requisite, traditional path to get into the industry,” said Moss.

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 – According to recent reports, one of the largest owners of apartments in Las Vegas has made an announcement last week that they will now be accepting the popular cryptocurrency “Bitcoin” as a payment option for their tenants’ rent.

Las Vegas Apartments Corporation – according to their Facebook page – provides “safe and secure low income luxury Studio, One and Two bedroom apartments in downtown Las Vegas with all utilities and WiFi included.”

The company, on Wednesday, said they will not only be taking the digital currency to cover rent, but any move-in fees as well, reports say.

Las Vegas Apartments Corp. stated that only a few escrow services offer Bitcoin as a form of payment, but they believe that acceptance of the cryptocurrency will increase over time by more businesses.

The concept of paying your rent with bitcoin is a relatively new one in the industry, but one that’s been slowly catching on in various cities across the nation over the last few years. For example, the Brooklyn, New York-based ManageGo – a mobile app that allows tenants to make payments and schedule maintenance with their landlords – gave renters the option of paying via bitcoin several years ago.

How it works is relatively simple- the tenant makes their rent payment with Bitcoin, and the ManageGo app utilizes a digital cryptocurrency broker to convert the bitcoin to actual dollars, which are then sent to the landlord.

Ultimately, however, according to the American Apartment Owner’s Association, accepting Bitcoin – a very volatile cryptocurrency in terms of value – could be a good long-term investment, and it could also help you stand out in a rental market by advertising that you accept it.

There are also significant risks as well. As mentioned, the value of bitcoin can fluctuate wildly, whereas cash does not. For example, today, February 10, a single Bitcoin equals $45,154, where just three days ago, February 7, 1 Bitcoin equaled $37,787. In addition, since bitcoin is not liquid, it can take far longer – up to 10 days – to cash it out than non-digital currency. And, since it is digital, Bitcoin is vulnerable to being hacked.

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.