Category Archive : Market Updates

LAS VEGAS, NV – According to newly-released truck rental data report, Las Vegas tops the list of places to move to amid the ongoing COVID-19 pandemic, despite the relative shortage of housing options available at the moment.

Penske truck rental has confirmed that Las Vegas is the number one spot to move to, basing that declaration on the sheer number of truck rentals that are one-way; this jibes with the large increase Southern Nevada has been experiencing since 2020, a time when the region’s economy and job market first began to experience a boom, and continues to do well despite the pandemic.

U.S. Census Bureau data also shows Nevada’s population grew by 15 percent in 2020.

A lot of this influx of people is coming due in large part to so-called “tax refugees” from California, with both companies and private residents leaving in droves due to the exorbitant taxes imposed upon them at their former home state. Clearly, the much lower cost of living that Nevada affords them is an attractive alternative, especially when the pandemic has given rise to “virtual commutes” to work, where a computer and an internet connection can allow people to work anytime, anywhere.

Estimates indicate that 38 percent of the homes sold in Las Vegas in 2020 were to former California residents, a whopping number that indicates just how much the city and its surrounding areas are proving to be a huge attraction for those looking to get a fresh start in life and their careers from that nearby area.

Penske serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates a fleet of more than 300,000 vehicles.

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 – A bill that would have increased protections for renters in Nevada has apparently failed to clear the State Assembly and is essentially considered “dead,” according to reports.

Senate Bill 218 would have required a three-day grace period before landlords or property managers could have charged a tenant fees for a late rent payment, in addition to putting limits on “hidden” rental fees and setting limits on when landlords could collect rental application fees.

The bill cleared the State Senate on April in a vote along party lines, but then languished in the Assembly’s Commerce and Labor committee, where it was eventually confirmed by Democratic Assemblywoman Sandra Jauregui , the Chairwoman of the committee, that it would not receive a hearing.

Lawmakers had previously passed a series of tenant protections in 2019 that capped rental late fees at 5 percent and extended timeframes for evictions, resulting in backlash from property owners in Las Vegas; when similar opposition appeared surrounding SB 218, attempts were made to tone down some of its provisions, but landlords argued that the new laws would cause “havoc and chaos” and that the bill was “an overreach.”

SB 218 is the latest of several pieces of legislation that have failed to pass that would have afforded more protections to renters, especially when it comes to affordable housing options. There are some rumors that lawmakers believe too many housing bills are being introduced this session, a situation that is only being more complicated by the ongoing housing crisis brought about by the COVID-19 pandemic.

However, Assembly Bill 308, sponsored by Assembly Speaker Jason Frierson, also attempts to introduce similar tenant protections – including grace periods on late rent – but is considered much more moderate than SB 218 was; the new bill has been approved both by Nevada Realtors and the Nevada Apartment Association.

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 – As if Las Vegas landlords weren’t already beset with pandemic-related issues involving numerous tenants either behind on their rent – or, thanks to ongoing eviction moratoriums, not paying at all – now a troubling new trend has seen woes increase further- renters basically trashing their homes while in the process of leaving, according to reports.

Fox 5 Vegas reported on a recent story that landlords are finding all-too-familiar; a small, mom-and-pop landlord who had been renting out a house to a tenant who, at the start of the pandemic last March, simply stopped paying rent altogether. Some eventual funds came in courtesy of the CARES Act Housing Assistance Program (CHAP) which provided relief in December, but soon dried up, and the tenant, protected by eviction bans, refused to pay rent, leave, or even communicate on a potential compromise.

The landlord, a single woman who had plans to eventually retire in the home, instead decided to sell, filed an unlawful detainer, and the renter finally moved out; however, what they left behind was heartbreaking. Trash everywhere, fixtures ripped out, profane graffiti scrawled on the walls; even the refrigerator was wedged halfway up the staircase, blocking off the second floor.

She estimated the home has sustained as much as $10,000 in damages.

National Association of Residential Property Managers (NARPM) Southern Nevada President Joshua Campa noted that this landlord’s story, sadly, is not unique these days, due to tenants taking advantage of COVID-19 era renting rules that favor renters over owners.

“Most of our move outs have been the worst we’ve ever seen,” he said. “Once you negate one aspect of the contract, the tenant thinks it’s free game. They’re like, ‘we don’t have to listen to any of the other rules anymore.’ The people who didn’t pay at all and destroyed property, it appears those are people that took advantage of the system, because they never reached out to us.”

Damage left behind by tenants is often a surprise, since landlords and property managers are also unable to conduct inspections due to the pandemic

The Nevada eviction ban ends May 31, which means that paperwork for evictions can start being filed; however, the actual evictions themselves cannot be carried out until ongoing court proceedings over the federal CDC eviction ban – originally slated to end June 30 – are settled.

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 – Las Vegas Raiders owner Mark Davis recently closed on a new $5.3 million clubhouse tower condo in Summerlin’s Summit Club, in addition to having recently purchased property in Ascaya – located in the Henderson mountains – upon which he intends to build his primary residence, according to reports.

Obviously needing a new place to hang his hat after bringing the famed Raiders NFL team to Las Vegas, Davis’ new residence in the Summit Club is a place where numerous executives and celebrities either already own luxury custom homes or are in the process of having them constructed. The closing on his home, which took place back on March 15, is the fourth highest price paid for a home in the area in the first quarter of 2021, reports say.

Previously, Davis has purchased a 1.21-acre lot in Summit Club for $8.5 million in 2017, but instead of building a home as was his original intention, he instead sold the lot for $10.5 million in July 2020, stating at the time that he had changed his mind because – part-way through the design process – he realized he would be unable to see the Raiders’ Allegiant Stadium, which was “starting to drive me crazy,” Davis said.

The lot in Ascaya – located closer to the Raiders’ Henderson headquarters is being constructed by luxury builder Blue Heron and yes, the property does indeed have a nice view of the stadium, he said.

This news come amid reports that luxury home sales and construction in the Las Vegas region is still exceeding real estate experts’ predictions, having shown very little negative impact due to the ongoing COVID-19 pandemic. For example, approximately one month ago a Vegas broker put a $1.8 million home on the market, and six minutes later he had a taker; another broker listed a $12.5 million home shortly afterwards, and within days she had two buyers she was actively negotiating with.

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 demand for rentals in Las Vegas absolutely on fire, real estate experts have stepped up to offer some helpful tips for those who may have grown frustrated in their attempts to successfully navigate the at-times cutthroat rental market in Southern Nevada.

This spring in Las Vegas, as many as ten prospective renters at a time are expecting to be competing for any given property. This is due to the fact that not just locals are involved, but a plethora of people who are transplanting themselves into the region from other states. Many of these newcomers are either renting while they have a new home constructed, or they’re forced to rent simply due to the fact that housing inventory in Vegas is low – and thus, highly coveted.

Due to the high demand, landlords and property managers can afford to pick the cream of the crop when it comes to tenants, so one tip is to make sure that you maintain a good relationship with your previous landlord by ensuring that you always pay rent on-time and that you leave your former rental in pristine condition so they will be willing to vouch for you to a new landlord.

Also, those looking to rent may actually want to consider buying a home instead, experts say, since – due to low interest rates currently – a mortgage payment can be less expensive than rent, at least for the time being. And if you’re interested in a rental property, it might be a good idea to ask the property manager how many applicants you’re up against; since most rental applications come attached with a fee, if you’re facing too much competition (again, some rental properties in Vegas can have as many as ten people duking it out) it might be better to pass it up to save money.

Navigating the Las Vegas rental market these days can be tricky, but hopefully these tips – and many others that are available online and through local tenant assistance groups  – can help you successfully land the rental property you’ve been looking 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.

LAS VEGAS, NV – Following a slight dip due to the ongoing COVID-19 pandemic, the real estate scene in Las Vegas has not only recovered, but is currently in such a state that an offer for the requested price point of any given home is quickly becoming a “weak offer,” according to recent reports.

Jordan Rodriguez, 26, had placed a two-story house on the market in Las Vegas less than a month ago; he had originally purchased the home in 2016 for $293,000, and was selling it for $560,000, which was $10,000 over the asking price.

Rodriguez received multiple offers immediately, and before he knew it, the residence was under contract. And he’s not the only seller in the Southern Nevada region that’s cashing in on the recent real estate boom that’s taking place.

Sellers are regularly getting significantly more than they paid for properties just a few years ago, although some real estate experts have expressed concerns over the rapidly rising cost of homes in Las Vegas and if this level of rapid growth – despite still being significantly cheaper than the national average – will eventually result in affordability issues.

But however you look at it, the Las Vegas real estate scene is very much a seller’s market, with those looking to unload their homes being firmly in control and able to command top dollar for their investments, especially considering the fact that inventory in Las Vegas has been plunging recently while prices have reached their highest point since well before the COVID-19 pandemic.

Despite the local economy being otherwise negatively impacted by COVID, the housing market has not only survived, but rebounded more quickly than anyone expected, aided in part by cheap borrowing costs that have allowed buyers lock in lower monthly payments and get more for their dollar.

In short – nowadays in Southern Nevada, if you’re offering the asking price on a home, you’re bidding too low, according to Urban Nest Realty agent Christina Chipman.

“Now a full-price offer is a weak offer,” she said.

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 – On Wednesday, a federal judge overturned the COVID-19 national eviction moratorium enacted by the Centers for Disease Control and Prevention (CDC) that was currently set to expire at the end of June, which may be the catalyst for millions of evictions across the country if the decision is allowed to stand.

Judge Dabney Friedrich of the U.S. District Court for the District of Columbia noted in her decision that the CDC exceeded its authority when it first enacted the eviction ban in September 2020; the ban was originally set to end at the end of January 2021, but President Joe Biden later extended it first to April, then June.

“The question for the Court is a narrow one: Does the Public Health Service Act grant the CDC the legal authority to impose a nationwide eviction moratorium? It does not,” Judge Friedrich said in her ruling.

Upon hearing the news of decision, the Department of Justice (DOJ) announced that it will appeal Judge Friedrich’s ruling, in addition to seeking a stay of the decision; if granted, it would keep the eviction ban in effect until the issue is resolved in court.

In response to the DOJ, Judge Friedrich agreed to put a temporary hold on her ruling, but gave groups representing landlords and property owners that had challenged the eviction ban a May 12 deadline to submit legal paperwork voicing their opposition to the delay. Friedrich also gave the DOJ four days to respond to the landlord groups after they have filed their papers.

Reports indicate that 1 in 5 renters across the United States are having financial issues that affect their ability to pay their rent; however, landlords and property owners have criticized the long-term eviction ban, saying that they can’t afford to continue housing people for free.

Judge Friedrich’s ruling does not impact state or local government eviction moratoriums, including the one enacted by Nevada Governor Steve Sisolak, which due to expire on May 31.

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, Airbnb has announced that they will be blocking one-night rentals in Las Vegas – and across the United States as a whole – during the Fourth of July weekend, and only guests with a significant history of positive reviews in their previous Airbnb transactions will be allowed to rent properties at all during the period of time surrounding Independence Day.

The announcement comes as multiple neighborhoods across the country have issued previous complaints regarding Airbnb customers disturbing their neighbors with wild partying, with the rental company referring to the upcoming months as their “summer of responsible travel.”

“As the July 4 weekend approaches, we are deploying more stringent restrictions on one and two-night reservations that may pose heightened risk for parties,” Airbnb announced in a statement. “For example, we will leverage our technology that restricts certain local and last-minute bookings by guests without a history of positive reviews on Airbnb and also block reservations within an expanded radius.”

Airbnb has instituted similar policies in the past around other holidays that tend to attract avid partiers, including News Year’s Eve. Previously, neighborhoods in the Southern Nevada region have complained about Airbnb rentals hosting disruptive groups that would engage in loud parties, leading to local municipalities enacting strict legislation to curb such activity.

In order to address such complaints from neighborhoods where Airbnb rentals had received such complaints, last summer the company suspended 20 listings in Clark County that had hosted house parities.

Short-term rentals in Las Vegas have taken off in the last year, and especially during the ongoing pandemic, as it allows homebound families and friends to vacation in a fancy home in a tourist destination while maintaining lodging that adheres to social distancing regulations, more so than most hotels can manage.

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 recently-released report from the Nevada State Apartment Association (NVSAA), the demand in the apartment market in Las Vegas has continued to remain strong and has even shown signs of growth, despite the impact of the COVID-19 pandemic on the Southern Nevada economy over the course of the past year.

The NVSAA report notes that apartment rents have continued to rise while vacancy rates have continued to shrink over the past 12 months. Rent has grown by 9.3 percent in the first quarter of 2021 when compared to the same period of time one year prior. Currently, the average rent of an apartment in Southern Nevada is sitting at $1,198 per month, which represents an increase from $1,138 from the fourth quarter of 2020 and $1,096 from one year ago.

However, despite the rising rents in Las Vegas, the NVSAA report is still quick to point out that they are still lower than the national average, which is currently $1,414 per month, a 2.9 percent increase from one year earlier.

As for vacancy rates, the average vacancy during the first quarter of 2021 is 5.4 percent, which represents a decrease from 5.9 percent from the fourth quarter of 2020 and 6.9 percent from one year ago.

Over the years from 2015 to 2019, Southern Nevada apartment rents increased at a regular rate until the pandemic hit last March; at that point, rents dropped significantly but – just as quickly – rebounded and have now gone beyond their pre-pandemic peak.

Another reason for the high demand is a lack of new inventory on the market; during the peak of the pandemic, new apartment development was slowed, but has since regained speed; according to the NVSAA, as of the first quarter of 2021, 3,826 Las Vegas apartment units are currently under construction.

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 upcoming high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating has finally seen some forward momentum, as Brightline West CEO Mike Reininger has confirmed construction of the high-speed railway system – expected to have top speeds of 200 miles per hour – is still on-track to start in 2021.

Reininger had noted that the COVID-19 pandemic had created a series of speed bumps that interfered with the anticipated raising of funds for the project, but that Brightline West had made good progress with their plans to sell private activity bonds allocated for the project by the U.S. Department of Transportation – as well as both Nevada and California – to finance the railway’s construction.

“The world changed as a result of the pandemic, but we continued to work wherever we possibly could towards advancing the ball,” Reininger said. “The project remains a very high priority for us. The tenor of the financial markets today is dramatically different, the stock market is doing incredibly well, people are optimistic about a massive rebound in the economy, jobs are heading in the right direction. That gives us confidence about our ability to keep the project on track.”

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

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 – Yet another real estate record was set in Las Vegas recently when the French countryside-style estate of former casino executive Barry Shier sold for a whopping $11.3 million, the highest price yet paid for a home in 2021.

That impressive record seems destined to be short-lived, surprisingly enough; in the Henderson hillside community of Ascaya, a 12,100-square-foot home is reportedly under contract for $15.9 million. But for now, the Shier sale is the king of the mountain in 2021.

The Shier property is located on Enclave Court in Country Club Hills in Summerlin, which is a seven-home exclusive neighborhood known as “Billionaires Row.” It was purchased by John Lagerling, the CEO of Mercari, an e-commerce website that is considered a competitor to sites such as eBay.

After closing on the property on Monday, Lagerling’s Realtor, Greg Clemens of Coldwell Banker Premier, reported that South Point casino owner Michael Gaughan made an offer to his client to acquire the property he had just purchased for $15 million, which would have netted him a $4 million profit. However, Lagerling turned the offer down, Clemens said.

Clemens noted that the Shier home fetched such a high price due to the fact that property in Las Vegas is in high demand, despite the impact of the ongoing COVID-19 pandemic.

“This is a home that has probably been on the market for about five years,” he said. “It sold now because our market is so strong. There’s no inventory. I have three to four people I am working with right now who are looking for homes over $10 million, and I can’t find them anything. It’s a sign of supply and demand. The supply is low, and demand is through the roof.”

The all-time record home sale in Las Vegas, however, remains the 2016 purchase of a 31,000 square-foot home located in Enclave Court to magician David Copperfield for $17.55 million.

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 Nevada Assembly last week approved a bill on a vote of 26-16 that will seal records of evictions that occur during the COVID-19 pandemic. As a result of the passage of Assembly Bill 141, tenants who have received summary evictions from their landlords or property managers for non-payment of rent for the duration of the pandemic will automatically have the records of said evictions automatically sealed. As a result, any landlord in the future would have no way of knowing of their prospective tenant’s history of rent delinquency, up to and including having been evicted.

The bill would cover the period of time beginning March 20, 2020, and will remain in effect until Nevada Governor Steve Sisolak calls an official end to the state of emergency brought about by COVID-19.

Renters across the state have rejoiced at the news of the bill’s passage, with Tiara Moore, Housing Justice Organizer with the Progressive Leadership Alliance of Nevada (PLAN), saying that it will help residents to find housing without being burdened by their pasts.

“The passing of AB141 is a start in the right direction to help Nevadans facing housing insecurity,” she said. “For many, a single eviction is enough to keep a family housing insecure and reliant on others to find a place to stay for years. This would break down that barrier for Nevada’s tenants who have had to endure one of the hardest economic crises in our lifetime.”

Assembly Bill 141 also represents yet another distinct disadvantage for landlords who have already been forced to shoulder many burdens throughout the pandemic due to multiple state and federal eviction bans. Prior to the bill’s passage in the Assembly last week, it faced steep pushback from property landlords and owners.

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.