Category Archive : Rentals

LAS VEGAS, NV – The Federal Trade Commission (FTC) announced Tuesday that they will be instituting a ban on so-called “junk fees,” which is a term used to describe bait-and-switch pricing and other tactics used to hide total prices and misrepresent fees in the short-term lodging and live-event ticketing industries; often, these are referred to as “resort,” “convenience,” or “service” fees.

As far as the short-term rental industry is concerned, that includes all online booking platforms and websites such as Airbnb and Vrbo.

The Junk Fees Rule will require full up-front disclosure of pricing information “in a timely, transparent, and truthful way” as it pertains to consumers of short-term lodging and live-event tickets; the FTC says that the rule will level the competitive playing field and make it easier for consumers to engage in comparison shopping and ultimately, save money.

People deserve to know up-front what they’re being asked to pay—without worrying that they’ll later be saddled with mysterious fees that they haven’t budgeted for and can’t avoid,” said FTC Chair Lina M. Khan. “The FTC’s rule will put an end to junk fees around live event tickets, hotels, and vacation rentals, saving Americans billions of dollars and millions of hours in wasted time. I urge enforcers to continue cracking down on these unlawful fees and encourage state and federal policymakers to build on this success with legislation that bans unfair and deceptive junk fees across the economy.”

The FTC originally began investigating junk fees in 2022, initially conducting two rounds of public input; ultimately, the agency received over 70,000 comments.

The Junk Fees Rule is expected to take effect in 120 days from the date it was announced, which was Tuesday, Dec. 17. The exact methods of FTC enforcement of the rule has not yet been revealed, with the agency merely saying that it “will use its law enforcement authority to continue to rigorously pursue bait-and-switch pricing tactics, such as drip pricing and misleading fees, in other industries through case-by-case enforcement.”

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 – Since 2000, corporate investors have been on a buying spree in Southern Nevada, snapping up an astonishing 131,710 homes in the Las Vegas Valley to be utilized as short-term rentals, either privately or through online platforms such as Aidbnb and Vrbo, as per a new report.

Las Vegas exhibited the largest year-over-year increase in the number of home purchases on the part of investors in the entire nation – 27.6 percent – for the third quarter of 2024, according to Redfin economic research lead Chen Zhao, who notes that approximately 23 percent of all homes currently being bought in the valley are done so by investors.

Las Vegas is a particularly alluring city for investors because of its booming entertainment industry. We know from our agents that investors often buy and rent out multiple properties that immediately get filled by entertainment and service workers,” she said. “Las Vegas is also an Airbnb hotspot, so a lot of these home purchases turn into short-term rentals for vacationers or seasonal workers.”

Zhao said that in the valley, the activity of investors – defined as buyers backed by a corporation, a limited liability corporation or a family trust – has increased as of late due to recent rate cuts on the part of the Federal Reserve which are helping to lower home mortgage rates, as well as optimism in the real estate market stemming from the outcome of 2024 presidential election.

While it’s hard to pinpoint the exact reasoning behind the ebbs and flows of investor activity in Las Vegas, some folks this last quarter may have wanted to scoop up properties before the election since there was a fair amount of economic uncertainty surrounding the outcome,” Zhao said. “Rates were also lower in Q3, and while consumers didn’t respond because they were waiting for rate cuts, it’s possible that investors were more responsive.”

According to a study carried out by the University of Nevada, Las Vegas’ Lied Center for Real Estate, investors currently own at least 15 percent of all homes in the valley.

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 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 projected to be based on how the market was trending pre-COVID-19,” the UNLV report said.

However, that same report also highlights a troubling trend in Nevada; that before the pandemic, rents in the state had already been increasing on an annual basis by 5 percent or more, leading to affordability concerns for many of the state’s residents.

The UNLV report examined how much “workforce housing” was available throughout the state; that is, housing options that can be afforded by individuals making 60 percent to 120 percent of Nevada’s area median income (AMI) of $87,800.

In Clark County alone, the report notes, for members of the workforce within that income range – comprised of “teachers, firefighters, law enforcement, hospitality staff and health care workers” – only one third of the units on the market were considered affordable to those in that demographic making 60 percent of AMI, or about 52,000 annually.

The cost of housing and utilities to be considered “affordable” is 30 percent of a household’s monthly income; if a greater percentage of income needs to be allocated to housing, it is no longer considered affordable. Currently, as of November 2024, the average monthly rent for a one-bedroom apartment in Clark County is $1,486.

While rent in Clark County jumped anywhere between 20 and 30 percent since 2020, the UNLV report notes that – when compared to the second quarter of 2022 – rents are currently now down 3.7 percent and running, showing that the market is achieving some degree of stability once again.

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 new report released by Redfin indicates that during the third quarter of 2024, the Las Vegas Valley saw the largest jump of home purchases by corporate investors in the entire nation, representing over $1 billion in transactions during that time period.

Totaling approximately $1.02 billion worth of homes being bought by investors in Q3 2024 at an average price of $420,000 each; the valley saw a 27.9 percent increase in such purchases from Q2, the largest such jump out of all major metropolitan areas in the United States. Following Las Vegas in that regard was Seattle, Washington with a 21.8 percent increase and San Jose, California with 19.5 percent.

Out-of-state corporate investors have been snapping up homes in Vegas in increasingly large numbers for use as rentals, or to flip them for a profit. As per a 2023 study conducted by the University of Nevada, Las Vegas’ Lied Center for Real Estate, about 15 percent of all homes in the valley were owned by such entities, with an astonishing 25 percent of all homes in North Las Vegas alone belonging to investors.

And in the ensuing time since that study was released, it is very likely that those percentages have risen even further.

Dana Anderson, a data Journalist for Redfin, noted that there are specific qualities that draw investors to purchasing homes, such as affordability; such qualities are abundant in Las Vegas, explaining the increase in such activity.

Low-priced homes are appealing to investors mainly because they cost less,” she said. “Because of their relatively low price, investors who buy them have a bigger pool of buyers if they’re looking to re-sell, and a bigger pool of renters if they’re looking to become a landlord.”

However, overall investor home-buying has leveled off since reaching an all-time high during the COVID-19 pandemic, with the Redfin report noting that it is “harder for investors to buy homes then sell them for a big profit than it was during the pandemic because home prices and loan costs are high.”

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 Clark County, there are some 10,000 short-term rental properties, but only a tiny percentage of them are licensed; the others have incurred large fines that have added up to millions of dollars for the county’s coffers over the years.

During a recent interview, Rachel O’Brien from OpenTheBooks.com spoke on the fines that have been imposed upon these illegal short-term rentals, the slow pace that Clark County has taken in issuing out licenses, and how the county compares to other regions of the country in regards to its regulation of services such as Airbnb that offer rental properties for fewer than 30 days.

Out of the over 10,000 estimated illegal rentals in Clark County, only 1,300 submitted applications last year to get a license,” she said. “The county told us this week that that 549 of those are still in the lengthily application and review process. So far, 146 licenses have been issued, so only one in five applications are getting approved and getting licenses, which means only 1.5 percent of all rentals are currently legal and licensed.”

There’s a lot more work to do in Clark County, and officials keep getting asked when are they going to do another application process, as the original one was a year-and-a-half ago,” O’Brien added. “They haven’t announced another application, but they said that they are working on it.”

O’Brien was then asked how much money Clark County been able to truly collect after fining people who are operating without a license.

Since 2019, Clark County has issued $10.5 million in fines, and sometimes the fines can be up to $10,000 a day,” she said. “So, we’ve seen one property get a $240,000 fine, and another property received a $56,000 fine… these are huge amounts of money, and sometimes they are being fought by the homeowners, as in many cases the fines are high and possibly unconstitutional.”

O’Brian noted that County Commissioner Ross Miller suggested putting a cap on the amount of fines that could be issued; in addition, OpenTheBooks.com inquired if the county would be interested in adjusting the fines that have been doled out to violators, but said they received no response.

When comparing the current rules on the books in Clark County to other major metropolitan areas in the United States, O’Brian said that large fines levied against illegal short-term rentals are commonplace.

Henderson charged people over $200,000 in fines last year and this year combined, and Las Vegas fined one person $180,000, and he’s suing and saying he’s not going to pay that,” she said. “And around the country, you have Dallas, which has banned short-term rentals and people there have sued and a judge pressed pause on the ban and it’s still awaiting a final decision in court. New York City allows short-term rentals only if the owners are staying on site with the renters, and they’re only allowed up to two guests.”

Washington, DC and San Francisco limit rentals to 90 days a year, and in LA you can only rent up to 120 days,” O’Brian continued. “Palm Springs limits their rentals to 20 percent of the housing stock, whereas Clark County limits it to just one percent, which is a very small number, and New Orleans has banned it in certain areas. But in all of these areas, just like in Clark County, they have to register and they have to pay taxes, and there are illegal rentals in a black market everywhere, and there are fines just like there are in Clark County.”

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 new study, Las Vegas currently has one of the highest eviction rates in the nation, owing in part to the Nevada state judicial system leaning in favor of the rights of landlords, particularly when it comes to nonpayment of rent by tenants.

As per Princeton’s Eviction Lab, Las Vegas currently ranks seventh out of the 34 major metro areas throughout the United States that they track in terms of eviction filing rates.

There were 190,133 eviction filings in Clark County between March 2020 and August 2024, which represents a 21 percent increase over the levels experienced prior to the COVID-19 pandemic. In August 2024 alone, there were 4,041 eviction filings, a jump of 25 percent when compared to an average pre-pandemic month.

Clark County has one of the fastest and cheapest eviction processes in the country; landlords are only required to provide seven days’ notice for an eviction and the cost to file the proper documentation with the court system is just $71.

In addition, landlords in Clark County face an easier path to eviction in the courtroom as well, as – unlike most other legal proceedings involving corporations – they are not required to hire a lawyer to represent them. Instead, a landlord can simply have an agent appear to make the case for the eviction, again making the process faster and cheaper.

Evictions in Las Vegas hit their highest point ever in December 2022 – up 82 percent when compared to before the pandemic – following the end of eviction moratoriums at the end of May 2021 that were put into place to protect individuals who claimed they were financially impacted COVID-19.

While the percentage of local evictions has lowered significantly since then, the real estate market in Southern Nevada – like much of the country – is in a state of constant flux as housing options remain scarce and highly-priced.

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 new report released by industry group Construction Coverage, the median apartment rent – that is, the number smack dab in the middle of the average – in the Las Vegas-Henderson-North Las Vegas metro area is just over $2,100 per month, making it the 20th-highest in the United States currently. 

The median apartment rent in Vegas is presently $2,107, which illustrates the steady increase in cost-of-living expenses in Southern Nevada recently. However, the region remains far more affordable than many other major metros in the nation.

In particular, the San Jose-Sunnyvale-Santa Clara metro area in California came in at the very top of Construction Coverage’s report, with the median apartment rent there hitting an astonishing $3,811.

Construction Coverage pulled the data used in their report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, and the following is a rundown of the median rental rates for a variety of apartment types in Las Vegas, from the cheapest to the most expensive.

• Median rent among all apartment types: $2,107
• Median rent for a studio apartment: $1,424
• Median rent for a 1-bedroom apartment: $1,598
• Median rent for a 2-bedroom apartment: $1,894
• Median rent for a 3-bedroom apartment: $2,654
• Median rent for a 4-bedroom apartment: $3,075

In addition, the state of Nevada overall placed 11th in the country with a median rent price of $2,031; this is in contrast to the national median rental rate of $1,865. Meanwhile, the top five states with the highest median rental rates are Hawaii at $2,909, followed by California at $2,803, Massachusetts at $2,461, New York at $2,335, and Washington at $2,295.

According to the report, the number of states whose median monthly rent exceeded $2,000 last year was nine; in 2024, that number increase to 12.

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 – Recently, the Chair of Nevada Democrats’ senior caucus, Donna West, along with Assemblywoman Sandra Jauregui (D-Las Vegas), jointly announced that they will be drafting a new rent control bill that they will attempt to make into state law, despite the fact that Republican Governor Joe Lombardo vetoed an identical measure after it landed on his desk during last year’s legislative session.

The proposed legislation – titled AB298 – would limit the amount rent can be increased for senior citizens and individuals with disabilities to 10 percent. In addition, it would also require landlords to reimburse prospective tenants for any unused fees they are charged during the housing application process, such as those charged for conducting background checks if said checks are not, in fact, carried out.

The bill would also mandate landlords to list all charges and fees up-front in lease agreements.

The proposed bill is exactly the same as the one Lombardo gave the ax to in 2023 – then titled SB275 – after it had been approved by both the Nevada Senate and Assembly. The governor defended his veto at the time, claiming that rent control could result in housing shortages, less property maintenance, and lowered government property tax revenue.

Jauregui, however, said that the rising rents in Southern Nevada are causing financial hardship for many residents, and that rent control is one way to combat affordability concerns.

Over the past few years, housing costs in Nevada have skyrocketed, pushing too many people to the brink,” she said. “Every Nevadan is being priced out. One of the things that I heard when I was going door to door was, ‘Hey, I’m applying for a place and I’ve applied for 10 places, which is $100 per application, which is $1,000 that just ate into my security deposit.”

According to Rent.com, the current average apartment rent in Las Vegas is $1,288 per month, which represents a 0.6 percent decrease year-over-year; this number is 17 percent lower than the national average of $1,558.

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 – 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 Bernot was queried in a local media report, she noted that while her monthly payment had recently risen by nearly 20 percent – prompting her to move to a more affordable place – some friends of hers had experienced a significant drop.

I have been pretty much priced out. If I wanted to do another year lease, they wanted to raise it over 19 percent,” Bernot said, then relating the good deal her friend was offered in contrast to her own.

When he renewed his lease over on Flamingo (Road) here, they dropped his rent like $150,” she said.

Real Estate Advisor Ana Jaramillo, when asked for her assessment of the current situation in Southern Nevada, said that the entire region is an intricately intertwined financial ecosystem, with all aspects of it feeding into and influencing one another.

Ultimately, however, she said that increases in available housing supply have resulted in a recent downward trend in terms of rental prices.

The rental market affects the housing market as a whole. It’s all kind of intertwined,” Jaramillo said. “We have a lot of houses on the market right now to rent. So therefore, the prices of those rental properties have gone down.”

The median rent price for homes and apartments in the Las Vegas Valley in September was $1,475, which represents a 1.5 percent drop from August, according to a recently-published a study by Redfin; nationally, that drop was just 0.5 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 – Short Term Rentals are very much in demand in areas that feature popular tourist destinations, and with one of the most visited cities on Earth – that being Las Vegas, of course – Nevada is no exception. Coupled with the age-old adage that demand sets price – Nevada is home to some very costly STR listings, with two properties in particular ranked among the most expensive in the United States.

BestBrokers has published the results of a study that examined seven-night Airbnb stays throughout the country during July 2024 – which is considered to be the peak rental month – in order to determine the priciest ones in the nation. Variables in the study included the type of property, cost per night, maximum guest capacity, the number of bedrooms and baths, and what amenities were on offer.

Nevada had an Airbnb that came in third most expensive on the list: Zephyr Cove’s Sierra Sunset Estate, which is located on 24 acres of lakefront property with a private dock and a 150 square-foot beach. The residence itself comes in at 16,703 square-feet and has eight bedrooms, eight-and-a-half bathrooms, and a maximum guest capacity of 16 people. It also boasts numerous high-end amenities, such as a private theater, exercise room, wine cellar, game room with a bar, and a gourmet kitchen with a butler’s pantry.

The cost for all this? An eye-popping $39,563 per night; if filled to the maximum number of guests who all agree to split the cost evenly, they each would be shelling out $17,309 for each night for their stay.

The second Nevada-based STR on BestBrokers’ list was ranked 16th costliest in the country, and that entry is a waterfront estate in Glenbrook on Lake Tahoe called Villa Harrah. The property is a 20,000 square-foot residence with seven bedrooms and seven-and-a-half bathrooms, and can accommodate up to 10 guests at a time.

Amenities are plentiful, including a full cinema, wet bar, and pool table to a deluxe spa with a sauna, hot tub, salt room, and even a nail and hair salon. A large terrace leads to a pool, a beach and private pier.

The cost per night for this property is an incredible $23,171; contrast that with the average national cost of a nightly rental – $216 – and you clearly see these two Nevada listings are indeed for those with fat wallets only.

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 is one of the most popular tourist destinations in the world, and when those visitors come to Sin City, they obviously need places to stay. And while the city’s hotels are bustling, investors have been hedging their bets on the popular short-term rental industry in recent years, buying up properties to rent out via platforms such as Airbnb and Vrbo.

At current count, there are approximately 10,000 short-term rentals operating in Las Vegas; however, according to a new report, the majority of them are doing so without a license, and are thus considered illegal by Clark County officials.

Landlords operating unlicensed short-term rentals can face serious penalties, with recent examples including hosts incurring fines as high as $180,000 to $240,000. But the majority of these property owners would prefer to be running their rentals legally and on the up-and-up, and blame the extraordinarily sluggish licensing approval process on the part of Clark County for essentially forcing them to skirt the law.

Clark County’s pre-application process opened in 2022, with the deadline for submission having been August 2023. Since then, however, a meager 64 applications have been approved out of the 831 submitted, leaving a looming backlog of over 600 individuals waiting to be able to legally rent out their properties.

According to a statement that Clark County officials issued to the media, the approval process has become ensnared in unforeseen red tape caused by the type of lottery process they employed, and they are attempting to rectify those issues as quickly as possible.

The issuance or denial of a license or a withdrawal of an application will impact other applicants with a higher RNG number on the priority list,” officials said. “Also, the appeal of a denial also requires a hearing process, which requires additional time and delays the process. Additionally, there are factors that impact the timeliness of this process, such as applicants submitting fees timely and getting their inspections scheduled.”

But regardless of the reasons for the delays, Greater Las Vegas Short-Term Rental Association founder Jackie Flores said that every day the property owners she advocates for are forced to wait, is yet another day they are unable to support their families.

A lot of people think people do short-term renting just to get rich, and that is not usually the case,” she said. “The average individuals are senior citizens with a fixed income that are doing it to supplement their income, there are families that have bills to pay and need to make that extra money.”

LAS VEGAS, NV – Today, many are turning to the short-term rental field in order to either make a living or simply get a few bucks via a side hustle, and often these individuals are managing properties via short-term rental platforms such as Airbnb and Vrbo that they own at locations outside of the state in which they reside.

Obviously, this can cause some logistical issues, especially when it comes to monitoring the properties they are renting out; this is especially true when hosts want to ensure that their guests are not holding unruly parties in their residences, potentially causing damage and drawing the ire of local neighbors and authorities.

That being said, many short-term rental owners are now turning to technology to remotely “party proof” their properties as a means of protecting their investments; this article will give a brief breakdown of some effective systems for your consideration.

Often short-term rentals are located in residential neighborhoods, and with that being the case it’s important to remain on good terms with the local community. Because of that, you may want to put safeguards in place to ensure that your guests are not disturbing surrounding houses with loud music or partying late into the night. One way of doing so without invading your guest’s privacy is by installing a Minut noise monitor, which alerts you only if the noise exceeds a specified level, allowing you to immediately contact guests and get ahead of any potential complaints from neighbors.

A Ring doorbell camera is also an effective way to remotely monitor your property to ensure that a steady stream of rambunctious party guests aren’t filing in and out of your property at all hours of the night. Such a system can also provide valuable evidence in the event you need to file a claim with Airbnb or Vrbo over damages caused by party guests.

In addition, some guests can incur excessive utility bills if left unchecked, especially when partying; a Nest smart thermostat can effectively prevent that, allowing you to remotely control the temperature in your property, setting it on a schedule that still allows guests to adjust it within a predetermined range. Likewise, you can also control pool and hot tub temperatures via the Pentair app, but unlike the Nest thermostats, guests have no manual control and must contact the host for adjustments.

And finally, hosts can ensure they are properly regulating their rental pricing structure using revenue management platforms such as Beyond, which utilizes up-to-date algorithms to optimize nightly rates on all their vacation rental platforms, ensuring they are charging appropriate rates around busy holiday times to maximize profit.

Short-term rentals can be a significant source of revenue, but they can also be a significant headache if you’re not properly prepared. But utilizing some of these apps and systems can go a long way to streamlining the process of remote property management, allowing you to enjoy the extra income your rental is providing to you.

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.