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Share Downtown

“shareDOWNTOWN” – Downtown Vegas Apartment Complex Due to Open Late June

LAS VEGAS, NV – Due to open in late June 2020, shareDOWNTOWN – a new apartment complex located in Las Vegas’ downtown area – offers small, affordable apartments conveniently located within a busy employment area to give workers a local place to live within easy walking distance of their jobs, according to reports.

The apartment complex, which is four stories in height, will feature 63 one-bedroom units that are 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month. Most units will offer either city or mountain views, reports say.

When the complex opens later this month, the first 16 units will be made available with a limited early move-in special discount; the remaining units will be made available soon afterwards.

The building features an interior, open-air courtyard available to all residents that includes a large shade tree, landscaping, and a shared BBQ. Communal lounge areas on each floor offer free Wi-Fi, workspaces, private conference rooms, flat-screen smart TV and a wireless printer/scanner.

A unique aspect of shareDOWNTOWN will be a focus on healthy and active activity for its tennants; rather than one centralized gym or fitness facility location on the premises, as is the norm of most apartment complexes, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, eschewing complex machinery and equipment in favor of an “urban style workout.” shareDOWNTOWN’s exercise rooms will primarily rely on body-weight exercise stations that will provide for a full-body workout, making use of movements such as dips, pull-ups, push-ups, and more.

The apartments will feature enhanced security, including key-less front door locks, key fob main entry, fully secured garage and remotely monitored cameras. Developer Sam Cherry broke ground on shareDOWNTOWN last summer, with the original open date being May 2020. Cherry has previously developed two Las Vegas condo towers prior to shareDOWNTOWN- the 16-story Soho Lofts, and the 22-story Newport Lofts.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Vacation Rental

Amid COVID-19, More Travelers Turning to Home Rental Getaways for Socially-Distant Vacationing

LAS VEGAS, NV – Despite the ongoing COVID-19 outbreak winding down in some respects and states across the country starting the reopening of their local economies, the specter of the pandemic – and the possibility of an eventual resurgence – will continue to shape American’s vacation plans for some time to come.

According to a recent report, due to this “new normal” that we are all living in, many people who have been enduring home quarantines and are itching to get away from it all – yet still to maintain social distancing and safety guidelines – are turning to vacation home rentals this summer, with Las Vegas being one of the most popular destinations in question.

Reports also indicate that the vacation home rental industry is changing to meet these new times. Mainly used for short-terms stays of a few days, many are now encountering increased demand from clients who are looking to stay longer than usual – average stays have increased from a few days to as long as a month – after having been cooped up in their own homes for the last several months. In addition, new cleanliness and sanitation guidelines to help prevent the spread of COVID-19 are ensuring that landlords will make sure their properties are in full compliance to keep their renters safe.

The appeal of a vacation home rental is that it is possible to maintain a degree of social distancing that normally is not possible to do in a large and crowded hotel resort. These people are often on the lookout for large properties with plenty of amenities – such as a pool or a fire pit – that are adjacent to attractions that they can visit safely, such as the famed Las Vegas Strip, which is currently in the process of reopening for business after being shut down during the height of the pandemic.

The hotel industry has been one of the hardest-hit by the pandemic, not expected to fully recover until late 2022, but records show that the home rental industry – led by companies such as Airbnb and Vrbo – have continued to receive bookings thanks to people afraid to travel to crowded regions but desperate to get away in some form. Labor Day bookings of vacation homes, in fact, were reported to be comparable to last year’s figures, according to Airbnb and Vrbo.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Man Thinking

Renters In Las Vegas Growing Increasingly Desperate Amid COVID-19 Pandemic

LAS VEGAS, NV – With the coronavirus pandemic taking its toll upon the Las Vegas economy, there remains some light at the end of the tunnel as the Strip is set to reopen this Thursday. While that is good news for most, some renters who have been laid off or furloughed are still awaiting financial relief in the form of unemployment benefits and they are growing increasingly desperate despite the rental market itself managing to weather the storm, according to reports.

Leading up to the pandemic, which has brought the national economy to a near-standstill, the Las Vegas real estate market was skyrocketing after nearly a decade of dormancy due to the mid-2000’s recession. Construction was rampant, housing was scarce, and rents were rising. When the pandemic hit, real estate was one of the few industries allowed to continue to conduct business, albeit with numerous alterations to increase safety. And while the market certainly took a dive, it did not collapse, and experts are expecting a potentially speedy return to business as usual once restrictions are lifted.

Nevada Governor Steve Sisolak had mandated that all non-essential businesses close in March to help curb the spread of the coronavirus; he also introduced a temporary freeze on eviction and foreclosure proceedings amid rising unemployment statistics, with the number of those without jobs in the state hitting 28.2 percent.

However, that isn’t making things any easier by renters struggling to meet their monthly payments; according to Nevada HAND, a Southern Nevada organization that operates approximately 4,200 apartment units, there has been a significant increase in the number of individuals requesting help in paying their rent. Overall, however, Nevada HAND noted that the number of tenants that have not made their rental payments is not unusually high, possibly due to furloughed or laid off employees receiving severance or other assistance from their employers.

Shelter Realty, which manages over 500 single family homes, townhomes and condos has had 94.2% of their Las Vegas tenants pay their rent in full for both April and March. In addition, property management company TruAmerica Multifamily, which owns and runs over 5,500 apartments in Las Vegas, also said that a great many of their tenants – 86.4 percent – are still paying the rent on-time, despite some Southern Nevada residents facing delays in obtaining their unemployment benefits. Reports indicate that low-wage workers, including those who work minimum-wage jobs or who might not have adequate savings, are suffering worse than others that were more financially sound at the time that the pandemic hit.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Family Sitting

Experts Predict How COVID-19 Pandemic Could Permanently Change Real Estate

LAS VEGAS, NV – Experts are currently weighing in on the Las Vegas real estate scene and the changes that are being forced upon it – both in the here-and-now as well as long-term – due to the ongoing coronavirus pandemic.

The housing market in Las Vegas has been bruised and battered by the pandemic as lawmakers have instituted a series of mandates to keep the population and non-essential businesses under lock-down in an effort to halt the spread of the disease, which has claimed over 100,000 lives in the United States so far (102k+ as of today). And while these efforts have proved to be helpful, the short-term impact upon the economy – with many businesses closed, tourism halted, and unemployment skyrocketing – has been brutal.

One of the most affected industries in the Southern Nevada region has been the previously-booming real estate market. Sales have dropped as families lose jobs and worry about their ability to purchase a home and lenders tighten mortgage requirements, but there are also potential long-term impacts that many experts note could change real estate for years to come.

For example, some experts are noting that the pandemic could reverse the current trend of living in densely-packed, city-based downtown areas – where residents are currently cooped-up in tiny apartments during the quarantine and social distancing difficult to maintain when venturing out – with a switch in preferences to the suburbs, which have more options for getting out and experiencing nature safely.

Also, a trend toward renting may be in the cards, as the financial hardships many people are currently enduring – combined with a weakened economy – may be taking the concept of home ownership out of the cards for the time being simply due to affordability concerns.

Another side-effect of the pandemic is that people are spending more time in their homes, with many also working from home; in doing so, many people are realizing that they actually may want a larger home to accommodate the extra time they are likely to be spending there for what could potentially be, the next year as we deal with the fallout of the coronavirus, including a potential flare-up and resurgence come this fall and winter.

For those with more financial cushioning, experts are predicting that more well-off Americans may actually choose to invest in a second home. During the pandemic, many people with second homes fled their primary residences to more comfortable and secluded abodes that they owned in places like the Hamptons or Poconos. With that example before their eyes, it’s possible that more people might set up a situation like that in case the coronavirus rears its ugly head once again soon.

And finally, the very nature of property sales will likely be changed going forward by the coronavirus. Real estate agents, in an effort to adapt to the crisis while still doing business, began offering “virtual” home tours, video walk-throughs, and a plethora of other services. In addition, the typical mountains of paperwork involved when it comes to closing a deal are in the process of being overhauled and streamlined where possible.

As you can see, the coronavirus pandemic – despite the fact that it’s current run appears to be nearly brought under control – will nonetheless have lasting effects upon the real estate industry, both in Las Vegas and nationwide.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Rental Search

Apartment Rent in Las Vegas Lowering During Coronavirus Pandemic

LAS VEGAS, NV – According to recent reports, apartment rental rates in Las Vegas have shown some degree of lowering amid the ongoing coronavirus pandemic, and once the summer hits, prospective renters could expect to see that trend continue. Typically, in the summer season, rents in Vegas tend to grow, but the circumstances surrounding the pandemic are unprecedented, experts are saying. Amid stay-at-home orders and governmental mandates that non-essential businesses must remain closed in order to curb the spread of the coronavirus, many Southern Nevada residents are finding themselves embroiled in mass unemployment and with limited financial means.

With that being the case, many local landlords and property management companies are finding themselves forced to curtail rent increases, or in some instances, even rolling them back to a degree. The Nevada State Apartment Association notes that rental increases in the region are typically 6 to 7 percent annually; however, this year, it has actually gone down by a half percent so far.

If the current pandemic continues to cause economic havoc in Las Vegas, the rate of rental vacancy is expected to increase as some residents are forced to move back home or in with friends; while stimulus checks and unemployment insurance is currently helping those out of work make rent, this is only a temporary solution, many say, and more assistance is needed.

Las Vegas has begun the early stages of re-opening its economy, with a limited number of restaurants being allowed to open their doors for business under strict social distancing and sanitary guidelines. However, it is currently not known when the Vegas business scene will be allowed to fully reopen, or how long it will take the city to recover from the economic damage the lock-down – in effect since late March – has wrought.

In addition, some desperate local businesses have announced their intention to reopen against Nevada Governor Steve Sisolak’s orders, risking fines and jail time. However, experts are saying that it will not take long, once Las Vegas is back in business, for the economy to recover and the rental market to begin to trend upward once again.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Aaron Ford

Nevada Attorney General Ford Announces $2 Million in Emergency Funding for Rental Assistance

CARSON CITY, NV – Yesterday, April 7, 2020, Nevada Attorney General Aaron D. Ford announced $2 million in settlement funding for emergency rental assistance transferred to United Way of Southern Nevada and United Way of Northern Nevada and the Sierra. This funding will go directly to Nevada families in need of emergency assistance. Additionally, the Attorney General’s Office created an informational flyer (below) on the Governor’s Directive halting evictions to help renters and landlords understand their rights.

“One of the most important things we can do as state leaders and as human beings is to keep Nevada families in their homes and prevent further suffering,” said AG Ford. “Every minute, another Nevada family calls my office for help so they won’t end up homeless. I am immensely proud that my office is able to prevent wrongful evictions, as well as provide emergency rental assistance funding to our trusted community partners at United Way.”

The funding is part of the previously announced settlement agreement with Wells Fargo. The transfer of the funding received approval from the Nevada State Legislature’s Interim Finance Committee Tuesday morning.

This document has been merged/modified for simple viewing. To download the original agenda letter click here. Link to Nevada Legislature website: www.leg.state.nv.us.

United Way of Southern Nevada and United Way of Northern Nevada and the Sierra are the state’s administering agencies for the Emergency Food and Shelter Program established by Congress in 1983. This additional funding from the Office of the Attorney General will supplement that program until the next set federal appropriation is released next fall. The funding will help thousands of Nevada families stay in stable housing and prevent a further crisis of homeless families in the state.

The Office of the Attorney General has received an unprecedented number of calls from constituents seeking help and information relating to eviction and rental issues. The attached informational flyer on the Governor’s Directive is intended to help renters and landlords understand their rights and obligations during the State of Emergency and answer frequently asked questions.

To download the original flyer click here. Flyer links: nvhealthresponse.nv.gov. Attorney General Website: http://ag.nv.gov

Editors Note: The appearance of Nevada Attorney General visual information does not imply or constitute Office of the Attorney General endorsement.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Eviction Notice Stock

Despite Nevada Governor Issuing Eviction Freeze, Some Landlords Continue to Lock Out Tenants

LAS VEGAS, NV – According to reports, despite a statewide moratorium issued by Nevada Governor Steve Sisolak against evictions during the state of emergency brought on by the ongoing coronavirus pandemic, some landlords have defied that decree and have locked out and/or evicted tenants who have been behind on their rent.

The eviction decree by Governor Sisolak applies to all renters in the state of Nevada, monthly or weekly, and applies while the state of emergency is still in effect. The moratorium had a mixed response, with some legal advocates supporting the move while others supported landlords and property managers, noting that they also have their own bills to pay throughout the crisis.

But despite the moratorium, reports indicate that some landlords are disregarding it and are continuing to issue eviction notices and, in some cases, outright lock tenants out of their residences, especially in cases of rent-by-the-week apartments and homes.

Nevada Legal Services report that they have received an elevated number of phone calls from tenants who are facing eviction despite the non-eviction decree from Governor Sisolak. Some are complaining that the exact nature of their rights in these circumstances have not been made clear as well.

“There’s just so many violations, you would think it were a movie” a representative of the Nevada Legal Services was quoted as saying. “You hear about these things and expect that everyone will just follow the rules, but there are illegal lockouts happening left and right.”

Violations reported by Nevada Legal Services allegedly include eviction notices still being served, landlords stacking plywood in their parking lots in order to board up apartments, and hired security guards harassing non-rent paying tenants. The Nevada state attorney general’s office notes that landlords and property managers who disobey the ongoing non-eviction rule could face legal action, including being sued for deceptive trade practices, although the office has stated that lawsuits are a last resort due to the financial strain that landlords state-wide are also going through.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Nevada Road

Developer Announces Plans to Construct Apartment Complex at Base of Mountain in Henderson

LAS VEGAS, NV – Ascot Group, a New York-based developer, has submitted plans with the city of Henderson for a potential apartment complex to be constructed at the base of a local mountain, according to recent reports.

The proposed apartment complex, which would be comprised of 132 units spread out over three buildings and featuring a separate clubhouse, would be situated behind a neighborhood near the Paseo Verde and Horizon Ridge parkways.

The proposal was submitted in the form of a letter to Henderson by Cray Flynn of the Ascot Group, which included plans drawn up by Wood Rodgers, an engineering firm based in Nevada. City officials will review the plans and respond to Ascot with any concerns, changes, or feedback that they deem needed.

According to the correspondence sent to Henderson officials, a Wood Rodgers representative notes that “The proposed layout of the buildings is designed to complement the overall character of the area while preserving access to the adjacent open space and the Amargosa Trail.”

The project would call for three 45-foot tall buildings, comprised of two building types, according to the letter submitted to Henderson officials. Underground parking would also be available to residents of the apartments, although Ascot states in their letter that they would need to extend two streets through tunnels in order to create access, while encroaching as little as possible upon the surrounding landscape. According to the letter, “the development goals are to maintain and enhance the natural setting of the mountainside.”

It should be noted that this is merely a proposal; Ascot has not officially submitted any official documents or applications to begin actual construction on the apartment complex.

The areas that Ascot is proposing for the potential construction is currently a low-density residential zone; if the project were officially pursued, Ascot would have to successfully petition Henderson to re-zone the area to a medium-density residential district in order to allow it to proceed, as a low-density district would not allow for an apartment complex.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Winnebago Vehicle

Short Term Rentals: The Ins-and-Outs of Renting Your Home on Airbnb; A Beginner’s Guide

LAS VEGAS, NV – With the recent news that the city of Henderson has approved the operation of Airbnb – an online marketplace for arranging or offering lodging – within city limits, some questions have been raised – such as what’s the best way of getting involved, and what precautions should you take?

According to a recent article, there are a number of important things you should bear in mind if you’re considering renting out your home on Airbnb, a process that has been described as potentially fraught with difficulty; that is, unless you’re armed with the following knowledge.

First of all, make sure your dwelling – whether you’re renting out a couch, bed, room, or an entire house – is ready to go once you place your Airbnb listing. Believe it or not, you can be hit with an immediate booking, so it pays to make sure that your space is clean, presentable, and that there are no issues to deal with, such as water quality or defective air conditioning. Any negative reviews and/or cancelled stays can affect your “Super Host” status, which in turn affects your placement in Airbnb searches.

Next, make sure that you do your homework and familiarize yourself with all of the regulations and guidelines in your community or municipality, as well as Airbnb’s rules in order to ensure that there is nothing illegal about your venture. Sometimes local laws can be tricky when it comes to short-term rentals and it’s your duty to adhere to them in order to prevent your guests from encountering any headaches during their stay.

If you don’t live in the property that you’re renting out via Airbnb, then it’s probably a smart move to hire a property manager to take care of things in your stead. Cleaners, plumbers, electricians and more can be hired as needed by a property manager, and problem tenants can be dealt with in a timely manner, saving you stress and financial hardship.

But regardless of your preparations, things will inevitably go wrong; be it a burst water pipe, an infestation of insects or rodents, or a host of other issues, so be prepared for to encounter a problem, one which you will have to solve quickly and efficiently.

Also, bear in mind that while short-term rentals often allow you to charge more per night than long-term rentals, you could always end up having more overhead as well. Short term rentals patrons are most likely to be on vacation, and will be using significant amounts of air conditioning, electricity, hot water, internet, and all sorts of other amenities; figure this into your financials and make sure you charge fees that make renting worth it in the long run.

Additionally, Airbnb allows hosts to set policies regarding cancellations, fees per-guest, fees for excessive amenity use (hot water, electricity, etc), requirements for damage deposits, and more. Make sure you set guidelines for potential renters and stand by them to make sure you’re not taken advantage of or you’re liable to lose money at the end of a stay when guests have invited more friends than you thought for a huge or destructive party. And finally, just remember that you won’t make everyone happy. No matter how much you prepare, someone will find something to complain about. Just accept it, move on, and look forward to the next guests in your home…and the money they will bring.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Share Downtown

New Apartment Complex “shareDOWNTOWN” to Encourage Residents to Follow Healthier Lifestyles

LAS VEGAS, NV – shareDOWNTOWN, a new Las Vegas apartment complex which completion is expected in May 2020, will be offering a new and unique twist on the lifestyles of its tenants; a focus on healthy and active activity and is said to truly set the facility apart from the many other apartment buildings springing up in the region.

Currently under construction by Cherry Developments in the Arts District at Casino Center Drive and Colorado in the downtown are of Las Vegas, shareDOWNTOWN focuses on small, affordable apartments conveniently situated within a busy employment area, giving local workers a place to live within easy walking distance of their jobs.

The apartment complex, which will be four stories in height, will feature over 60-one bedroom units, which are being aimed at people who work at the many bars, clubs, restaurants and retail establishments that are in the area. The apartments are slated to be 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month.

But the truly unique draw of shareDOWNTOWN will be the emphasis placed upon physical fitness and health; reports say. Unlike the average apartment complex, which typically features gym or fitness facilities in one centralized location in the premises, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, allowing residents easy access to the equipment they need to adhere to a healthy and active lifestyle.

Eschewing complex machinery and equipment in favor of what the developer referred to as “an urban style workout,” shareDOWNTOWN’s exercise rooms primarily rely on body-weight exercise stations that will provide for a full-body workout making use of movements such as dips, pull-ups, push-ups, and more. Such exercises, the developer says, are effective, as they don’t rely on machines that can become “outdated” or bulky dumbbells and free weights. Instead, they merely utilize the tenant’s own body alone, which can have its own advantages when it comes to convenience and safety.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

booking-com

City of Henderson Allows Short Term Lodging Services to Operate, Establishes Rules and Guidelines for Hosts

LAS VEGAS, NV – Short term rentals were recently approved for operation in Henderson, Nevada, with the Community Development manager laying out a series of rules and legal guidelines that participating residences must abide by in order to operate on these services.

Short term rentals have been steadily gaining in popularity over the years as a cheap and convenient way for landlords to accommodate guests with short-term lodging and tourism-related activities by essentially renting out their home to relative strangers. Much like ride-sharing services such as Uber and Lyft and the drivers they employ, AirBNB, VRBO, Booking.com, do not own any real estate listings, nor do they host events; instead, the services acts as a broker, receiving commissions from each booking.

Initially approved by the City of Henderson in mid-July of 2019; previously, short-term rentals where only allowed in commercial-tourist zoning areas, such as Lake Las Vegas. However, Henderson officials changed their stance on the issue after the City of Las Vegas made regulations governing short-term rentals far stricter. Seeing a potential money-making opportunity for Henderson – it’s estimated that the city could make as much as $370,000 annually with the introduction of Airbnb into the community – officials approved the move, albeit with a series of regulations of their own attached.

According to the City of Henderson, Short term rentals are allowed to operate in residential areas within the limits of Henderson as long as they adhere to the following set of rules:

  1. The local Homeowners Association (HOA) approves, and the homeowner proves compliance with HOA rules.
  2. The owner of the property must take a class at the College of Southern Nevada (Cost: $250. Duration: 2 days in-class or 2 weeks online).
  3. Pay the City of Henderson an annual fee of $820.
  4. Pay a 13 percent monthly lodging tax.
  5. Install noise monitoring systems both inside and outside the home (via a company like Noise Aware).
  6. Notify all neighbors within 200 feet of the property (via certified mail) that the home is going to be an Airbnb.

Rentals can range from a complete home, a single bedroom, or even just crashing on someone’s house in a pull-out sofa bed. The allure of allowing short term rentals within Henderson is obvious when it comes to a cash-flow standpoint; the services have been generating significant revenue in other regions of Nevada for some time now. For example, in 2019 Nevada Airbnb hosts ‘as a whole’ earned $53.5 million from Memorial Day weekend through Labor Day, according to figures released by the company. In addition, Clark County Airbnb guest usage generated $36 million in a period spanning from May 25 to Sept. 2 that same year.

Another reason for Henderson’s approval of is a potential remedy for the ongoing issue of the unauthorized renting of homes in the area; in addition, officials have announced that they will be working with an outside company that will monitor rental websites – utilizing advanced compliance software – for local homeowners who are violating rental ordnances; those who do may face fines of $500 a day that the property is rented. Instances of holding a party or wedding, or operating with a suspended license, will also incur a $500 a day fine.

Clearly, Short term rentals are growing in popularity and government officials of Henderson – faced with the dollar amounts other areas of Nevada have seen an influx of recently in conjunction with the short-term lodging service – found it was in the city’s best interests to get in on the action themselves.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Buildings

Las Vegas Apartment Rents Still on the Rise, but Starting to Stabilize

LAS VEGAS, NV – The Las Vegas real estate scene has been on an upward trajectory ever since the recovery of the recession, and the apartment scene has been no exception. With more and more businesses calling Vegas home as the economy has improved rapidly, more and more people have been picking up and moving there in search of job opportunities, and apartments offering a fast and less expensive alternative to houses for single people or new families just starting out.

Until recently, given the rapid growth of Vegas real estate, housing prices – including apartments – have been steadily on the rise, igniting affordability concerns in many; however, according to the Nevada State Apartment Association, Vegas apartment rents, while still rising, are nonetheless doing so more slowly than in recent months and years past.

Based on reports, the average rent in Las Vegas towards the end of 2019 was $1,080 per month, which represents a 4.5 percent increase over the same period one year prior; in contrast, the rent growth from 2018 to 2017 was 7.4 percent. In addition, late 2019 saw an apartment vacancy rate of 6.5 percent, a drop of .3 percent from 2018 and an increase of 11 percent from the depths of the recession era.

Clearly, according to these figures, apartment vacancy rates are declining, and rents are increasing, albeit more slowly than in recent years. Part of the slowing in rent increases can be attributed to the current market inventory; responding to demand, with developers constructing more apartments, with over 12,000 going up in early 2015, and over 2,100 built in 2019. Additionally, reports note that the new 3,800 are slated to go up in 2020, with many of them to be located near the famed Las Vegas Strip, as well as along the I-215 Beltway adjacent to Henderson, Summerlin and the southwest valley.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.