Category Archive : Rentals

LAS VEGAS, NV – According to recent reports, developer Joseph Daneshgar – founder of California-based 3D Investments – has purchased a luxury condominium complex located in the vicinity of the Las Vegas Strip for a whopping $47.6 million.

The Las Vegas Grand, a 212-unit building located at 818 East Flamingo Road, is among several Las Vegas-based real estate acquisitions made by Daneshgar as of late; in February, he purchased approximately 60 acres of property – the majority of it undeveloped – at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip, the Boca Raton, for $44 million in 2018.

A high-end property with 96 percent of its units already leased, the Las Vegas Grand features a pool, tennis and basketball courts, and a private parking garage. The complex is located within close proximity to all of the glitz and glamour of Vegas Boulevard, which is obviously an attractive aspect that is sure to keep it packed to capacity at all times.

In recent years, developers and real estate experts have been snapping up apartments and condos in the Las Vegas area due to the high demand for housing from new transplants in the region, which has served to drive up rents while reducing the amount of rental units available on the market.

The Las Vegas Grand was constructed in the early 2000’s by developer Christopher DelGuidice; the project hit trouble with the advent of the 2005 recession, and the property went into foreclosure in 2007. Envisioned as a grand five-building complex but only realized as one building, the Las Vegas Grand rode out the challenges brought about by the recession and finally opened for tenants roughly 10 years ago. The company that Daneshgar purchased it from had acquired the property in 2012.

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, construction on a new upscale apartment complex is currently underway adjacent to the Wyndham Desert Blue timeshare tower located west of the famed Las Vegas Strip.

The project, currently without an official name and headed up by developer Fore Property Co., is taking the form of building 287 luxury apartments, with the first grouping of units being made available for rent by December 2020; the project as a whole is expected to be completed in April 2021, reports say.

The project – the first apartment complex being constructed in close proximity to the La Vegas Strip in 25 years – is slated to offer a number of posh amenities for tenants, including a dog park, sky lounge, and a yoga studio, among others. The facility closeness to the Strip will offer tenants easy access to local attractions, entertainment, and employment, which will most likely make the complex very attractive to prospective tenants.

However, such accommodations may put a dent in your wallet; according to Fore Property Co., rents are expected to range from $1,400 to approximately $3,000 per month. However, similarly-priced units at other apartment complexes built in the Las Vegas region by Fore have been snapped up by tenants in the past, illustrating the desire for high-class accommodations by select members of the public.

In recent years, in order to meet demand for housing options in light of the rapidly-expanding population of Las Vegas due to the economic upturn – developers have been constructing apartment complexes in areas previously having few. Examples include Fremont9 in Vegas’ downtown and the currently in development shareDOWNTOWN in the Arts District. In addition, Fore has noted their interest in another potential apartment complex in Chinatown.

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 recent opinion piece published by Edward Kania, the Southern Nevada Eviction Services president argued that recent new laws governing the Nevada eviction process are ultimately unfair to landlords, placing undue stress and hardship upon them in the event that a tenant fails to pay their rent or live up to the responsibilities of their lease. While opinions are very much divided on this issue, Kania made several points that served to illustrate how landlords are set to be affected – in a negative way – by this new law.

The law Kania refers to is Senate Bill 151, which kicked in on July 1, 2019; the law increases protections for those renting properties by granting more time to tenants before they are able to be evicted by landlords for lack of payment on their rent, as well as capping late fees at five percent for delinquent rent payments. In addition, more time is granted to tenants to pay their overdue rent – seven business days, as opposed to the previous five – to avoid eviction. Evicted tenants are also allowed to re-enter their former dwelling for up to five days to retrieve “essential” belongings they may have left behind.

Kania notes that the new law essentially portrays landlords as “villains” simply for expecting to have their lease agreements complied with and their rent paid in a timely manner – something the tenant agreed to do upon moving into the unit, he said.

The new – and some would argue, excessive – leeway that tenants receive under the Bill essentially forces landlords into an unfair position, Kania said.

Landlords are not tenants’ parents,” he said. “They are not their means of support nor spouse nor friend nor charity. Neither Target nor supermarkets are required to provide free services. Why, then, are landlords?”

Kania also argues that tenants are automatically guaranteed a hearing after they receive a notice regarding delinquent rent, even if they have no defense whatsoever for not paying. With all of the tenant safeguards now available, often an individual can delay eviction for weeks or even months; all the while, the landlord – who is only trying to pay their bills – is the one experiencing the financial strain of that situation in the form of unpaid rent, not the tenant.

“New eviction laws…make the eviction process harder for landlords and easier for tenants,” Kania concluded. “These new laws help renters who don’t comply with their leases, but will likely lead to higher rents and security deposits, shorter rent due dates and higher mandatory credit score levels for everyone else.”

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 – Cherry Developments, owned by developer Sam Cherry, announced this week that a new apartment complex – dubbed ‘shareDOWNTOWN’ – will soon be constructed in downtown Las Vegas, located at Casino Center Drive and Colorado, according to reports.

The idea of shareDOWNTOWN – small, affordable apartments conveniently located within a busy employment area – is to give workers a local place to live within easy walking distance of their jobs, according to Cherry.

“This area has a diverse group of restaurants and bars, and this will be the first larger project — the largest project in the area,” he said in a statement. “It will be a place where people who work in the bar, work in the restaurants, the hair salon, the galleries can actually live. They can walk to work. It will help move the needle significantly in the neighborhood.”

The apartment complex, which will be three-four stories in height, will feature over 60-one bedroom units 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 small, just 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month, reports note.

Cherry Developments noted that shareDOWNTOWN is slated to be the first in a series of apartment complexes located in the Las Vegas downtown region that target the people who work locally in an attempt to provide quality housing and promote job growth.

Overall plans for the shareDOWNTOWN project, including the approximate start date for construction and proposed amenities, are due to be revealed soon; once started, the development is expected to be finished by in May of 2020.

Developer Sam Cherry was previously known for construction of high-rise complexes prior to the mid-2000’s burst of the housing bubble in Las Vegas;  shareDOWNTOWN represents the first development project he has worked on since that period.

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 – American Homes 4 Rent®, a California-based company that renovates and leases single-family homes (it already owns over such 1,000 homes in Las Vegas alone) has made the move to up its game in Southern Nevada, announcing recently that they would be constructing rental homes from Vegas, a move they have already pulled off in 14 other markets, according to reports.

American Homes 4 Rent was established in 2012, and is one of the first large public companies to begin investing heavily in single-family homes, following the entry of The Blackstone Group into the field; as of 2018, it owned over 51,200 single-family homes in 21 states, many of which were acquired through the Multiple Listing Service and foreclosure homes via auction. 

According to Clark County records, American Homes 4 Rent recently applied for 14 new home permits, the first time they have done so in the Las Vegas area, located in multiple plots of land that the company purchased in 2018. These permits are intended to make up a community the company is designing that will be named Serene Park in the southwest valley, according to reports. Once completed, the community will consist of a total of 21 single-family homes, all of which will be designed for long-term rentals and will range from 2,000 to 2,200 square feet in size.

The current slate of homes that American Homes 4 Rent already has on the rental market in Vegas range in price from $1,200 to $2,600 per month. The company has stated to media that the expansion into home construction – as opposed to just purchasing existing homes – came about due to an opportunity to build for approximately the same cost as acquiring structures that are already made, resulting in higher-quality rentals.

Once completed, the rent is expected be approximately $1,795 a month for a three-bedroom house and $1,950 a month for a four-bedroom house.

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 short-term vacation rental market is booming in Las Vegas, with Nevada becoming the fourth-highest such market in the country. Vegas has always been a destination city for a variety of reasons, but after the recovery of the city’s economy, the recent influx of money, jobs, businesses and the arrival of the recently-transplanted Raiders NFL team – tourism has reached a fever pitch in Southern Nevada. Enter the rental market. Tourists have been turning increasingly to short-term home rentals when visiting Las Vegas, and investors have sat up and taken notice. Within the span of the last ten years, the vacation home rental industry in Vegas has gone up a whopping 50 percent, reports say.

Some of the most popular areas to rent vacation homes locally include Henderson, due in part to it’s proximity to the famed Las Vegas Strip; after such rentals were made legal there, reports indicate that anywhere from a 200-300 percent increase in the number of investors who have purchased homes in order to rent them out to tourists. Home rentals for tourists are often more popular then hotels and other accommodations; this holds especially true for families with children, according to reports.

Home prices in Vegas, while still climbing at record rates due to the law of supply and demand, are still nonetheless much cheaper than the national average, especially when compared to neighboring states such as California. Some investors report seeing quick returns on their investment dollars, with some Airbnb users noting that it’s possible to make as much as $8,000 a week if your play your cards right.

However, the short-term vacation rental market comes with its caveats, among them the fact that it may see an increase in rent and traditional home-buyers being pushed out. Due to this, the rental business could end up making things more difficult for both type renters and buyers alike.

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 Las Vegas rental market – just like any other aspect of the real estate market in Southern Nevada these days – is still experiencing record degrees of growth, with prices that are rising at levels not seen in well over a decade. Rental prices, while showing signs of slowing down and stabilizing in recent months, are nonetheless approaching amounts that rival the boom period of Las Vegas real estate seen just prior to the mid-2000’s burst of the housing bubble.

But obviously – as all things are not created equal – some areas of Las Vegas are commanding higher rental fees than others. But while rental fees continue to rise, a new study reveals that not all things are created equal, as obviously there are some areas of Las Vegas that are just plain more expensive to rent in than others. The study broke things down by individual zip codes, noting which ones were pricier than their neighboring peers. 

The study analyzed 4,400 zip codes in over 130 markets, and based on that established national, regional, and state rankings for rental costs. In Nevada, the Las Vegas Valley – zip code 89123 – is the most expensive area in the state to rent, with the 2019 average price coming in at $1,789 per month; this amount represents an increase of 6.6 percent from 2018.

In second and third most expensive the study indicated a tie; zip codes 89521 (Northern Nevada) and 89436 (Reno) average about $1,685 a month. In fourth place comes Henderson – zip code 89012 – with the average rent amounting to $1,541; a jump of 7.7 percent from last year, the study notes. And finally, in fifth place, Clark County zip code 89141 has an average rental cost of approximately $1,523 a month.

However, it should be pointed out that overall, the cost of living in Las Vegas is still well below the national average, especially when compared to neighboring states such as California, where the rent in zip code 90024 – Los Angeles – will set you back a cool $4,944 a month (up 4.1 percent from 2018).  However, the most expensive zip code in the United States to rent in currently is Manhattan, NY (10282), where the average rent comes in at a whopping $6,211, a 12.4 percent year-over-year increase.

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, despite the fact that rental prices for apartments in the Las Vegas area have increased over the past 12 months more than any other major U.S. metropolitan area in the United States, the market is nonetheless still considered by experts as remaining quite healthy and affordable, especially compared to neighboring states such as California.

In a recently-released Zillow report, the median rent in Las Vegas for all property types was $1,435, which represents a 10 percent jump from the same period one year prior. However, local realtors are disputing this figure, noting that the median rental price is more around $1,100; this price is made possible by the fact that developers have been working long and hard over the past year to construct more apartments and condos to satisfy the rapidly-growing demand for affordable housing options in Vegas.

However, reports note, developers have not quite met housing demands as of yet; Clark County occupancy is currently at 95 percent, which is considered the hallmark of a healthy rental market, and further stability of the market would be ensured if more building was completed.

Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive, such as Seattle, Washington or California’s Bay Area.

Recognizing Las Vegas’ need to expand its rental options in order to further lower prices, developers have been hiring in droves in order to bolster their workforces; experts note that apartments can’t be built fast enough, and that the market has yet to completely recover from the lack of construction activity that took place in Vegas during the recession, a time when numerous projects where either abandoned or outright cancelled. 

Another factor that real estate experts say will be affecting the market in the near future is the impact that professional sports will have upon rentals in Las Vegas; once the Las Vegas Raiders NFL Football team begins hosting home games in the city at the start of their 2020 season, demand for rental units – which are typically cheaper than renting hotel suites for ten or more games per year – will likely increase even more as fans of the team flood the city on a regular basis.

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 – After a record amount of time for rampant appreciation in value, Las Vegas home prices have begun to stabilize is as of late, with overall growth slowing in response to current market conditions. The same cannot be said, however, for the rates of Las Vegas rental properties, as prices continue to increase in response to overall demand, according to reports.

Las Vegas home resale prices have decelerated by 11 percent when compared to the same time one year ago; currently, the median sales price for a single-family home is approximately $300,000, and has held at this level for several months now. As a result of this, home appraisals are being affected due to the fact that home prices are no longer skyrocketing as they were late last year; some homes are coming in valued less than their owners currently would like, according to reports.

However, while home prices have apparently hit a plateau for the time being, the rates for rental properties, in contrast, continue to rise in the Las Vegas area. A recent report released last week noted that Las Vegas has one of the fastest-rising levels of rent prices in the United States. The average monthly rent for homes in Las Vegas was approximately $1,465 in the first quarter of 2019, which represents a near 6.8 percent increase from the same period in 2018. In addition, the average monthly rent for a one-bedroom apartment was $1,025, which represents an increase of over 7 percent from the same time last year.

While home buyers are beginning to find the stabilizing prices in Las Vegas to be a boon – prices have been rising steadily in the market since it recovered from the national recession in 2012 – those looking to rent are reportedly having a more difficult time finding affordable places to live. Likewise, rental units are in such demand that they are often snapped up as quickly as they are shown by realtors, presenting a problem even for those who are fully able to afford the current asking price.

More than likely, rental prices will eventually stabilize as well, especially in light of news that developers have been increasing work on constructing new apartment complexes in Las Vegas. As always, demand sets the price, and as more units go on the market, rental prices should stabilize.

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 – Lawmakers in Nevada have recently passed a number of new pieces of legislation that are aimed at governing certain aspects of the housing market in the state, such as the eviction process, defect claims on construction projects, and the development of affordable housing.

To start with, the state Legislature – currently under Democratic control – enacted a law to counter one passed four years ago when the lawmaking body was under Republican control. The new law enables victims that allege that a contractor has engaged in sub-standard construction work to have an easier process if they wish to sue said contractor for damages in court. Due to take effect on October 1, 2019, Assembly Bill 421 enables customers of a contractor to report alleged defects in housing and building development projects in “reasonable detail” when presenting a notice to the contractor; previously, the law in place was more exacting, requiring “specific” and “exact” levels of detail. In addition, plaintiffs now have 10 years in which to file a lawsuit against a contractor, as opposed to the six years allotted under the old law.

Next was a new law aimed at potentially providing a boost to the construction of affordable housing for Nevada residents of limited financial means. Due to go into effect on July 1, 2019, Senate Bill 103, gives local municipalities the ability to apply discounts on some of the fees that are typically levied on affordable housing projects. In addition, Senate Bill 448 – due to come into force on January 1, 2020 – adds to the support of affordable housing construction by allowing Nevada officials to provide financial assistance to new projects with the ability to issue transferable tax credits in the amount of $10 million per year. 

State lawmakers are hoping that these bills will assist with the issue of affordable housing for low-income residents, which number at approximately 73,000, according to reports. Currently, developers construct about 1,000 units annually that are aimed at this population; these bills could increase that output to as much as 1,600 per year.

And finally, Senate Bill 151, due to kick in starting July 1, 2019, would increase protections for those renting properties by granting more time to tenants before they are able to be evicted by landlords for lack of payment on their rent; in addition, late fees for delinquent rent payments will be capped at five percent of the full amount of the tenants regular rent amount, and more time will be granted – seven business days, as opposed to the previous five –  for tenants to pay overdue rent to landlords to avoid eviction. Evicted tenants will also be allowed to enter their former dwelling to procure “essential” belongings, such as medicine, for up to five days.
Whereas the previous laws could be seen as overly favoring renters and developers, some are saying these new laws have swung the pendulum too far in the opposite direction, while others are applauding the new bills.

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 – With the recession over and done with and the real estate market on the mend in a major way, living expenses overall in Las Vegas – particularly rents – have been experiencing a steady climb over the course of the last few years as the improved economy is luring businesses and jobs into the region. Henderson is an especially poignant example of this phenomenon, having been currently ranked by ApartmentList.Com as the city with the fastest-growing rental prices in the United States.

Henderson is the second-largest city in Nevada, and according to reports, it has been experiencing growth in the cost of rental properties that outpaces any comparable city in the country over the course of the past year. The current 2019 monthly rent of an average two-bedroom apartment in Henderson comes in at $1,340, which represents a jump if 3.7 percent over the same period one year ago; the national average rental price, however, only increased 0.9 percent. This cements Henderson as a growing location in terms of demand, but it remains to be seen that, if rent continues to climb at its current rate, if the cost of living will eventually outstrip that demand.

A close contender in terms of rising rents is Las Vegas itself, which currently ranks fifth in the country; a two-bedroom apartment in Vegas will typically set you back $1,160 per month in 2019, which is an increase of 3.1 percent over the same period in 2018. Again, it remains to be seen if these increases will eventually become prohibitive to renters who are looking to get the most for their money in terms of living expenses.

Henderson and Las Vegas are standouts in the sense that, in much of the rest of the United States, rental costs – while also increasing overall – have nonetheless risen at a comparatively much slower rate throughout 2018.
Las Vegas’ rental scene has seriously ramped up in recent years, with the area seeing a large increase in development, especially in suburban areas. In addition, investors have been making numerous purchases of apartment buildings, rental complexes, and reduced vacancies – brought on by a large influx if new residents looking for jobs have produced a climate where rents have been rising to the point that some tenants are finding difficult to keep pace with. Work, however, is being undertaken by numerous developers in order to construct new and affordable housing options in order to bring more stability to Southern Nevada’s housing and rental market.

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 – In years past retirees often remained in their homes as long as possible – even after their children have grown and moved on, or their spouse has passed away – but more recently, many seniors are opting to sell their homes and downsize into a rental for a variety of reasons. This is beginning to have more of an overall impact on the rental market – especially in Las Vegas – and has started to change into statistics.

For instance, due to improvements in healthcare and the resulting increased average life expectancy, the number of elderly in the United States has reached numbers not seen before with 22 percent of the population aged 60 years or older discovering the benefits of renting, especially on a local level; among large U.S. cities, such as Las Vegas sitting with the fourth-highest amount of senior renters, comprising approximately 21 percent of the market. And there are a number of legitimate reasons why; as American society changes and evolves, this is the case, and we can expect this number to increase as times goes by. In fact, the number of renters in their early 60s increased by 84 percent between 2006 and 2016, according to reports.

Renting as a senior holds many attractive qualities, including convenience and flexibility that owning a home might not afford. Rentals mean less home maintenance, which can otherwise be a lot of work for individuals that may be experiencing age-induced physical ailments; however, when something needs fixing and you’re a renter, a call to the landlord or property manager is all that is needed. Also, many rental units offer accessibility options – such as elevators – that a home will not, allowing elders to get around easily and remain independent longer. Additionally, rentals are often situated closer to services and stores than suburban homes are, allowing a senior easier access to the supermarket, pharmacy, or a movie theater.

Plus, selling your home and moving into a rental while in your Golden Years allows you to move to a less costly part of the country, so you can stretch and increase your retirement savings that much farther. Many seniors – after the sad passing of a spouse – often find themselves living alone, and the last thing a person in that situation would want to do is to maintain a multi-bedroom house for just one person. Rental units offer a single senior neighbors and building workers who provide a sense of community and a source of help if it is needed.

The rental market is being impacted more and more by the senior community – especially in Las Vegas – and as time goes by and the percentage of elderly in our country increases even more, that impact will continue to be felt. Indeed, because of this, investing in properties that feature amenities aimed at seniors is an excellent idea for anyone looking to get into real estate, in Las Vegas or anywhere else in the country.

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.