Category Archive : Rentals

LAS VEGAS, NV – Throughout the COVID-19 pandemic, Las Vegas residents saw their rents increase by what some would consider to be unsustainable degrees; the subsequent increase in gas prices and inflation – which, as of June, hit a whopping 9.1 percent – have only served to put additional financial stress upon not only Southern Nevada residents, but people nationwide.

Currently, the local average Vegas rent is $1,480 a month, which is still $140 cheaper national average of $1,620; nonetheless, it still represents a steep increase over previous years, when the average rent jumped 23 percent year-over-year from 2019 to 2020, and then an additional 11 percent in 2021.

However, experts are predicting that as 2022 continues, rents should finally start to stabilize as local Vegas residents’ leases come up for renewal, offering them a slight respite from the economic onslaught so many Americans are dealing with on a daily basis.

According to Nevada State Apartment Association (NVSAA) Executive Director Susy Vasquez, the skyrocketing rents that have plagued so many Vegas inhabitants should start to calm down as the year progresses, with an additional increase of only approximately 5.5 percent expected by the close of 2022.

“Currently, the apartment market appears to be normalizing and stabilizing,” she said. “We are not going to be experiencing that year-over-year rent growth that we have been seeing in the double digits. We’re going to be experiencing more single-digit rent growth moving forward.”

While the economic chaos and uncertainty seen during the pandemic may be waning, Vasquez says new headwinds in the economy could impact the rental market. That includes inflation’s impact on driving up mortgage rates, and consequently, slowing home sales.

While rising home mortgage rates and house prices are driving up demand for rental units from those who are currently priced out of homeownership, local and state lawmakers are working with developers to fast-track construction on new housing; this goes hand-in-hand with the 7,440 units currently under construction in Clark County, which is expected to reduce the demand for rentals and drive lease prices down.

“They really are looking to minimize the amount of time that it takes to get those shovels into the ground, not only with affordable housing, but any housing development,” Vasquez said. “I think they’re looking more at land areas that they have, and looking to see what they can put on that land in a quick amount of time in order to relieve the pressure of supply.”

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 – Residents of North Las Vegas have been pushing hard to get the signatures needed to get a measure that would introduce rent control legislation on the ballot in November’s upcoming elections, and their efforts to prevent rent increases in light of prevailing cost of living concerns appear to have paid off.

476 signatures were required for the measure to appear on November’s ballot; North Las Vegas residents managed to gather approximately 3,400 of them before the July 1 deadline by beating the streets and knocking on doors.

If the measure ends up getting the support it requires at the ballot box this fall, it will place a cap on the amount that landlords can increase a tenant’s rent amid a climate in Southern Nevada where living costs have continually increased – rents in North Las Vegas have jumped nearly 30 percent since 2020 – pricing some out of the market, according to Culinary Union secretary-treasurer Ted Pappageorge.

“T​​he day has finally come and we’re here to submit the petition for neighborhood stability,” he said.

This effort represents the first time an attempt was made to get a rent control measure on the books in North Las Vegas since the 1970s, and – if successful – would tie maximum rent increases to North Las Vegas’ Consumer Price Index (CPI), mandating that rent hikes could not exceed 5 percent year-over-year.

The next step of the process was a recent meeting between members of the city council and redevelopment agency to discuss the potential economic impact of the measure upon the region if it passes in November.

Currently, there are no rent control measures on the books in Nevada, and if one is successfully implemented in North Vegas, it remains to be seen if it will survive the anticipated legal challenges that will be brought against it.

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 an effort to combat skyrocketing rents making it difficult for some residents to put a roof over their heads, a commissioner in Clark County is proposing that a mandatory “affordable housing” law be put into effect as it relates to every new apartment complex erected within the county’s limits.

Commissioner Michael Naft said that multiple constituents have reached out to him as of late, asking for help in addressing the county’s high rents which are making life unaffordable for many working-class families and individuals.

“I’ve got a binder on my desk of people who contact my office and say that their landlords raise their rent by $700, month over month,” he said. “It’s not sustainable for our community. I see this as a way to incent the developer to do the right thing.”

Similar rent control laws have been enacted throughout the country, particularly in regions where the average rent has effectively priced some families out of the market entirely. Nevada state law has allowed local municipalities to implement such laws since 1999, although to date none have chosen to do so; if passed, Clark County would be the first in the state to do it.

Naft’s proposed law, if it comes to fruition, would mandate that apartment complexes with 250 units or more would need to establish 10 percent of them as “affordable rentals” that are geared towards those making 80 percent or less of the region’s median income, which in Clark County would amount to $45,000 or less annually.

Currently, the average rent for a one bedroom apartment in Clark County is approximately $1,600 per month; over the course of the last two years, rents have jumped to a high degree, with wages reportedly not keeping pace with the cost-of-living increases.

Executive Director Susy Vasquez of the The Nevada State Apartment Association released the following statement, saying that her organization would be willing to support Naft’s proposed legislation.

“As presented, the Nevada State Apartment Association is currently neutral, leaning towards supporting the item,” she said. “We look forward to continuing conversations and ultimately providing a purpose driven solution which will bring added stability to our community.”

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 – Commissioners in unincorporated Clark County approved an ordinance on Tuesday to regulate short-term rentals, officially legalizing an industry in the region that includes services such as Airbnb and Vrbo that operate online marketplaces for lodging, primarily homestays for vacation rentals and tourism activities.

The ordinance comes as a great many neighborhoods across the country have issued previous complaints regarding short-term rental customers disturbing their neighbors with noise and wild partying, which has been a long-standing complaint in regards to the service.

Previously, short-term rentals were not legal in Clark County; however, in 2021, Assembly Bill 363 was voted into law, and decreed that as of July 1, 2022, it would be legal for companies such as Airbnb and VRBO to operate within the county. Furthermore, the county was also tasked with regulating the new industry, and lawmakers had been working ever since – based on public feedback –  to craft an ordinance for that purpose.

Clark County commissioners on Tuesday discussed numerous new regulations that would govern the industry within its borders, including occupancy limits, minimum stays, distance separation, and the responsibilities rental operators.

The short-term rental ordinance (full report can be read here) passed Tuesday includes the following provisions:

• Not more than 1% of housing in the county can operate as short-term rentals
• No more than one license per person
• Maximum occupancy of two people per bedroom or 10 people per unit
• Bookings must be a minimum of two nights
• Minimum two-night stay for every reservation
• Not within 1,000 feet of an existing short-term rental
• Not within 2,500 feet of a resort hotel (state-mandated)
• Hosts must allow the County to inspect the residential units without advance notice
• Allow misdemeanor citations for violations of this ordinance, thus opening the possibility of criminal liability for issues as minor as the placement of trash

A 24-hour telephone hotline will be made available to local residents to report any issues relating to short-term rentals in their neighborhood; those operating the rentals will be required to have personnel in their employ that will be able to respond to and address reported issues within a 30-minute time span.

John Choi, Airbnb’s Head of US West Public Policy, issued a statement on the news of the new ordinance, criticizing Clark County for what he called passing rules that are “stricter than what is required by state law.”

“From the start, Hosts on Airbnb have offered to work with Clark County Commissioners on rules that allow regular people to share their homes to earn extra income and to support the region’s tourism economy, both of these are needed now more than ever as residents continue to navigate economic headwinds,” he said. “Today Clark County commissioners passed new rules that are stricter than what is required by state law and will take money out of the pockets of Nevada residents and the local tourism economy.”

“Short-term rentals have been a lifeline for residents who rely on the income to make ends meet and for travelers looking for safe, comfortable accommodations that offer more space and control over their environment,” Choi continued. “Now is the time for the tourism sector to work together to bolster Clark County’s economy and hospitality industry.”

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 Palms Apartments, an apartment complex adjacent to the famed Las Vegas Strip, has been sold for $33 million, via an announcement last Wednesday by the real estate agents that brokered the deal.

The 200-unit apartment building, located at 713 East Sahara Avenue, was purchased from Miami-based Florida East Coast Realty, LLC by an undisclosed buyer on May 2 via a limited liability company based out of California, according to Clark County property records.

The garden-style Palms Apartments is a two-story building that offers units ranging in size from 700 to 1,500 square feet, and offer floor plans that have up to three bedrooms and two bathrooms, according to Thomas Dean of Coldwell Banker Commercial Premier, who represented the buyer.

“This older, vintage property provided my client with a great value-add opportunity in a very hot market,” he said. “They have an extensive Capex plan and are excited to add this to their Las Vegas portfolio.”

Las Vegas has been experiencing a large number of apartment building sales in 2022; Topaz and Viridian, two large apartment communities that are located adjacent to one another on West Viking Road, were announced as having been sold earlier in May in an off-market transaction worth a total of $129.7 million.

In addition, in March the 220-unit luxury apartment complex South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million, and Fremont9, a ritzy apartment complex located in Las Vegas’ downtown area whose constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, sold for $80 million and will soon be christened with a new name.

And finally, Jade, a 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, sold for $124.5 million in late January.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With inflation still hurting most Americans in the wallet and prices in the housing market skyrocketing nationwide, a new report indicates that among the major metro cities where costs are increasing the most, Las Vegas is now currently ranked number two in terms of rising rents, leading to concerns over affordability despite signs that the market may be starting to stabilize.

Among the 15 major metros covered in the report where rents are rising the fastest, residents of the Las Vegas-Henderson-Paradise area are experiencing one of the highest percentage rent increases from pre-pandemic 2019 to 2022, as per a study released by San Francisco-based rental software firm Stessa Inc.

Southern Nevada is ranked number 2 in terms of rent increases, with the median rent in 2022 currently $1,485, which represents a jump of 24.8 percent when compared to the median rent in 2019, which was $1,190.

The Las Vegas region comes in closely behind the Sacramento-Roseville-Folsom, California metro area, which took the number 1 spot with its 2022 median rent increasing 25.3 percent to $1,830, compared to $1,461 in 2019.

The main factors driving the rent increases in Southern Nevada include limited inventory, coupled with a rapidly-recovering post-pandemic economy that has driven fierce competition among prospective tenants, leading to many – especially those with a degree of affluence – paying for rentals well above the initial asking price, according to the Stessa report.

With rising real estate prices, 70 percent of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home,” they said. “And as more high earners enter or stay in the rental market, builders and developers are incentivized to provide more luxury units, which means less new stock to meet the needs of low and middle-income earners.”

Nationally, median rents rose 12.5 percent in 2022 to $1,445, up from $1,284 in 2019.

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 a recently-passed piece of legislation – Nevada State Assembly Bill 363 – has done away with a previous ban on short-term rentals in unincorporated Clark County, officials who will eventually be tasked with overseeing the industry are asking for public opinions on potential regulations that will be implemented when rentals become legal as of July 1.

As of the first of July, short-term rental services – either independently-owned or via companies such as AirBNB or VRBO – will be allowed to offer their services in Clark County, often in the form of houses situated within normal neighborhoods. And since these neighborhoods will be directly affected by these new rentals, Clark County is asking these people for input in crafting laws and regulations that will govern the industry locally.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.

District A County Commissioner Michael Naft noted that an ordinance with tentative rental regulations has been drafted, but that officials are holding regular meetings and are inviting the public to attend in order to fine-tune the laws and minimize any possible annoyances or disruptions that short-term rentals could cause for residents.

“There are a lot of voices in this conversation. There are people on every side of this issue,” Naft said. “This is about coming up with some rational common-sense ways. To do what the state required us to do.”

Some of the regulations that are expected to make it into the final version of the ordinance include hosts being required to possess business licenses; approval of a homeowners’ association in any community where rentals will be set up; a maximum of 16 people allowed in any given rental property; and for it to be illegal to utilize apartments, mobile homes or manufactured homes as rental properties.

Naft noted that it is important for local residents to voice their opinions in order to help them create a set of regulations that will ensure everyone involved is able to maintain their previous quality of life.

To see Clark County’s initial draft of their regulations governing short-term rentals, please click here.

Meanwhile, residents of Clark County are able to submit questions and comments to [email protected].

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 – Laguna Point Properties, a multifamily investment company based out of Mission Viejo, California, has announced the purchase of two large apartment complexes in Las Vegas in an off-market transaction worth a total of $129.7 million, giving the company a large foothold in the Southern Nevada rental marketplace.

Topaz and Viridian, two apartment communities that are located adjacent to one another on West Viking Road, were part of the Laguna Point Properties deal. Topaz, constructed in 1985, offers 252 units featuring both one and two bedroom floorplans; Viridian, built in 1981, offers 456 units in the form of studios, one, two, and three-bedroom apartments.

The two Las Vegas acquisitions are part of a larger, multi-state deal on Laguna Point Properties’ part; the firm has recently spent the sum of $566 million acquiring not only the two aforementioned complexes in Nevada, but an additional five properties in Los Angeles, California and one in Jacksonville, Florida, for a grand total of 1,945 apartment units overall.

Las Vegas-based property management company Cushman & Wakefield have been tapped by Laguna Point Properties to oversee the Topaz and Viridian, whereas Greystar and ZRS Management will manage the Los Angeles and Jacksonville complexes, respectively.

According to Laguna Point Properties’ website, the company’s mission “is to opportunistically acquire and renovate class “B” and “C” multifamily assets in the Western and Southeastern United States. The typical acquisition will range from 100 to 500 units and have a price between $15 million and $70 million. The Company and its affiliates have acquired over 6,500 multifamily units, with a current portfolio of 5,200 apartment homes and a total capitalization of $758 million.”

It is currently unknown if Laguna Point Properties has any plans to renovate or make any changes to Topaz and Viridian upon taking them over.

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 – Clark County has released a series of proposed rules that short term rental companies such as Airbnb and VRBO – as well as independent renters – will need to abide by and are looking for feedback from the public in order to fine-tune these rules to make sure they address the concerns of county residents before they go into effect.

In 2021, Assembly Bill 363 – sponsored by Assemblywoman Rochelle Nguyen – was voted into law, and decreed that as of July 1, 2022, short-term rentals would begin to be legal in Clark County; furthermore, the county would also be tasked with regulating the new industry within its borders, and lawmakers have been working ever since to craft ordinances for that purpose.

The Clark County Commission is not only looking to find an method to address the huge number of house-sharing rental applications they will receive, but also how to crack down on the even larger number of illegal short-term rentals that are clandestinely operating within the county’s jurisdiction; current estimates put the number at approximately 10,000 properties.

Currently, the list of rules to govern the legal short-term rental industry in Clark County has been distilled into the following:

• Short-term rentals will not be allowed in Mt. Charleston and at apartment buildings.
• 2 people per bedroom or 10 people maximum per unit
• Licensee may not accept bookings of fewer than 2 nights
• Multiple bookings prohibited
• The unit may only be available to people within the same family or group during the same booking period
• 24-hour complaint hotline must be provided
• Noise monitoring devices must be installed for rentals that are not within multifamily homes

The rules must be finalized by July 1; anyone that wishes to give feedback on the proposed rules – be they renters or community members that stand to be affected by the legalization of short-term rentals – are asked to provide their comments to [email protected] by 5 p.m. Wednesday, May 18.

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 – For months, skyrocketing rents in Las Vegas have given rise to worries that the city – previously well-known for its low cost of living – was starting to price individuals and families out of the market due to affordability concerns.

As the COVID-19 pandemic has entered it’s (hopefully) final days, in just the last year the rent in Southern Nevada ballooned up by nearly $1,200, with the average asking price currently over $1,450 per month. Rents shockingly grew 20 percent throughout the first quarter of 2022 alone, according to the Nevada State Apartment Association (NVSAA), although they currently still remain below the national average.

And while many affluent individuals have fled nearby California due to its unsustainable taxes and expensive living cost for Las Vegas, reports have indicated that some lower-income families have found the recent rent increases unaffordable.

However, for those beleaguered parties, a new report indicates that rents in Vegas are slowly but surely beginning to stabilize, with NVSAA executive director Susy Vasquez stating this week that they are anticipated to raise at far slower increments than they were previously projected to.

“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” Vasquez said. ““Local rents are still lower than the national average apartment rent of $1,584 per month during the first quarter. We expect rents to continue increasing this year, but at a more gradual pace than during the past year.”

Experts say that, compared to the 20 percent hike year-over-year that Vegas rents experienced from 2021-2022, rents are only expected to increase by approximately another 5.5 percent by the end of 2022; previously, that number was pegged at anywhere between 7 and 8 percent.

Apartment vacancy rates in Vegas in the first quarter of 2022 were 5.4 percent, which experts deem to be a “stable” amount.

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 – Tivoli Village, a mixed-use development center consisting of retail and office space and located on over 28 acres in Las Vegas next to the Summerlin community, has announced that it is now under new ownership and will be getting some new additions to the facility, including a new apartment complex.

Tivoli Village was bought by real estate firm 3D Investments for $216 million from its landlord, IDB Group USA Investments; on the day that the sale was announced, Clark County records show 3D Investments then turned around and sold eight acres of the property to The Calida Group – a Las Vegas apartment developer – for $27 million.

The Calida Group has plans to construct a new apartment complex adjacent to Tivoli Village that will take the form of a five-story, 300-unit building, with the groundbreaking expected to take place in early 2023. This will compliment an existing apartment building on the property, Elysian at Tivoli, which is a 359-unit complex that opened in May 2021.

Aside from the eventual addition of the new apartment complex, 3D Investments noted that those who frequent the open-air, Mediterranean-themed Tivoli Village – which features 370,000 square-feet of retail and restaurants and 300,000 square-feet of office space – will most likely see no other major changes to the center itself.

However, the group has also announced plans to eventually develop the property’s northern edge in an effort to draw more tenants and customers to the center, but the exact plans for that project have not yet been finalized, according to 3D Investments.

Tivoli Village was originally announced in May 2005 and at the time was dubbed “The Village at Queensridge” before switching over to its current name. Due to poor economic conditions, the decision was made to develop the property in phases, with the first phase opening in 2011.

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 – An investment group is currently in the process of sinking some impressive capital into Las Vegas, with 13 rundown rental properties located in the city’s downtown area currently in the midst of major renovations before eventually being put back on the market for sale once they are complete.

Property management and construction company Las Vegas Apartments Corporation has a history of purchasing vacant or dilapidated properties in Las Vegas’ downtown, putting money into fixing them up, and then flipping them on the open market in an effort to “revitalize” the area.

Currently, the group is the second-highest volume property owner in downtown Vegas, according to reports, with 13 properties currently under their belt – all of which are in varying degrees of renovation; once work is finished, they will all be put up for sale.

The most recent fixer-upper property that Las Vegas Apartments Corporation purchased, renovated, and successfully flipped was 10-unit apartment complex at 211 South 13th Street, off the corner of Carson Avenue; the group bought the building in 2018 for $675,000, and closed on it last Friday for $2.7 million, representing a significant return on their initial investment.

The irony is that Las Vegas Apartments Corporation hadn’t fully completed their renovations on the complex when they sold it for that whopping amount, but the demand for housing on 13th Street was so strong they were unable to pass up the huge offers they were receiving for the unfinished project.

Part of the deal, reports say, includes extending the leasing of the current tenants that currently reside in the apartment complex.

Next on Las Vegas Apartments Corporation’s to-do list is the renovation of the 1950′s era Safari Motel, a project that the group has only just acquired the permits for; upon completion of the repairs, the motel will be master leased to Veterans Affairs, according to reports.

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.