Real Estate Blog - Las Vegas NV July 2008 Rental Home Report

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Las Vegas NV July 2008 Rental Home Report

Las Vegas Rental Homes

Rental units leased are still increasing year over year since 2006. August is the hottest (literally and figuratively) rental month so we shall see if the trend continues the next two months!

Units Leased:

July 2008: 1697
June 2008 1564
May 2008: 1554
April 2008: 1536
March 2008: 1531
February 2008: 1632
January 2008: 1500
December 2007: 1156
November 2007: 1452
October 2007: 1501
December 2006: 1052
January 2007: 1262

Average Monthly Rental Rates:

July 2008: $1510
June 2008: $1503
May 2008: $1483
April 2008: $1467
March 2008: 1342
February 2008: 2788
January 2008: $1500
December 2007: $1531
November 2007: $1493
October 2007: $1511
January 2007: $1295

Median Monthly Rental Rates:

July 2008: $1250
June 2008: $1275
May 2008: $1250
April 2008: $1250
March 2008: 1200
February 2008: 1200
January 2008: $1200
December 2007: $1295
November 2007: $1200

Absorption Rate is stable from last month and remains a Landlord's Market at 2.3 months of inventory in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Report

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist. Las Vegas NV Real Estate

Posted by Renee Burrows - Las Vegas NV Real Estate on 08/24/2008 09:40 AM

Comments (4)

las vegas nv real estate, las vegas rentals

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4 Comments on Las Vegas NV July 2008 Rental Home Report

I heard about the extraordinay heat wave in Las Vegas. But, that doesn't seem to stop the vacationers.

If you want to see a Cactus, you've got to go where they grow.

08/24/2008 09:52 AM

by Lenn Harley Homefinders.com MD & VA Real Estate

Lenn: Really? We have had an unusually cool summer. Only one week was too hot to bear and that was in end of July/Beg August! Don't get me wrong, still 100 is hot :)

08/24/2008 10:03 AM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Renee, you've done a stellar job (again) with this report on rentals. Everytime I look at your graphs I think what a healthy market you have there. It looks very balanced for both the tenant trying to rent and the landlord putting properties out their to lease. The average monthly rents also give the newcomer to the area a feel for ballpark what rentals are going for. Good job.

08/24/2008 10:37 AM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Gary: Thanks for stopping by! We have so many moving in I hope to reach out and give them a feel of the market before they even take a leap!

08/26/2008 08:30 PM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

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