Las Vegas Rental Homes – City Spotlight

I thought I would highlight another hot rental market city: Las Vegas.

$4,500 per/month Vegas Rental

I head out to Vegas about once a year for conferences that I attend. It is pretty easy to understand why Vegas would have an active home rental market. It is easy to understand by just looking at all the people that live there short term from show performers to architects that work on all the new hotels that get torn down and built up again.

I know of one property manager in Las Vegas who told me he rents out to surprising amount of architects, which totally makes sense.

Vegas used to have many property investors several years ago when the real estate market was hot. From what I am hearing the housing rental market has cooled quite a bit. If you have a 2,000 sq.ft. home in Vegas you bought for $350,000, the $1,350 per month rent will not cover your mortgage now. So I understand that most of the investors have left or got out of the market.

Dave in Vegas PubCon 06

I am also hearing that a $1,195 per month rental being advertised are being negotiated down to more like $1,150.

If you would like to read more I have a more detailed write up on the Houses for rent in Las Vegas and a lighter write up on Las Vegas rental homes.

What are your thoughts, where is the Las Vegas housing rental market going?

[tags]Las Vegas, rental market conditions[/tags]