What is one thing that is always looked for when thinking about renting an apartment or anything for that matter? The rental rates. And if you are looking for a place to rent in Las Vegas, you should know that apartment rental rates in the Las Vegas Valley have been declining since February.
Apartment rental rates in Las Vegas have been steadily dropping as more and more empty homes remain on the market and out-of-state investors come in to buy the inventory at a discounted price.
In a report last week from research firm Applied Analysis, the average asking rental price per unit was $756 in the fourth quarter of 2010. This number is down $14 from the $770 it was during the same time last year.
Southwestern Las Vegas is currently the most popular place for renters, according to Applied Analysis. Occupancy and rental rates are the highest in the southwest at 92.4% and $906 per month.
The lowest occupancy rate of 88.5% was in the north with the lowest rental rate of $628 being in the northeast. Last week’s report came just days after the Greater Las Vegas Association of Realtors announced that 51% of home buyers in January paid with cash which added to the number of rental homes on the market.
While the Greater Las Vegas Association of Realtors praised home buyers for clearing their inventory, the increase of rental properties could very well lead to a further decline in rental rates.
No matter which way things turn out, these declining rental rates are definitely something you need to be looking into if you are planning on renting an apartment or house in the Las Vegas Valley or anywhere in Las Vegas for that matter.
Source: Fox 5 News Las Vegas – Vegas Apartment Rental Rates Falling
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