With many homes going into foreclosure and more being sold in a short sale, the Las Vegas rental market should be thriving. If you were to look at the building going on right now, you’d see many apartment buildings going up and think at least the Vegas rental market is on the rise. However, with the economy still not on the mend and a vast majority of residents not used to paying a mortgage or rent, the market is surprisingly (or not so surprisingly) weak.
How can we tell? Rental rates can be a good indicator. Higher rent usually means more demand for inventory. However, just like in the housing marking, the competition may be there, but prices are still low. Which makes me ask, why rent an apartment?
A single family house with three beds and two baths rents for as little $800 a month, where an apartment with the same criteria rents as low as $900. In a house you have the benefits of a garage, privacy, and sometimes even a backyard. Most complexes are now built with community pools and parks, everything you would get in an apartment without the noisy neighbor upstairs keeping you up all night.
Oh and another benefit, a REALTOR®, like myself, can help you find and better yet, negotiate your rental. In other words, make sure you are getting the best deal for your money.
Of course, in some cases it’s still cheaper to buy…