Rental rates on the rise in Las Vegas
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Rent for housing is on the rise in Las Vegas. Video by ktnv.com
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Las Vegas, NV (KTNV) -- Rents are up and so is the demand for rental homes and apartments in Las Vegas and many other areas of the country.
Everyone says that it is a great time to buy but many people can't get a mortgage.
Five years after the housing bubble burst, prices have fallen a third from their peaks but many Americans can't take advantage.
According to recent Morgan Stanley research, the average credit score to secure a government-sponsored home loan is 762. But, 65 percent of Americans have credit scores below 750.
And that is why home purchases hit a 12-year low last year.
Other people who can and are able to afford to buy are still renting because they view real estate as a lousy investment.
The combination of these two factors is driving up the cost of rental homes and apartments.
Las Vegas rents are down nearly 16 percent from late 2007 with an average rent of $736 a month according to Zillow.com.
But, with markets tightening, don't expect that to be the case much longer.
Rent in Las Vegas will still be on the lower end though. The average rent in cities like New York and San Francisco is $2,000 to $3,000 per month.
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