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After housing market rebound, Las Vegas sees increase in rental home rates

Posted at 6:00 AM, Mar 02, 2018
and last updated 2018-03-02 10:17:23-05

As it becomes more expensive to buy a house in Las Vegas, some are forced into renting homes instead.

Experts say the high demand is driving up rental rates.

Leah Forsythe just had tenants move in her Summerlin home and they weren't shy about doing a few favors.

"They offered incentives to me so that I would rent my house to them... They wanted my house. They loved the neighborhood and they offered to help keep up my landscaping for me and fix up problems that were to occur in the house while they were living there."

Chances are, if you rent out your house right now it won't be hard to find tenants.

Realtors 13 Action News spoke with say they receive about a dozen offers a day after a home gets posted for rent.

Some are even offering more money upfront to snag a place to call home.

Christopher Bishop, president of Greater Las Vegas Association of Realtors say, "We've needed this for a while. The rental market has been pretty stagnant."

The current market makes it easy for landlords to make money and harder for tenants to find rentals they can afford.

Experts we spoke with say prices for rental homes have gone up by 30% over the last several months.

However, Bishop says, "We still have affordable rental rates compared to other markets like California, southern California. Las Vegas is still extremely affordable."