Las Vegas rental home rates are rising, according to Real Property Management of Las Vegas.
The quarterly “Rental Statistics Report” found that the average monthly rent for single-family homes in Las Vegas was $1,286, representing a 6.1 percent year-over-year increase. Through the fourth quarter of 2016, the companies found that home rental rates increased nationally from $1,295 a year ago, to $1,325 – a 2.4 percent increase. The data used rents on three-bedroom single-family homes only to ensure comparability across markets.
Las Vegas vacancy rates, the percentage of homes considered unoccupied, was stable at 3.92 percent through the fourth quarter. This represents a .01 increase since last year at this time. Nationally, the rate declined slightly to 4.8 percent compared to the 5 percent rate at the end of 2015.
The report also analyzed the saturation rate in Las Vegas. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Results showed that in the Las Vegas area, 31.01 percent of single-family homes are rented. Nationally, rentals represent 23.6 percent of three-bedroom single family homes which is the same as a year ago.