Local News

Actions

Report finds Las Vegas rental home rates rising

Posted at 5:43 PM, Feb 10, 2017

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.