Las Vegas Apartment Rents Reach Four-Year Low

Here's an article from LasVegasNow.com.

Las Vegas is a renters' market. Research firm Applied Analysis reports asking rent prices are now about $770. That is a four-year-low.

Garry Cuff with Commerce Real Estate Solutions says rents are down about 150 dollars a month on average from where they were a few years ago. That is because demand for apartments is low. Cuff says apartment owners are lowering prices to attract renters, but they are also using other incentives. "Not only (are they offering) a free month's rent if you sign a lease, but sign a lease today, and we'll give you a 32 inch television," he said. "Anything and everything is on the table."

Restrepo Consulting Principal John Restrepo blames a plethora of options available to renters. "What's happening is a traditional apartment complex is being negatively affected, because it's got to compete with these individually owned homes and condos," Restrepo said. "People prefer to rent a home if they can, (especially) if they have kids and pets. Now, you can get it with a pool." Renters can now get into a home for close to the same monthly rate as an apartment.

Restrepo says he doesn't see any relief for the apartment market any time soon. "It's a good time for renters, not so good for apartment owners," he said. Experts say a recovery will not start happening until the economy recovers. Many believe that will happen with more job creation.

My viewpoint:

In retrospect it's a good time for investor's in Las Vegas to buy and hold properties. Prices for houses in some areas of Vegas you can easily cash flow $200-300 hundred a month or MORE!!! Over time you'll build equity!! If if takes time who cares!! you're cash flowing. That's how you build wealth over time. Don't listen to the MEDIA!! Network with other investors, go to REI meetings. Educate yourself before you start investing. Or better yet get a mentor that's still in the game. Until then PEACE!!!