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The Newsroom - 2010 |
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Las Vegas
Apartment Rents Reach Four-Year Low
February 03, 2010 -
LAS VEGAS - 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.
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Applied Analysis provides professional services in urban
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Reliable data is the foundation of any solid analysis.
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