I’ve been telling you for a while that we have relatively little supply of rental housing here in Las Vegas.  Between newcomers to the Valley and investors losing rental homes to foreclosure, there are very good reasons for constrained supply!  That doesn’t even account for people who are in rental housing after losing their primary residence to foreclosure.

Today’s news is that Vegas apartment complexes are “running near capacity” thanks to foreclosures. For the moment, average rents are stable at only $1 more than last quarter. I don’t expect rents to remain this low for very long.  The law of supply and demand says that they just can’t while supply is limited and demand is growing!

With the banks wary of lending to investors — and unwilling to loan at all on certain condominium properties — the road out of our rental housing problem is going to be long and winding. On the other hand, there is great opportunity afoot for a well-capitalized investor.

This entry was posted on October 24, 2008 at 7:51 pm. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Las Vegas Rental and Apartments by Bridget Magnus Comments Off