[JohnG72]

Originally Posted by olecapt

Nope. Home leases are more than 500 per month higher than home listings at the moment. That would indicate that we are draining the inventory of for rent homes.

They are also close to a five year high.

I would suspect the apartments are simply getting the overflow.

Nevada's boom ends in record number of empty homes - BusinessWeek

Nevada's building boom over the last decade has ended in a record number of empty homes.
Newly released Census data shows 167,564 empty houses in the state last year, more than double the number in 2000. In all, the number of vacant homes represents about one out of every seven houses across Nevada.
The data suggests the housing crash forced many Nevadans from their homes. More than 16 percent of Nevadans relocated to other residences within the state in 2008 alone, the highest mobility rate in the nation.
The state also had the highest foreclosure rate in the country in January, and delinquent mortgages are on the rise. The jobless rate is 14.2 percent, and the state's estimated budget gap starts at $1.5 billion.

Seems to me that the long term rental prospects are rather grim. I supose you'll go on about how those can't be counted because they are not available, but in fact Vegas is quite overbuilt for current and near term(at least 5 years) population.

I'm curious. In your opinion, what would happen if the vacant inventory in Vegas was purchsed in the next three years by investors?

And I dunno if any of the investors have been out to those NLV $110K 4bd properties, but many are hell and gone from anywhere people have to go in order to work.

[olecapt]

Originally Posted by JohnG72

Nevada's boom ends in record number of empty homes - BusinessWeek



Seems to me that the long term rental prospects are rather grim. I supose you'll go on about how those can't be counted because they are not available, but in fact Vegas is quite overbuilt for current and near term(at least 5 years) population.

I'm curious. In your opinion, what would happen if the vacant inventory in Vegas was purchsed in the next three years by investors?

And I dunno if any of the investors have been out to those NLV $110K 4bd properties, but many are hell and gone from anywhere people have to go in order to work.

Last year leases exceeded listings by about 20% or 5,000 houses. This year we are running at a similar pace. Lease volume is at least at a 4 year high. Price is pretty much stable at the average for the last 4 years. Median is the same as last year and down $100 from 2006.

Those NLV houses are very convenient to Nellis which is perhaps the next employer to the strip.

[Willy702]

Originally Posted by JohnG72

Nevada's boom ends in record number of empty homes - BusinessWeek



Seems to me that the long term rental prospects are rather grim. I supose you'll go on about how those can't be counted because they are not available, but in fact Vegas is quite overbuilt for current and near term(at least 5 years) population.

I'm curious. In your opinion, what would happen if the vacant inventory in Vegas was purchsed in the next three years by investors?

And I dunno if any of the investors have been out to those NLV $110K 4bd properties, but many are hell and gone from anywhere people have to go in order to work.

While one can't sugarcoat the situation, I think most on the ground would tell you its nowhere near as bad as you might think. Rental houses are getting some traffic and as we get closer to summer will get a lot more traffic. Its basically a buyers strike out there, but it sure seems like the population is once again increasing after a 18-24 month period where it appeared to be slightly decreasing.

Its interesting the media is really picking up on the vacancy rate in Vegas when Florida and Arizona have higher vacancy rates. Phoenix's vacancy problem is even worse IMO because most of the really troubled areas are extremely far from the center of Phoenix and have minimal demand for many years to come as either purchases or rentals. The fringes of NLV probably will see such an issue for awhile, but the rest of LV has the potential to continue to see increased occupancy even if many of them end up in landlord hands.

[JohnG72]

Originally Posted by olecapt

Last year leases exceeded listings by about 20% or 5,000 houses. This year we are running at a similar pace. Lease volume is at least at a 4 year high. Price is pretty much stable at the average for the last 4 years. Median is the same as last year and down $100 from 2006.

Those NLV houses are very convenient to Nellis which is perhaps the next employer to the strip.

And of course you already know this...but much of the cheap NLV inventory funnels into Mojave, which any military person would be insane to send their kid to. Thereby killing off a wide swath as decent rental.

[olecapt]

Originally Posted by JohnG72

And of course you already know this...but much of the cheap NLV inventory funnels into Mojave, which any military person would be insane to send their kid to. Thereby killing off a wide swath as decent rental.

And much of it is not in Mojave...and if you don't have kids in school it is a pretty nice commute. I generally suggest families strongly consider the schools and head toward the western side of NLV or across Decatur into Centennial.

[JohnHAdams]

Originally Posted by airics

in NLV, you can get a 2006, about 1700sf, 4br for around 100k... It will also rent out for around 1200 or a bit better...

That is very positive cash flow on a fairly new home. That used to be hard to achieve when I was studying the rental industry in the 80's. Reason being, interest rates were so high.

A 100,000 home meant about 1,000/mt mortgage payments. I'm guessing the payments would be much lower today.

These are edgy times in my opinion. Sometimes I just don't know what to do.

So far, it seems like units within 2 miles of the strip would be the easiest to rent . I have found location to be very important when looking for tenants.

[Willy702]

Easy to find tenants close to the Strip, but hard to find good ones. Those are the tenants who are most vulnerable to a layoff which makes them flat out broke in a week and the ones who are far more likely to just decide to blow out of Vegas and vacate your unit with no warning whatsoever. In other words about the only reliable tenants you will get are the young single guys working or playing in the casinos and newer in town. If they make it past 12-18 months they'll move to a better part of town.

[gaga0505]

Originally Posted by olecapt

Last year leases exceeded listings by about 20% or 5,000 houses. This year we are running at a similar pace. Lease volume is at least at a 4 year high. Price is pretty much stable at the average for the last 4 years. Median is the same as last year and down $100 from 2006.

Those NLV houses are very convenient to Nellis which is perhaps the next employer to the strip.

Could you provide where you found these numbers? I'm planning to invest in LV, but heard very different stories on the vacancies in LV.

[olecapt]

Originally Posted by gaga0505

Could you provide where you found these numbers? I'm planning to invest in LV, but heard very different stories on the vacancies in LV.

http://www.lasvegasrealtor.com/stats/Statindex.htm

Rental tabs are at the right end.