The Las Vegas Rental Market
Strengthening throughout 2015 for Single Family and Multifamily Projects
Posted: February 22, 2016 by John McClelland
After many years of flat rental growth (even negative in 2012), single family rentals experienced strong growth for all of 2015, experiencing year-over-year gains of between 2.2% and 5.5% on a monthly basis, measured with average price per square-foot. Marketing times for single family rentals have also been historically low with median days on market dropping to 13 days in the Summer of 2015 and finishing the seasonally weaker December at 26 days, far below the historical peaks of over 40 days.
Figure 1: Average Price Per-Square Foot Single Family Rentals
The multifamily market has also been strong, particularly in the Class A segment, which consists largely of newer amenity rich properties. We offer a detailed report illustrating the multifamily market trends and fundamentals in Las Vegas, along with deal specific details. That report can be found here:Multifamily Las Vegas;
