Las Vegas Multiple Listing Service resale homes available in 2007:
These numbers speak for themselves. Las Vegas has shifted from being one of the hottest real estate markets in the country to one of the most challenging. What impact has this had on Las Vegas Property Management?
While many would-be buyers are waiting to see what happens with the turbulent markets in Las Vegas and are choosing to rent, another dynamic is taking place keeping the Las Vegas rental market soft. In past years, with increasing home values there were many rental units shifting into the condominium market. Now that the inventory of homes is growing so rapidly, condominiums are shifting back into the rental market. This shift is creating an oversupply of rentals.
According to the National Association of Realtors the vacancy rates for rentals has gone from 2.9% in late 2006, one of the lowest rates in the country, to 4.9%.
Translation for Las Vegas Property Managers- it is hard work right now. If you are an investment property owner needing help renting your property, you need to find a property manager with the skills to fill your vacancy in a difficult rental market. You also have to work a little harder to keep a good tenant. There are many good deals available for rentals, and many incentives to lure tenants from other rentals. The property manager must not only fill your vacancy, but they need a support system in place to be able to retain the tenant over time.