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Penny O'Brien's Blog

By PENNY O'BRIEN | Agent in Las Vegas, NV

RENT VS. OWN UPDATE in the LAs VEGAS HOUSING MARKET

Vacancies are very high right now on both apartments and homes. Due to the lack of employment and people having their hours cut.

Is it a good time to sign a lease agreement?
 
 
In most markets, yes. Rents aren’t expected to improve much this year, and they’re likely to continue falling for the next few months or for as long as unemployment rises. Las Vegas has a very high unemployment rate right now with really no end in site.  Yesterday they reproted that the unemployment rate dropped a little but that is due to people moving out of the state. 

Will rents come back?

 
During this recession a very commom thing happens and that is people move in with family and or with friends.  For right now the rental market is kind of bleak here in Summerlin and the rest of the Las Vegas Valley.  On the flip side of that is that people need a place to live and with so many homeowners losing their homes due to foreclosures etc. it's quite likely people will have to rent. 

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