Michiko M, Real Estate Pro in CA,

Rents going up? or down? Your area, and feedback appreciated thanks!

Asked by Michiko M, CA, Sun Oct 19, 2008

Hi. I have a home in NLV and I was shocked to find the new rental listings for equivalent homes running 100 dollars below my current price. I have spoken to people who own real estate in prime areas and they are telling me that they are RAISING the rent due to growing demand because of foreclosures. So I guess I am NLV and not Southern Cali. What are people seeing in their areas? I also do Downtown Detroit and Downtown Syracuse, NY, and this summer rents also went down in those areas. Should I try to be moving up in this world?? Thanks for your input.

Help the community by answering this question:

Answers

4
I am in Fernley, NV and our rents have gone up slightly in the past 2 months. We are a small community but #1 in foreclosures. We still have people moving here and looking for a rental until they can buy. I manage 7 properties and starting reducing rents early this year, now I am holding fast and finding the demand is there. I checked our MLS for rental listings and they are moving quickly and at good rates. Hope your area improves!
1 vote Thank Flag Link Sun Oct 19, 2008
M,

Since the inventory of rental property is increasing in our area, overall we see a slight downward trend in annual rental prices.

Our seasonal rental rates seem to be holding steady at this time.
1 vote Thank Flag Link Sun Oct 19, 2008
I own and manage several homes in Southern Las Vegas, Green Valley, Green Valley North, Silverado Ranch, Mountains Edge Summerlin etc.

I also manage and own a few homes in North Las Vegas as well.

Just to give you and idea the amount of homes we own and manage is over 200. So the statement I am giving you is based on that number and not one or two homes and or opinion. it is based on my actual numbers.

Rents in North Las Vegas are about the same they wee last year. During the last three months I have seen a decrease, seasonal of about $50.00 to $100.00 below prime market last year. This should and or will rectify itself next month. In short no increase and only a marginal decrease depending on the area in North Las Vegas.

As a whole the rents have gone up to the tune of about $75 to $85.00 in Southern Las Vegas.

For a 3 bedroom 2 or 3 bath house that was $1400.00 last year we are now getting $1475 to $1480.00

I hope this helps.

If you need anything in the future please let me know.

Respectfully,


Becky Cordova
702-612-1584
0 votes Thank Flag Link Thu Feb 19, 2015
What is the square foot of your current rental?
I find my current rents in single story house round 2000 sq. ft. that are less than 6 yeras old to be in high demand. I find most of the rentals on craigs list to be of lower rental but also of older, less attractive homes.
0 votes Thank Flag Link Sat Nov 20, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer