Rentals in Las Vegas>Question Details

Renae Nlecha, Renter in Las Vegas, NV

We are looking to relocate to Las Vegas, I currently own my home and have lived in same for 16 years. I am planning on keeping our home in Ohio when

Asked by Renae Nlecha, Las Vegas, NV Fri Nov 22, 2013

we relocate. What kind of credit score is needed to rent a home in Vegas, We are budgeting up to $1700.00 monthly for rent.

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liz3035@cox.net’s answer
Hello Rlogan30301,

Have you moved yet? I own a beautiful 3-story home for rent. If you're interested it will be available July 1, 2014. It will rent for $1450. I can send you pictures.

My email is, liz3035@cox.net
0 votes Thank Flag Link Mon Jun 23, 2014
BEST ANSWER
It is less important what your credit score is and more important to show that you have paid your mortgage every month. Many people who became renters in Las Vegas went through a short sale or a foreclosure. For many of them, this destroyed their credit. Landlords and property management companies have become aware of this and the credit requirements are less about credit scores and more about showing a good history. $1700 is a good rental for Las Vegas or Henderson. You can get a nice home here for that amount. I would be happy to help you no matter what your credit score might be. Just bring a print out with you showing that you paid every month and you should be fine.

While you may or may not need to rent out your home in Ohio, you might find that if you do, it will help with the budget and pay your mortgage in OH while you are renting here. Get a realtor to help you rent your home in OH and a realtor to help you find a home in Vegas or Henderson. Call if you need further help.
1 vote Thank Flag Link Fri Nov 22, 2013
Rockinrealtor brings up a great point - if you would like to buy and are short of cash, there are some great programs you can utilize. In addition to the grant programs, there is even a new FHA loan out with only 1/2% down. I just wrote a blog article about it yesterday with the details:

http://www.greatlasvegashomes.com/blog/fha-announces-new-12-…

Between the down payment and the lender we use who has zero loan fees, you could end up with literally almost nothing out of pocket.

Hope this helps!

Diann Tonnesen
Prudential Americana Group Realtors
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
1 vote Thank Flag Link Fri Nov 22, 2013
R Logan
Las Vegas is a great place live. I have been here since 1971. I am originally from Pittsburgh. A reasonable credit score is all you need. A property management company will pull a credit report and look at your payment history, employment and your ability to stay current on your lease. I would be happy to set up a free personal web search page for you. You can tell me your criteria and we can set up a search that will allow you to view available rentals. That way you will get a feel for the Las Vegas market. I look forward to talking with you.
Thank You
Suzie Marquardt
702-234-7653
Fahrnyteam@yahoo.com
http://www.LasVegasRealEstators.com
1 vote Thank Flag Link Fri Nov 22, 2013
Often folks believe they are required to have a certain credit score to rent, and for some landlords that is true. But most landlords realize, that even though many rental applicants have had a financial hardship in the past, it is not necessarily a predictor of the reliability of the potential tenant.

Often a landlord will require:
1) payroll stubs or proof of funds
2) proof you are paying your bills. If you have copies of the last two months of paid utility bills or property tax statements showing your name on the statements that usually works just fine.
3) If you have a mortgage on your Ohio home, you can show paid payments.

You did not indicate a financial hardship, but the first two items above often are all required.

If you are unfamiliar with the Las Vegas areas and unsure where you want to live long term, sometimes renting can be a good option in the short term. Once you know the areas you like, then purchasing could be a much better option for you. If you already know the area, with the low interest rates and still low prices, purchasing might be a much better option for you.

I work with both rentals and sales and would be happy to help you with both. If you want to view current listings on the market, let me know and I can forward listings to you from the Multiple Listing website. I would need your e-mail address to do this.

Please let me know if I can be of assistance.

Betty Gammon, Agent
Las Vegas Investments and Realty
(702) 493-8680
BettyGammon@cox.net
http://www.FinePropertiesLasVegas.com
1 vote Thank Flag Link Fri Nov 22, 2013
Good Morning,

There is no uniform guideline for credit criteria.
Each home owner and/or property management company set their own standards.

If you are relocating to Las Vegas,.. they are most likely going to want to see proof of employment / income verfication.

I'm not sure what your situation is,....but if you plan to stay long term, you may want to consider purchasing a home. Rates are still at historic lows and in many cases, ....the monthly payments will get you more house for the money while buildng your own equity, as opposed to paying someone elses mortgage.

You will find that the consumer websites such as Trulia and Zillow have outdated information. As a licensed Las Vegas Realtor, .. I have access to all the available rentals on the Multiple Listing Service.
Once I know what you are looking for.,... I would be happy put a search engine togther for you that will send them to your email box as soon as they hit the market.

Here are some links that you may find useful with your home search

Click Below To View Available Rentals
http://www.hankslvrealestate.com/web/AR463883/ListingSearch/…

Set Up Your Own Search Engine and Alerts....
http://www.hankslvrealestate.com/web/AR463883/ListingSearch/…

Address Specific Crime Mapping
http://www.hankslvrealestate.com/Web/AR463883/CustomContent/…

Las Vegas Schools
http://www.hankslvrealestate.com/Web/AR463883/CustomContent/…

Please call or email me when you have a moment.
I can help you with your relocation and answer any questions that you may have about the Las Vegas Market and the rental or buying process

Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Fax 702-543-6844

Web : http://HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
1 vote Thank Flag Link Fri Nov 22, 2013
As a property manager, I can tell you that it is not just based on a credit score. Of course, a higher score is better. For us, we rarely see scores over 650.
I can also say that for $1700 per month, you can get a home over 2500 sq ft in just about any area of town. I was out last week with a client and found a 2400 sq ft home with a 3 car garage, granite, stainless and a gated community for $1500.
Another client just rented a home that was over 3000 sq ft for $1800 per month.
Rents have come down this year with all the investors buying homes.

I can understand that you would want to rent and see if you like it here and what part of town is best for you and your family. Its a big decision to move across the country to a new climate, way of life and this amazing city.
Please contact me if I can help you in your search.
0 votes Thank Flag Link Mon Dec 2, 2013
Where in Las Vegas are you planning to rent? I own a rental home in the North Las Vegas area - 4br, 2.5 bath, with pool and spa, in a nice, safe area convenient to supermarkets, restaurants, etc. that I'm planning to rent for $1500. I don't need excellent credit, just a stable job with the ability to pay rent and utilities in a timely manner every month. If interested, e-mail me at abhatt@usf.edu and I can send you some photos. Thanks.
0 votes Thank Flag Link Sun Nov 24, 2013
Ok good luck then . Seems like a poor financial choice to throw away money like that when you can build another asset but ok . Wishing you the best .
0 votes Thank Flag Link Fri Nov 22, 2013
I am not interested in carrying 2 mortgages! I was just inquiring in preparation on looking for a rental
0 votes Thank Flag Link Fri Nov 22, 2013
Hi,
I can see you have an answer to your question. I am happy to help you now or in the future look for a new home, or with any questions you may have. Thank You 702-807-6490
0 votes Thank Flag Link Fri Nov 22, 2013
I would agree with my colleagues here. We have a lot of options out there for financing, and there's no better time to buy than the present. If you need any assistance from a fellow relocated Buckeye, please don't hesitate to reach out!

Jeff Shumway
Mortgages for America
P: 702-403-1337
F: 702-472-7845
Jeff@MortgagesforAmerica.org
http://www.MortgagesforAmerica.org
0 votes Thank Flag Link Fri Nov 22, 2013
hi my name is blanca with Kelly Williams realty, I been in vegas since 1970, know the town very well,,why rent when you can buy, homes in vegas are are very low -it will be better to buy then rent. there different loans that you can might questions for , call me 702-461-4036 0r email me -bbuonomo3@gmail.com.
0 votes Thank Flag Link Fri Nov 22, 2013
If you are planning on renting a home and paying 1700 a month , I have to ask , why wouldn't you buy ? You could pay much less and own the property . If you are interested I can tell you about a program that will give you a grant of 4% towards closing costs that you never have to pay back . It's no joke and there's no catch . You don't have to be a first time homebuyer but it does have to be your primary residence.we have a non profit organization that can help you with this .
0 votes Thank Flag Link Fri Nov 22, 2013
Each landlord is totally different about what they will accept for a tenant's credit score, so it is impossible to give you an accurate answer to your question. (After the recent recession, they are apt to be more forgiving, however!)

Most landlords will want confirmation of employment income to make sure you can afford the monthly payments and take care of the property properly. Tenants with low credit scores may be asked to pay several months rent in advance.

Is there a reason you are going to rent rather than buy? A $1700 a month payment can get you into quite a nice home with today's low interest rates. With an FHA loan you can buy a $250k home for about $1500 per month PITI.

You can see what $250k will get you by viewing homes for sale on this web site:

http://www.GreatLasVegasHomes.com

Diann Tonnesen
Prudential Americana Group Realtors
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Fri Nov 22, 2013
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