What is the rental property vacancy rate in Las Vegas right now?

Asked by , Canoga Park, CA Thu Oct 1, 2009

What is the rental property vacancy rate in Las Vegas right now? I'm buying a one-bedroom condo and want to make sure that I will have no problem renting it out for a positive cash flow. Thanks.

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Roberta LaRo…, , Las Vegas, NV
Thu Oct 1, 2009
Hi theequalizer,

If you're buying a 1 br condo, I think you'd want to get much more specific information from your agent handling the transaction. It's impossible to determine cash flow potential based solely on vacancy rate for a general area of 600 square miles. All real estate, buying or investing, is local. Often very local.

You want to know rental pricing and availability within the condo itself, and additional competition in that general area. With a 1 br, you can also be competing against apartment complexes. Are you buying into an area that is saturated, or one with demand? What is the unit condition, amenities of it vs. competition, and at what price can you lease to generate cash flow, and will that be competitive in that area.

You'll also want to know how you can market and manage your property, even if competition is high. For example, one of my clients has 4 units in a condo neighborhood where there are at last count 14 similar units listed and several independent owners trying to lease theirs on their own. I'm delivering keys to my client's last available unit later today in spite of local competition.

There are many investment opportunities, but the difference in any success or failure is often in the depth of research and the effort put into it.

Best,
Roberta
Web Reference:  http://RobertaLaRocca.com
1 vote
Brett, Home Buyer, Las Vegas, NV
Sat Oct 10, 2009
Given the current market conditions and weak demad, I dont think you can "make sure" that you "will have no problem renting it out for a positive cash flow".

If it is a REALLY nice condo with great amenities and in a high demand area (there aren't many), and your rent is very reasonable, you should be fine. Otherwise...

This is the least desirable of times to try and rent out condos. And, a ONE bedroom condo... I wish you the best of luck!
0 votes
Heather Peck, Home Owner, Las Vegas, NV
Thu Oct 1, 2009
Hello - I ran the stats this morning on 1 bedroom rental condos for you. As of today, 39.4% of the one bedroom condos have been leased in the last 90 days, 4.2% are currently processing applications and 56.4% are available.

Of course, the nicer the unit shows and the better the rent is compared to other units in the community will make a difference in your unit being rented over a competing condo.

Hope this helps.
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