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Old 02-06-2012, 04:08 PM
 
Location: Tyler, TX
23,861 posts, read 24,129,287 times
Reputation: 15136

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I just renewed my lease...

...I'm thinking that I should have negotiated a lower rate!
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Old 02-06-2012, 04:43 PM
 
Location: Salt Lake City/Las Vegas
1,596 posts, read 2,813,710 times
Reputation: 1902
A timely topic. Nationally, vacancy rates are dropping and rents (both commercial and housing) are rising. LV will pick up. It's a matter of when.


Bill
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Old 02-06-2012, 06:15 PM
 
4,538 posts, read 10,635,301 times
Reputation: 4073
Quote:
Originally Posted by UTES View Post
A timely topic. Nationally, vacancy rates are dropping and rents (both commercial and housing) are rising. LV will pick up. It's a matter of when.


Bill
Not in an area where there is more housing than the population requires.

Just another aspect where the resident real estate "expert" horribly mislead city data readers.
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Old 02-06-2012, 06:39 PM
 
579 posts, read 998,306 times
Reputation: 371
A new industry is launching in Las Vegas this year, online poker. The NGCB has already approved it. As it spreads to other states, more jobs will be created. By itself, it is not going to make the housing market recover, but I suspect that it will prop it up and the rental market will likely get a boost from it. Several new companies have already applied for licenses and existing companies will be opening up new divisions that will require experienced employees to relocate. We're talking about 500-1000 new jobs at first, and thousands more in the future as other states expand and enlist the help of Las Vegas casinos. Those jobs will also create other new jobs that cater to the new spenders. I'm not saying that this will fix everything, but it will be a good start. There could be 10,000 new jobs created in a few years from it.

I know of several small companies that are already in the process of getting set up here for it. This is not a mirage, this is happening as we speak. Nevada online poker by itself will produce very few jobs, but the future of it in other states is where the economy will receive a major boost.
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Old 02-06-2012, 06:59 PM
 
Location: Carlsbad, CA
55 posts, read 81,050 times
Reputation: 93
LV.... with the highest unemployment in the country... with the highest listings of for houses for rent on 'free' Craigslist in the country......who will rent them all?....oh...here they come now...they are coming from?...take a stab at it
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Old 02-06-2012, 07:16 PM
 
12 posts, read 31,875 times
Reputation: 11
I just started renting a house in Summerlin and couldn't find one good house for less than $1400/mo that had a pool. Most were $1500-1800/mo. Where exactly are you renting out that a single family house with pool is only $800/mo with no applicants?
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Old 02-06-2012, 09:38 PM
 
700 posts, read 1,330,453 times
Reputation: 627
Quote:
Originally Posted by tomfirst View Post
I bought a 3br/2ba/pool home in the Summerlin area of Las Vegas in Feb of 2011 for $134k, as an investment/rental. The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six month lease, but did pay their rent on time. They vacated on Dec. 31, and since then the home has been on the market---over one month at this point---without even ONE rental applicant. I just got the following bad news info from my property manager:
"We know you are concerned about how long it is taking to rent your property. We are very concerned as well because we do not want our customers unhappy and just like you we do not make any money on a vacant property...the single family home market has drastically slowed down because of the influx of all the new properties put on by the investors. I have been tracking this for some time now."

read the rest at Vegas Rental Market Is In Trouble... Saturation Point?
With the job market the way it is, I would say that buying strictly for rental income in Summerlin might have been a bad idea. Not the worst idea ever, but a bit unlucky. Maybe you had plans on living there in the future? The demographics of Summerlin dont lend itself to being a rental heavy area. I would have suggested North Las Vegas with all the military folks coming and going so often and they usually make good tenants more often than not. But it's north las vegas and you wouldnt want anyone knowing you actually owned property there.
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Old 02-06-2012, 11:13 PM
 
6,385 posts, read 11,894,760 times
Reputation: 6880
Did the management company give you the latest MLS rental listings so you could price your property well or are they basically trying to tell you what to rent it for? I always get my tenants with a realtor I trust. First thing he does is show me the rental comps at the moment and over last 3 months. From that I have a real good idea of where to price it. Vegas is about the easiest place to do it. To a renter your house is worth the same as the five other houses within 2 miles with comparable square footage. In any other city you would have to go see the others and make an honest assessment of the competition's condition and age, but Vegas has a totally commodoitized rental market.
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Old 02-07-2012, 12:48 AM
 
Location: Planet Earth
677 posts, read 835,856 times
Reputation: 350
Quote:
Originally Posted by ScoopLV View Post
I've yet to find a property manager in this town who's willing to pick up anything heavier than money, or do any work that doesn't involve depositing checks at the bank.
Well, he should find another property manager then. Besides, property managers only get paid if they find a tenant and get the property rented, so it's not in their best interest to let properties stay vacant for long periods of time.
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Old 02-07-2012, 12:57 AM
 
Location: Sunrise
10,864 posts, read 17,003,206 times
Reputation: 9084
Quote:
Originally Posted by TheGreatCurve View Post
Well, he should find another property manager then. Besides, property managers only get paid if they find a tenant and get the property rented, so it's not in their best interest to let properties stay vacant for long periods of time.
Good luck finding one that is willing to do anything other than deposit rent checks and take their cut. I'm quite convinced that the only way to be a successful landlord is to DIY. Those who are unwilling or unable to DIY should invest their money elsewhere.
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