5 Year Rental Trend
Several people have asked us in the past about rental trends in Las Vegas. While the property manager and we agree that rents are rising we did not have the data to back up our opinion. So, we did the research and below is a snapshot of the result.
We looked at all properties rented through the MLS (the majority) for the preceding 5 years. In order to have meaningful data, we used the same basic property configuration and location we've been using for the sales data. You can read the model details by clicking on the image below.
We believe that the rise in rents are largely driven by the strong Las Vegas economy, population growth, rising inflation adjusted per capita income and the shortage of build-able land. And, unless something significant happens, we expect the trend to continue for the foreseeable future.
Note, that once we gain a little more experience with software we plan to integrate in into the Market Update section of our newsletter.
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