Market Conditions
Rental Houses Pulling Customers from Apartments
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The Las Vegas rental house market is pulling customers from the apartment market.  Apartments have been customarily higher priced per square foot than houses because of better marketing and more amenities such as pools, exercise rooms and clubhouses.  It seems that renters are discovering that houses are better values for the same money and are leaning towards the houses.

Rental housing is benefitting from the slowdown in the home sale market in a few ways.  There are over 11,000 vacant house for sale now and many of those owners have given up hope of selling and are now renting the properties.  Many owners who are losing their homes to foreclosure (Nevada is No. 1 in the U.S.) are leaving their foreclosures and renting a house instead.

Nevada has the highest apartment rent ($874) of four states in the Southwest.  Arizona is second ($779), followed by Utah ($729) and New Mexico ($707)

RealFacts reports that Las Vegas will an annual rent growth increase of 1.2 percent, dramatically lower than last year's 5.4 percent growth rate.