10/13/2021
Credit for this report is from our amazing Property Management Division within our Keller Williams Realty Las Vegas.
NV BS.10751
1) As of October 1st there are only 1026 total rentals on the market – this is condos, town homes and single family. That is 60% fewer than last year October 1st but more than August. 1375 properties were rented which was 15% fewer than last year. Days on market is 22 which has remained around that point for the past 6 months.
2) There are 779 single family homes on the market, down 56%, with 976 leased down 12%.
3) Rental prices have gone up 22% over last year. The average rent is $1829
4) There are 435 total properties for sale that are tenant occupied or 21% of the total listings. 291 properties that are tenant occupied have been sold in the past 30 days or 11% of total sales.
So where is the huge tsunami of evictions that we kept hearing about? There is a large number of evictions taking place right now. Thing is, the majority of them are in the lower end apartments and not condos, town homes or single family. Remember that it was the lower end, mostly unskilled, worker that was affected most by the layoffs and the other financial issues that took place. You will continue to see an increase of evictions, even in condos, town homes and single family as we work our way through this but we will not see some great deluge of homes placed on the rental market.
The CHAPS rental relieve program is still slower than molasses’s in winter time. But they are slowing getting money into owners hands and actually helping people. But it is still about 4 to 5 months for assistance.
The CARES Housing Assistance Program (CHAP) assists residents of Clark County who have suffered substantial financial hardship and now lack sufficient income or resources to pay their rental housing costs and utilities because of the COVID-19 emergency or the response to that emergency.