Las Vegas rental rates fastest rising for single-family homes
Las Vegas rental rates for single-family homes are rising fastest among major cities, a new report shows.
Locally, house rents were up 6.6 percent in October from a year earlier, more than double the national rate of 3 percent, according to CoreLogic.
Southern Nevada’s rent growth was highest among the 20 markets listed in the report, which did not provide average prices.
CoreLogic said metro areas with limited construction, low vacancies and strong economies tend to have higher rent increases.
Investors bought cheap houses in bulk to turn into rentals after the market crashed last decade. As of this summer, big landlords in Las Vegas were still holding on to their properties despite fast-rising sales prices and the tremendous growth in home values since the economy cratered.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.