Moving to Las Vegas: Rent or buy
It’s no secret that Las Vegas is an attractive place to live as it offers a warm climate and low cost of living.
Whether you’re new to town or thinking of relocating to Southern Nevada, local Realtors suggest you break down the pros and cons of finding a rental property versus buying a home before you get here.
Deb Shields, relocation director for Windermere Prestige Properties, said the company receives about 50 inquiries a month from people relocating to Las Vegas from around the world for a job, purchasing a second home or retiring.
“Of those 50 we close 25 to 30 a month,” she said. “We get a lot of referrals coming in during the summertime and around the holidays because people are in the area and want to know what homes are going for and what they look like.”
According to Shields, Henderson and Summerlin are the most sought-after communities to live in, as well as North Las Vegas.
“You’re able to get more home for the value and there’s a lot more property out there,” she said of North Las Vegas. “We (in Las Vegas) are still considered having one of the most reasonable home prices so people want to come here and if they’re purchasing an investment property they’re able to lease it out quickly and securely.”
Shields said though renting is an option for those moving into town, especially those who may want to try out a certain part of town before committing; it’s not necessarily the best choice.
“Right now our rental market is in demand so good ones are harder to find and sometimes rent costs more than what it would be to purchase a home,” she said. “There are also security deposits and pet deposits so you might end up dishing more cash out of your pocket when getting into a rental.”
In Las Vegas, the monthly average driver’s license counts for those trading in their out-of-town license for a Nevada license was 5,300 in 2014. That figure is 5,100 as of September 2015, based on data provided by Applied Analysis, a Las Vegas-based business advisory firm.
Keller Williams Real Estate Agent Shay Hasselmann said he hasn’t seen as many people renting due to an influx in rental prices in the last six months to a year.
“I haven’t seen as many people renting as much as before,” he said. “A lot of times they’re figuring things out before they come. They’ll visit several times to look at homes and buy before they move.”
Applied Analysis’ third quarter 2015 apartment market report showed an increase in rent to $850 per month from an average rent per unit of $793 in the fourth quarter of 2014.
In addition, the report said the highest rent per unit area is in the southwest at $1,024 per unit per month compared to the lowest in the northeast at $689.
Hasselmann primarily deals with luxury rental properties throughout Summerlin and Henderson.
“In general people are looking for good schools if they have a family and a good location,” he said. “More often than not I’ve gotten calls and web traffic for Summerlin because of [Downtown Summerlin] and the fact that it’s perfectly set up with shopping, dining and outdoor activities.”
Fafie Moore, owner and broker at Realty Executives, said while buying a home in Las Vegas is a good value, rentals are also robust.
“One of our agents went to show a rental house and she was there for two hours with people coming to look at it so that’s the kind of response we’re getting to rentals,” she said.
According to Moore, the relocation department at Realty Executives has been busy.
“We’ve seen more corporations assist their employees who are transferring to find a rental, which is something they haven’t always done in the past,” she said. “It cuts the time the employee spends finding a home because they’re relocated much faster and have less downtime.”
Steve Hawks of Platinum Real Estate Professionals said builders are offering incentives such as low-interest rates and paying closing costs to entice buyers this time of year.
“Taking advantage of low-interest rates and not throwing your money out on a rental is a huge advantage of buying a home,” he said. “If you know you’ll like Las Vegas then it’s a no-brainer to buy.”
According to Hawks, a home in the less-than $350,000 market is often cheaper than renting in the long run.
“It’s a seller’s market because people are trying to get in right away,” he said. “It’s a feeding frenzy.”
Contact reporter Ann Friedman at afriedman@reviewjournal.com or 702-380-4588. Follow @AnnFriedmanRJ on Twitter.
