Las Vegas Apartments
Apartment hunting in Las Vegas has become somewhat difficult since many landlords began converting their properties to condominiums during the 2004/2005 dramatic escalation in real estate values. Spurred on by low interest rates and relaxed lending requirements, many landlords felt that the time was ripe to cash in on their holdings, aware that many tenants would now be able to obtain a mortgage.
Unfortunately, many of these apartment conversions have occurred in so-called "blue-collar" neighborhoods, resulting in a shortage of available rentals for those least able to qualify for a mortgage. During the first six months of 2006 alone, there were 2,979 apartment-to-condo conversions, which represented 10.6 percent of the overall market.
As of early 2007, Las Vegas has a 92 percent apartment rental occupancy rate, meaning that apartment availability continues to be a problem for the many potential renters continuing to arrive in Las Vegas, which still remains one of the nation's hottest job markets. Tighter occupancy has motivated landlords of rental properties to offer fewer concessions and shorter leases, lowering their overall expenditures and allowing for more frequent raises in rents.
As of January, 2007, one bedroom, one bath apartments are renting at an average of $746 to $1036 monthly. Two bedroom, two bath apartment rentals start at $950 and go up from there, depending on location, amenities, etc. and in some cases can be well above the $2,000 per month range.
But the news isn't all bad. Determined apartment seekers can still find some great apartments to choose from in a variety of neighborhoods. Apartments can be found in suburbia or in the city's center. Many offer swimming pools, exercise rooms, tot lots for the children and club house facilities.
Seniors are not overlooked in Las Vegas. The city and its surrounding environs have a number of over 55 apartment complexes. The majority of these complexes have gated entry, full or part-time security, swimming pools, exercise rooms and clubhouses featuring game rooms, library, and card rooms.
Over 55 apartment complexes in Las Vegas :
- Carefree Valley View
- Carefree Sandhill
- Carefree Spring Valley
- Carefree Pueblo
- Carefree Winterhaven
- Capistrano Pines
- Horizon Pines
- Sierra Pines
- Sierra Pines I & II
- Tropical Pines
- Country Club at the Meadows
- Country Club at Valley View
Many apartments in the Valley, senior or otherwise, are in quiet neighborhoods with beautifully landscaped grounds, and can be conveniently located near parks, shopping, work, schools, and recreation.
There are any number of people for whom apartment living is more acceptable than owning a home. Many people who can afford to purchase a home do find that there are less obligatory chores in living in an apartment, no worries about appliance repairs or upkeep of lawns, for example, and one can choose to live in an apartment more conveniently located to work and recreation than a suburban location.
If you are planning to rent an apartment in Las Vegas and are not familiar with the area, there are a number of companies in the city that specialize in finding apartments. They can tell you what is available, rents, etc. and can be of considerable help in getting the apartment best suited to your needs.