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| Renting & Leasing |
Las Vegas—Renting and Leasing
If you are relocating to the Las Vegas area you may not be ready to purchase another home. In that case there are alternatives to buying a home. Renting, leasing or temporary housing may be the perfect solution for your short- or long-term needs. Whether you are looking for an apartment, townhouse, high-rise, condo or single-family home, you will find that the Las Vegas Valley rental market has something for everyone.
While some people strive to obtain homeownership others realize that renting or leasing is a much more suitable decision for the short or long term. After all, you have only just arrived to your new city. With so many things to be done, making a large investment may be handled best after getting acclimated to the area. If you have been relocated by your employer, the chance of another relocation may be in your future; in which case, purchasing a house might not guarantee a return on your investment. Or perhaps you moved from a rental and are not ready to take the plunge into owning your first piece of property. Allowing yourself time to settle into your new environment before committing to homeownership will give you time to get a feel for the Las Vegas area and all that makes this city a unique place.
Most residents seeking a rental in Las Vegas will narrow their search between a house, condo or traditional apartment unit. Renting a home is appealing to those with families and those who do not necessarily want to live near the city commotion. The inventory of houses for rent in the area has increased recently and rates are competitive. Condo rentals are burgeoning due to tighter Fannie Mae guidelines on condo loans, which have some owners holding on to their property longer by renting the units until the market is more favorable for sellers. However, in terms of location and amenities, apartments offer the greatest selection. Units are abundant and can be found in and around the city. As reported by CBRE, Las Vegas has averaged 5,300 new units completed annually in the past 14 years. With rental rates down across the board, apartment owners now are offering incentives to attract prospective renters. These incentives can be one month of free rent or even a complimentary flat-screen TV or iPad for signing a lease.
Leverage the fact that you have many options by asking for move-in specials or discounted rent. Property managers are aware that there is fierce competition to obtain and keep high occupancy so negotiating for the best deal is within your rights and never hurts to ask.
TEMPORARY HOUSING
Some Las Vegas newcomers find themselves needing an in-between place to live. They are not ready to purchase, but they also are not ready to rent, which is a common occurrence with people relocating to new cities for their jobs. You might be expected to hit the ground running, leaving finding a permanent place to live as a secondary concern. Corporate housing, extended-stay hotels and furnished apartments are ideal for these situations. These options offer the comforts of home with the ability to stay only a few nights or a few weeks. The accommodations usually include a kitchen, separate living and dining areas, washer and dryer access, cable TV, fitness center, pool and self-parking.
EVALUATING YOUR RENTAL NEEDS
Whether you are hunting for your rental online or in person, it will be helpful to navigate through the process by first evaluating your needs. The following factors have been identified as features to keep in mind. If you are working with a professional to find your apartment, creating a list will be a tool they can use while searching on your behalf. Explain what you are flexible about and what is essential.
Pets: If you are relocating with your pet, inquiring about pet policies is the first thing to do. There is no sense in finding an apartment that fits you perfectly only to learn that your pet is not welcome. Many rentals have strict policies when it comes to pets; violating them could forfeit your security deposit and leave you looking for a new a place to live. Some might not allow them at all while others might just require an additional security deposit or a slight increase in rent. In some cases, the deposit can be pretty high and may not be refundable. Ask plenty of questions if you’re unsure. Keep in mind that even when pets are allowed, if you have a big dog that growls at children or barks all night long, you probably will be asked to leave.
Living Space: Generally it is better to have too much space than too little because if you go too small, you will either be living with clutter or spending extra money to put some of your belongings in a storage facility. For minimal storage, many apartments will at least have a small storage closet, usually accessed from the porch or balcony. Some offer additional on-site storage space for an extra fee. If your intention is to sign a short-term lease while finding a more permanent residence, make sure there is a storage facility nearby. You can find more information about storing your items in the Moving to Las Vegas chapter of this publication.
Kitchen, Bedrooms and Bathrooms: Kitchens can be the core of a home and, if utilized, require adequate counter space, cabinets and a pantry to store food. If cooking will be minimal, find out if there are restaurants conveniently located nearby or search for a high-rise with room service. When deciding on the number of bedrooms you require, do not forget to factor in the size of the rooms, the possibilities of out-of-town guests and converting one bedroom to an office. Ceiling fans are especially useful in homes and help keep air circulating even when the air conditioning is not on. This may not be important to some, but others want a ceiling fan in every room. Moreover, not every bathroom was created equal. Do you need a tub in every one, or can you get by with shower stalls? Don’t forget to turn on the shower to check the water pressure.
If you are relocating to the Las Vegas area you may not be ready to purchase another home. In that case there are alternatives to buying a home. Renting, leasing or temporary housing may be the perfect solution for your short- or long-term needs. Whether you are looking for an apartment, townhouse, high-rise, condo or single-family home, you will find that the Las Vegas Valley rental market has something for everyone.
While some people strive to obtain homeownership others realize that renting or leasing is a much more suitable decision for the short or long term. After all, you have only just arrived to your new city. With so many things to be done, making a large investment may be handled best after getting acclimated to the area. If you have been relocated by your employer, the chance of another relocation may be in your future; in which case, purchasing a house might not guarantee a return on your investment. Or perhaps you moved from a rental and are not ready to take the plunge into owning your first piece of property. Allowing yourself time to settle into your new environment before committing to homeownership will give you time to get a feel for the Las Vegas area and all that makes this city a unique place.
Most residents seeking a rental in Las Vegas will narrow their search between a house, condo or traditional apartment unit. Renting a home is appealing to those with families and those who do not necessarily want to live near the city commotion. The inventory of houses for rent in the area has increased recently and rates are competitive. Condo rentals are burgeoning due to tighter Fannie Mae guidelines on condo loans, which have some owners holding on to their property longer by renting the units until the market is more favorable for sellers. However, in terms of location and amenities, apartments offer the greatest selection. Units are abundant and can be found in and around the city. As reported by CBRE, Las Vegas has averaged 5,300 new units completed annually in the past 14 years. With rental rates down across the board, apartment owners now are offering incentives to attract prospective renters. These incentives can be one month of free rent or even a complimentary flat-screen TV or iPad for signing a lease.
Leverage the fact that you have many options by asking for move-in specials or discounted rent. Property managers are aware that there is fierce competition to obtain and keep high occupancy so negotiating for the best deal is within your rights and never hurts to ask.
TEMPORARY HOUSING
Some Las Vegas newcomers find themselves needing an in-between place to live. They are not ready to purchase, but they also are not ready to rent, which is a common occurrence with people relocating to new cities for their jobs. You might be expected to hit the ground running, leaving finding a permanent place to live as a secondary concern. Corporate housing, extended-stay hotels and furnished apartments are ideal for these situations. These options offer the comforts of home with the ability to stay only a few nights or a few weeks. The accommodations usually include a kitchen, separate living and dining areas, washer and dryer access, cable TV, fitness center, pool and self-parking.
EVALUATING YOUR RENTAL NEEDS
Whether you are hunting for your rental online or in person, it will be helpful to navigate through the process by first evaluating your needs. The following factors have been identified as features to keep in mind. If you are working with a professional to find your apartment, creating a list will be a tool they can use while searching on your behalf. Explain what you are flexible about and what is essential.
Pets: If you are relocating with your pet, inquiring about pet policies is the first thing to do. There is no sense in finding an apartment that fits you perfectly only to learn that your pet is not welcome. Many rentals have strict policies when it comes to pets; violating them could forfeit your security deposit and leave you looking for a new a place to live. Some might not allow them at all while others might just require an additional security deposit or a slight increase in rent. In some cases, the deposit can be pretty high and may not be refundable. Ask plenty of questions if you’re unsure. Keep in mind that even when pets are allowed, if you have a big dog that growls at children or barks all night long, you probably will be asked to leave.
Living Space: Generally it is better to have too much space than too little because if you go too small, you will either be living with clutter or spending extra money to put some of your belongings in a storage facility. For minimal storage, many apartments will at least have a small storage closet, usually accessed from the porch or balcony. Some offer additional on-site storage space for an extra fee. If your intention is to sign a short-term lease while finding a more permanent residence, make sure there is a storage facility nearby. You can find more information about storing your items in the Moving to Las Vegas chapter of this publication.
Kitchen, Bedrooms and Bathrooms: Kitchens can be the core of a home and, if utilized, require adequate counter space, cabinets and a pantry to store food. If cooking will be minimal, find out if there are restaurants conveniently located nearby or search for a high-rise with room service. When deciding on the number of bedrooms you require, do not forget to factor in the size of the rooms, the possibilities of out-of-town guests and converting one bedroom to an office. Ceiling fans are especially useful in homes and help keep air circulating even when the air conditioning is not on. This may not be important to some, but others want a ceiling fan in every room. Moreover, not every bathroom was created equal. Do you need a tub in every one, or can you get by with shower stalls? Don’t forget to turn on the shower to check the water pressure.
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