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Monday, August 25, 2014

Las Vegas Rental Market Report: Summerlin Rentals - 1st and 2nd Quarters 2014



The Las Vegas Rental Market Report for Summerlin Rentals shows an increase in rental rates from the 1st quarter to the 2nd quarter of 2014. The average rental rate per square foot increased 7% while the median rate per square foot increased 2.5%. The speed at which the rental houses closed (DOM – Days on Market) also increased 23% on the average, and 30% on the median. The Shay Hasselmann Group is always ready to help you with your rental needs at www.lasvegashouserenters.com .

An Overview of Las Vegas Rentals in Summerlin Rental Homes is shown here: 


Number of Rentals:
1st qtr. – 234
2nd qtr. – 273



Average List Price:
1st qtr. – $1,599
2nd qtr. – $1,847
Average Rented Price:
1st qtr. – $1,575
2nd qtr. – $1,832
Average Sq Ft:
1st qtr. – 1,916 sq ft
2nd qtr. – 2,063 sq ft
Average Rent Sq Ft:
1st qtr. – $ .82
2nd qtr. – $ .88
Avg. Days on Market (DOM):
1st qtr. – 43 days
2nd qtr. – 33 days



Median List Price:
1st qtr. – $1,448
2nd qtr. – $1,500
Median Rented Price:
1st qtr. – $1,400
2nd qtr. – $1,500
Median Sq Ft:
1st qtr. – 1,746 sq ft
2nd qtr. – 1,823 sq ft
Median Rent Sq Ft:
1st qtr. – $ .80
2nd qtr. – $ .82
Med. Days on Market (DOM):
1st qtr. – 30 days
2nd qtr. – 21 days



What is the difference between Average and Median and why does this matter to the Las Vegas Rental market?
Average is the sum of the individual items divided by the number of items. Median is the middle number.
For example, we have 7 houses with monthly rents at $1000, $1000, $1500, $2000, $2000, $3000, $15,000.
When we add the rents together ($25,500) and divide by 7, we get an Average rent of $3,642.86. The Median rent is the middle number of $2,000.
As you can see, the reason it is important to know the Average and the Median rent price is that a very low number or a very high number in the group can offset the final number. In our example, we had a very high number which made an 82% difference of $1642.86. So it is always good to compare both numbers to get a real sense of what is going on in the market.

The Shay Hasselmann Group is a team of real estate professionals who have collectively garnered top awards in production and sales in the Keller Williams organization in the Southwest Region. According to  title companies’ data in Las Vegas, they are in the top 2% of production for Las Vegas Real Estate agents. They are driven by a need to serve the Las Vegas, Summerlin, and Henderson Real Estate community with excellence and professionalism, whether selling, buying, or renting homes. Information and searches may be found at www.shaylasvegashomes.com and www.lasvegashouserenters.com .

Shay Hasselmann Group
Las Vegas Real Estate Specialists
Las Vegas Rentals
Summerlin Real Estate Specialists
Summerlin Rentals
Henderson Real Estate Specialists
Henderson Rentals
702-706-7429
Keller Williams Realty Las Vegas
3090 S. Durango Dr. Suite 100, Las Vegas, NV 89117
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