Rental rates are increasing rapidly in
certain areas of Las Vegas. An average
size three bedroom two bath home in the Summerlin area of Las Vegas can rent
for as much as $1300-$1400 a month. Less
than two years ago this same property would have brought a rent of about
$1150-$1200. This is a substantial
increase and the actual cost of homes in the area has not risen quite as
quickly so there are a few opportunities for someone who would like a decent return on their money from a rental unit.
This likely will not last long though because the Summerlin area is in
high demand and with the new Downtown Summerlin open and doing extremely well,
all areas around the 215 and Sahara exit are becoming even more popular than in
the past. If you are looking to buy a 3
bedroom 2 bath home in this area of Las Vegas you still can find homes near the
$200,000 range. I do not think the
opportunity to buy reasonable priced real estate near Downtown Summerlin will
last long. I also think the prices are
about to spike in this area over the next year right along with the rental
rates. It is a much better option to buy
a home for $220,000 and take ownership considering rent will be $1300 a month
or more.
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