In January, Keith Schwer, director of the Center for Business and Economic Research at UNLV, gave a housing forecast that was as sunny as it was implausible, stating that the real estate market will pull through the slump in only a year.
Along with several other "it’s only a temporary slump" type comments, In Business Las Vegas reports Schwer’s comments on the rental market:
Schwer said Las Vegas’ rental market is tight, with not enough stock and sharply increasing prices.
As in other major metropolitan areas, like Phoenix, many would-be sellers have turned to renting out properties, rather than selling them. As of last night, Craigslist had a wide selection, and Realtor.com listed 2492 properties for rent as well.
And as for those spiking rental prices? Here’s a graph of the median rent in Las Vegas: [data from GLVAR]
