Originally Posted by mickeycrimm View Post
Just found this article on Las Vegas apartment rent.

https://www.google.com/url?sa=t&rct=...pYw_9IJZBsyzpW
That report is very accurate. Vegas housing was hit hard in 2008. The general housing market that hit the whole US, hit Vegas particularly hard. There were many foreclosed properties, which lead to a surplus in homes for sale. In addition during the 90's and 2000's Vegas had been growing at a fast clip and they just kept building, house, apartments, strip mall, office space. When that population growth slowed about the same time in the late 2000's because of lack of jobs, again there was this huge surplus of homes and apartments.

The result was very low housing market prices, Both homes for sale and apartments, from 2009 through about 2015. People relocating to Vegas found incredibly cheap housing prices both buying a home and apartments. And those moving from Southern Cal, or Chicago or the east coast cities were pleasantly shocked.

This is actually how and when I acquired my first condo in late 2009. It had been foreclosed and was up for auction. Online auction, I bid from Philadelphia, based on a virtual tour, without ever having set foot in the place. I was familiar with the building and wasn't disappointed however. I paid about 25% of what the unit had sold for new only 4-5 years prior.

I sold that condo, at only a very small profit, as prices had not really yet began to climb. Rented for 2 years and then bought 2 homes, one as an investment which I sold a year later. The second I sold last summer after my partner died at a nice profit. Problem was you sell at a nice profit, but with the market now growing higher whether you are purchasing another home or deciding to rent, prices are up like 100% in some cases now from just 4-5 years ago. I purchased a highrise condo with my brother and while prices continue to rise, I am a little fearful that this type of property probably isn't going to continue to rise as much as single homes and apartments.

I am sort of thinking I should have just hung on the house for a couple more years until things leveled off. But even that, you still have the problem, you sell at the top of the market and you either have to buy or rent at the top of the market, so I am not having regrets. Anyway yes the housing market, both sales and rentals are up dramatically from 5 years ago, but for people coming from elsewhere, especially California, or the other big city markets, both buying and renting looks like a bargain compared to what they were paying.