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WEB EXTRA: Real estate expert explains why apartment renters see an increase in rates

LAS VEGAS (KLAS) — According to experts, apartment rental prices are going up between 3 percent and 10 percent a year. Jim Brooks says we see the increase because companies are taking advantage of the demand. As long as there is a demand, the rent on apartments is likely to go up.

by Nikki Bowers / Apr 10, 2019 by Orko Manna / Apr 10, 2019

LAS VEGAS (KLAS) — Renting an apartment is going to get a lot more expensive in some areas because the price of rent is going up at numerous communities across the Las Vegas valley.

Many renters are feeling the effect of the increase when they renew their lease.

So why are apartments, including the older and smaller ones getting so pricey?

Read the Full Article by Nikki Bowers / Apr 10, 2019

LAS VEGAS (KLAS) — A former NFL player was arrested in Las Vegas Wednesday for child abuse. According to jail records, 28-year-old Cierre Wood is facing 1st-degree child abuse or neglect charges.

Court documents show a woman by the name of Amy Taylor was also arrested.

No other details were released.

Read the Full Article
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Michael Shustek on the Las Vegas Housing Market

In 2018, home values in the Las Vegas valley increased significantly. With higher demand than available supply, there was a period where not enough homes were available for purchase. In response to this increased demand, an initiative to construct more homes was put into place. By December, more than 7000 homes were on the market.

The Las Vegas valley is considered a desirable location for families to settle down, but many properties are beyond their budgets. With this influx of home construction, more affordable homes have been built on the east side, resulting in lower prices and an increase in residency.

The eastern valley saw in increase of 89.5% of home sales in 2018 from the previous year. With more than 500 properties sold, this area was regarded as the most affordable area, but save for one region, all other areas of the valley experienced more sales, some exceeding three thousand sales in 2018.

Increased housing construction occurred not just in the eastern valley but in the other areas of Las Vegas as well. The eastern valley arguably saw the most growth, largely due to the universal rise in home prices last year driving buyers to the more affordable area. Home construction company LGI Homes purchased land that could have been considered unpleasant due to previous tenants, neighboring camps, proximity to vandalization, and more. However, their goal in purchasing these plots and building homes was to meet a demand for new homes from more price-conscious home buyers.

With the rising cost of living across the nation, Las Vegas witnessed one of the fastest rates of increasing home prices. More affordable options in regions like the eastern valley have created construction and investment opportunities, along with more options for families who want to settle in the area.

It is anticipated that home prices in Las Vegas will continue to rise, potentially at a higher rate than the rest of the nation, in 2019. Additionally, mortgage rates are expected to experience similar growth. For sellers, the price growth is good news. With more affordable homes being built and sold in areas like the eastern valley, buyers will also have an advantage when it comes to settling down in the Las Vegas area.

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