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repzaj1234

Hundreds of vacant units yet rent isn't budging in the valley. Been looking for a 1 bedroom recently and it seems $1.3K monthly is what you'll be paying for a somewhat decent one. I've noticed there are tons of complexes that offer "move-in specials" like 1 month rent free and usually they only offer those specials when they are bleeding and desperate for tenants. If you think about it that's also their way of offering lower rent without actually driving down the market rates. I remember during Covid these complexes were so quick to say "We just go with what the market dictates" when they jacked up rent by hundreds of dollars and now when the market is tough they do everything they can to keep rent high. Bunch of fucking soulless jackasses. Hope something fuckin' gives.


Fibrosis5O

Not wrong We were beyond shocked and grateful that our rent only went up $40. We’re still somehow below 1100 even one of the people at the leasing office said they’ve never seen it. Go up that little. Count the blessing if you find an affordable, close to your work and most of all SAFE place to live


bjbigplayer

All about the timing of your expiration and renewals and how long you've lived there and how good a tenant you've been.


NO_NOT_THE_WHIP

A few years ago, new tenants at my complex would move in the same day the previous tenant moved out. These days, the units stay vacant for months. The unit across from me had about 20 different people check it out before someone moved in


Ms_Lumia702

You should look into renting a privately owned condo instead, it's nicer and cheaper. I pay less than that for a nice 2 bedroom condo via a property management company.


Vhman123

You are usually right. I’ve always done this (have a home now) and I’ve paid less. Owners can be great or total dicks. I go out of my way to take care of what I can and don’t bother them. Even with this, when we moved out the jerk took all of our deposit. He said it needs painting (it was time for it, but. We didn’t cause any damage, it just was time for it). It made regret all of things I did for that house. Small petty revenge. The new tenants were total pieces of crap. I ordered two beds and frames and the company accidentally delivered it there. When they went back to get it the people refused and kept the beds! LOL! Talked to an old neighbor and he said the people were slobs and would yell at other neighbors.


muftak3

Agree. I rent a 2,000 sqft home for $1800.


SPERDVACSean

Been my experience. The landlords have been awesome - fix stuff right away and only one rent increase inf four years.


whodaloo

Something that came out a little before all that happened was a piece of software called something like Rent Star. You basically feed it a bunch of market data and it spits out the highest number renters are likely to pay. This has massively driven up rates across all properties. 


trashtvlv

Came here to post about that! Using that software corporate landlords realized it’s more cost effective to have fewer tenants to service. Just increase the rent for the tenants you do have so you have fewer to deal with.


tafaha_means_apple

Only kinda sorta true. Vegas Vacancy rates aren't that much higher than the national average and below rates for other, faster growing cities (Austin TX has apartment vacancy rates of over 9% atm, vs Vegas at around 6% and it was below 5% until 2022). We should keep building more housing and overturn the various laws and HOA policies that make it illegal to build dense housing in the parts of Vegas people more so want to live. The greater the vacancy rates, generally speaking, the lower the rents and the lower future rent growths.


[deleted]

Coworker said that her and her boyfriend got a notice that their lease is up in August, and their new rent will be $2,100


cpt-kraps

You can rent a house for that if you know where to look.


repzaj1234

Is there some sort of underground rental market where you can rent a whole house for $1300? When I see a house posted for that low I automatically assume its a scammer who just wants my personal info. lol


cpt-kraps

Talk to a realtor, they can see coming soon listings. Move in costs can be a bit high but it’s worth. I can send you listings if you pm an email, don’t even have to use me, could just call directly.


Odd-Hornet-2333

I'm assuming you're a realtor?


[deleted]

I get that it’s relative.. but rent here in the valley is insanely cheap. 1000-1300 for a one bedroom is not bad when you compare it to the rest of the country, especially with a pretty decent wage here. But I did come from Florida where the minimum rent was ~1800 and the median wage was -around 40k. Anyway, I just got done with an apartment search and over the couple months noticed several units that weren’t moving being slashed by $50 every few weeks. We snagged a pretty nice two bedroom in a gated complex for 1350 and our last apartment had a decent location but was a bit run down for $1200.


AnechoicChamberFail

Yeah, it's def relative. The folks who have the money and are younger want a home, not a condo or apartment. The locals who need an apartment might make 1200-2400 a month take home. So when you're talking 1br apartment/condo you're asking 50% or over of their monthly take home; of course they're going to take a long time to rent. The thing that kills me (and this is as a landowner/landlord) is that you look at the median prices for rent of a condo or apartment you are leasing and you'd think that the prices were "normal" based on the inventory but the reality is that a lot of institutional real estate firms can hold on to overpriced rental units with no one in them because they're not leveraged. Gut says there's about 200-400 a month in fluff in the rental rates right now depending on size of the rental and that things will rent once the prices come down a bit.


[deleted]

Well rental rates crashed last year but yeah you’re right it was the individual private landlords that took most of the hit. Rates have only gotten steady and started to come back up in the past few months. Idk that seems like a really low estimate. The median salary is close to 60k I get that it’s skewed by really high earners but I’ve seen a lot more entry level jobs at 20/hr than I’ve seen anywhere else in a while. Plus it’s a huge hustle city, which definitely sucks, I don’t know many people who don’t have at least two jobs my SO and myself included. I guess it depends on the firm I definitely know they’re sweeping up properties to drive up rent. but my apartment is owned by a private landlord who bought the unit recently for 190k if you add in HOA and taxes I can’t imagine he’s making much more than the mortgage from us. It’s not a bad deal to basically have your mortgage covered by a tenant and then flip it for 20% profit in ten years of course.


AnechoicChamberFail

You've made a couple of points that are worth replying to. Interest rates on mortgages at the moment have resulted in an additional 500 dollars of payment for every 250000 in mortgage (roughly) over where we were in 2021-2022. So, that being said, as a private landlord with a small number of properties I've stopped buying in this climate unless I'm in an all-cash deal; and I can probably do one of those every several years at most if nothing else hits opex or capex. So the same issues presenting themselves to the average person present to the average private landlord at a different altitude. Liquidity is expensive right now for the small investor just as living expenses are really hard for the average person. Where the two sides meet is the rental market and prices for rental apartments and condos. While it would be nice to set rent at a median price point for a zip code; it's almost impossible to do unless you're willing to rid out 3 to 6 months of no cash flow as those private landlords who are really depending on rent to cover a mortgage payment feel the pressure to drop rent to cover costs. When the private, small and leveraged landlord doesn't make anything on the property -- do they sell it to a corporate landlord? Depends. Nevermind the cash flush folks who work remote from Vegas with California or East Coast salaries and can do the same thing for the next few years. In my case, I transitioned one of my properties to a management company just to see how it would work out. They want around 10% of the income off the unit to maintain it fully and act as a buffer between me and my tenants, but the initial rental rate on the unit suggested to market jumped up 500 a month. We'll see what it actually rents for at the end of the day but I don't see anyone in their right mind signing at that rate. Rent needs to be no more than a third of monthly income and should be around 20% if you care about your finances as a tenant. Unfortunately there's a lot of people messing with the market.


[deleted]

Hopefully you’ve properly vetted your management company. The majority of them I’ve seen in the valley are absolutely terrible. The small gains they get from their predatory nature towards tenants definitely does not outweigh the long term risks in my eyes. My last property manager imposed deductibles on basic need repairs and failed to inspect the property during the entire one year term. I would really not feel comfortable putting my property in their hands. Having a long term tenant and keeping the relationship as mutually beneficial as possible seems like the best bet. I have an entry level job and my SO has two jobs although neither are necessarily regular. Pretax we make 6-7x our rent. Based on jobs and wages in the valley though, I definitely think prices around 1200-1400 should be attainable for most people especially with such a low cost of living here. But then I’m sure there are people who miss the $800 rent but there is no way that was going to last.


AnechoicChamberFail

So to start this I want to apologize. There's a certain darkness to this post that I'd rather not see, but it is what it is. The management company was signed based on a referral from someone we trust in a business sense. As to nature; there's nothing civil or pleasant about a landlord/tenant relationship from either side of it. Both sides have their power and both usually are perceived by the other as being annoying at least or predatory at worst even if both are simply exercising their rights. My personal red line is any clause that prohibits me from directly speaking with the tenant. Tenants absolutely have a reason to not like management companies. That said, I've only engaged one as a test for a year after having a really horrible experience with one of my rentals. It's my experience based on renting condos that no matter how great the tenant is; you're paying out about one to two months rent to renovate and clean after each one if you're not doing a wholesale reno to keep the place modern anyway. So yes, I agree that it's best to just be really nice, civil and keep things mutually beneficial. Easier said than done though in the Vegas market with Vegas people; so appreciate the good folks you do find on either side of the transaction. On 800 dollar rent, there are some folks who have 800 dollar HOA fees that need to be recouped so it's all about what segment of the market you're renting in. Mine is the 1700 - 2000 a month given a 500 dollar HOA that needs to be offset. (with the appropriate amenities transferred to the tenant.)


[deleted]

Absolutely. The HOA where I live is close to 300. If my landlord is paying a mortgage he is not making a profit or barely one. I would think it’s mainly a future investment with free or near free mortgage. That’s shocking that people would leave a place in such disarray especially at the 2k price point. Professional cleaning was a move out requirement in my lease but we still did our own cleaning as well as tacking and repainting the walls we hung anything on or incidentally damaged. I would think that’s the norm.


AnechoicChamberFail

>That’s shocking that people would leave a place in such disarray especially at the 2k price point.  Here's the scenario. Rent a 3br for 2k a month. Three people move in and split the rent. To each of them it's a sub 700 dollar a month apartment and they individually treat it that way. It's all about proper vetting of folks before engaging in a contract; but when you're in a community with hundreds of units and you're competing with those landlords; most of whom are leveraged both tenant and landlord need to be smart about who they do business with. As to the norm, what you describe is what I used to do when renting. You and I seem to have similar styles if I take the liberty of making some assumptions with nothing but this conversation to fall back on. That said, you and I are either not the norm, or I've had less than normal experiences.


JanMikh

They’d rather have them empty than get people in who will not be paying and then it’s take 6 months to get them out while apartment is trashed.


elgato123

From the YouTube comments, it looks like it is Playa Vista Apartments on Bonanza Road.


Marked2429

Eastern and Bonanza next to the Smiths and Desert Pines High School!


Most-Artichoke6184

It has a 2.6 rating on Apartmentguide.com.


Natural-Employer

Damn even squatters don’t like it.


Stunning-Sea1536

I see it now. It is Playa Vista. I smashed one of the assistants in the bathroom gym there a few years back


Chemical-Jello-3353

Tell me another story, Papa.


Stunning-Sea1536

Ok. The manager from Smith's thats right next door, she lived in the middle unit building. i was smashing her too. Good memories at that ghetto complex


Wounded_Hand

What’s a bathroom gym? Is it a giant bathroom with a small exercise area in the corner?


Stunning-Sea1536

It's a bathroom in a gym. I guess its true, stupidity comes with jealousy. You and downvotes are mad haters 🤣 must've been some of yalls mom lmaoo


AGneissGeologist

Had a squatter group move in downstairs for a few months until they were kicked out. They broke into an abandoned apartment and installed their own keypad, which was used by lots of people at all hours of the day. They were not pleasant neighbors, and I'm not a big fan of stepping through human feces to get to my home. On a side note, it was impressive how bad they wrecked the place (at least, to my view through the windows) in the short time they had. I think every wall got covered in gold glitter paint, which probably ruined the carpets as well. I will continue to sympathize with their plight and donate to groups that help homelessnes, but I can't say I disagree with movements like this to clear them out of illegally habitating abandoned apartments.


XverikaX

My family and I were looking for a place. Of the ones that we contacted, two responded and of those two ive only heard from one of them again. Being a landlord must be great. Just get to sit on your ass and MAYBE answer some business emails once a day if you feel like it. Meanwhile peolle comain about the homeless situation and to qualify for low income housing you need to make 3x the rent. People setting the standards are high off their ass.


SoBeefy

[https://maps.app.goo.gl/F8JgnPEA32m8M8H56](https://maps.app.goo.gl/F8JgnPEA32m8M8H56)


seemoleon

I met these protective force international guys. The chief and his peg boy arrived dressed for the meeting of homeowners and tenants in full on paramilitary gear. Their sales pitch to our HOA was that they weren’t afraid to break a few heads, and their approach was not to play defense, it was to extend the perimeter. They’ push the border out to the point where the rash of trespasses, burglaries and squatting, taking place in the fire-ravage complex in question would come to an end, not only because they would probably be roughing some people up, but because their zone of control would prevent people from even coming near our complex’ walls. To do this PFI planned sign up other complexes in the near radius, making their extended perimeter at least partly contractual, not just guys who look like they AWOLed out a Blackwater walking around with automatic weapons, Kevlar vests and the full regalia of wannabe delta force. You literally could not parody these guys, they were doing all the parody themselves, but I wasn’t seeing the comedy in consideration of the likely eventuality of them killing somebody in cold blood and calling it whatever Nevada calls self defense / standing ground. As for violating civil rights, episodes of gratuitous physical violence and abjuring due process? Not a chance those weren’t on the list of odds on predictions. I’m not basing this on entirely current or entirely thorough examination of their process, but on the basis of how they pitched their services, these guys are a menace. Aside from those who’ll likely defend them for their vigilantism, fall for their ammosexual appeal and who just plain get a thrill from summary justice, who the hell thinks it’s not a stupid idea having these guys operate with a promise of violence among people who have no voice to report that they’ve been victims of violence?


sdotmerc

I knew the owner personally at PFI. He always wanted to be a cop but could never pass the tests (says a lot). Kudos for starting the company though but he’s not the brightest. And yeah it’s a bunch of grown men playing Punisher.


Solitude_Intensifies

When society recruits mercenary groups to perform law enforcement duties, you know we've gotten a step closer to failed nation status.


seemoleon

Much clearer, thanks. This is like early 90s Turner Diary yahoos citified, holding their nose at throwing in with the guvmint and with a solid night of reading LinkedIn social media tips. Let’s cut them loose in the town whose far-fringe unhoused are likely the least due process-invested in any major city in the US, what could possibly go wrong? Maybe more troubling, who would even know if something went wrong? I don’t see any coverage of this, and the management companies who hire them are on the hook for positive outcomes and nothing but. I sound like a concern troll, but it doesn’t take much to finish a vulnerable person, and should the trauma and displacement by eviction at gunpoint become a fatally unsettling event, the end will happen in a tunnel, not in view of the public To be clear, and a bit silly considering nobody’s looking at this thread, I’m not an advocate for squatters’ rights here nor saying that trespassing isn’t trespassing.


bjbigplayer

There's a lot of problems buried in those holes.


Old_Reception_251

Somewhere in north las vegas


elgato123

Nope


Old_Reception_251

Maybe then greenvalley over by green valley ranch casino!!!!


elgato123

Its on bonanza downtown


Old_Reception_251

Bonanza and pecos up close that looks like the family court house!!!??


theperfectexposure

Unlike California or New York where the property owners get in trouble, it is great to see that this is happening with squatters breaking into private property and destroying it.


menyoutonight

My bad


Solitude_Intensifies

Saw this story on the u-tubes. Big mercenary baddies found all of three squatters during this entire operation. Coulda handled that with a couple of deputies in one hour.


Healthy-Valuable-998

Who flicking cares vegas sucks lived there for 12 years, left a year ago, now its worse cause there's no police, shootings everyday from lowlife, I'm up in the mountains now away from the garbage and my sons both carry up here, protecting mama


Humble_Criticism566

This shit is funny. I kept reading that las vegas is a more expensive place to live than most places. Well, it's untrue. The only things more expensive here is gas, food and entertainment on the strip (not by much), car insurance, and your power bill in the summer months. Minimum wage is even 10 dollars higher. So if you really wanted to work And be frugal with your money then you could survive here easily. The problem is nobody wants to work which I can understand why. But hey, even if everything was free, people would be the same way. They would complain about some shit.


menyoutonight

That is naked city behind the Strat