Buying or Renting in Las Vegas? Pros and Con's explained...

Hi everyone. As a Realtor here in Las Vegas I get asked all the time about Buying V. Renting. The simple response is this: 

Renting here in Las Vegas is seeing a spike in pricing. Why? If you have bad credit you need to rent and you cannot buy a home. Home pricing has gone up and now going back down some what so you are now seeing a lot of buyers coming back on the market right now.

Las Vegas apartments no matter what part of town they are in tend to be smaller in square footage than even a small 1100 square foot home so most of the time a family cannot rent an apartment that will have enough space for all the family members.

If you figure on renting a home that is around 1100 square feet or more you are looking at at least $900.00-$1,200.00 a month or more! That's a mortgage payment on a home! Not including the taxes that you can write off the following tax year.

Also, not including the added benefits of peace and quiet, pride of ownership and having control of what you do to your own home. It's also nice to not make someone else's mortgage payment if your renting an income property that has not been paid off. That also leaves the question of the scams and foreclosures that we are still seeing out here in Las Vegas. People putting up fake Craigslist ad's for rentals, or homes that are due to be foreclosed upon yet people are still trying to get money out of bad online deals.

Buying a home in Las Vegas is not an easy thing right now with inventory still being low, but it is possible to find the right home for your needs. My opinion is that next year around February/March we should see homes back on the market and pricing coming down so that means we may see another buyers market in 2014.


  • December 11 2013 - Summerlin South
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Answers (1)

A commonly missed factor when doing this comparision is- What is the sales market doing and expected to do over the next few years?
  If you had purchased the property last year then you would have enjoyed the increase in values of over 30% in most markets here in Las Vegas and that equity gain would have far exceeded any additional cost of ownership above rental rates.  But if you purchased at the top of the market in 2006, you would have been crushed like so may others when our market declined by over 50% between 2007 and 2010.
  ALWAYS factor the risk of the loan against the property versus the reward of equity when doing a Rent Versus Own calculation.
  To me it is never a question of Renting versus Owning but rather a question of is it TIME to own or TIME to rent because both answers are correct depending on the market enviorment.
  • December 14 2013
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