Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Las Vegas BTR Homes Reach $7,000/Mo
The BTR market has mostly tried to find an alternative for highrise apartment living, at a similar rental price. Except in Las Vegas. Over 50 homes have come onto the rental markets, some as high as $7,000 a month.
The Las Vegas Review-Journal reports rents for the luxury attached properties, or duplexes, at Seneca at Southern Highlands, located southwest of the South Point Hotel Casino & Spa across Interstate 15, range from $4,500 to $7,000 a month for two- and three-story homes with three or more bedrooms. The newly built homes range in size from 2,200 to 2,700 square feet. Community amenities include a pool, dog park, barbecues, dining area and shared garden. Seneca secured a $26 million construction loan for the project. That’s over $500,000 per unit.
The high-income rental demographic — people who make more than $150,000 a year — has grown approximately 82 percent over the past five years, according to RentCafe. The entire market has grown 47 percent since 2021.
