Why rush into buying a home? Granted, there may be no place like it, but before treading into deep water with a mortgage, take a look at what’s available in the rental market. You’ll be bowled over at the options that abound in paradise.

Chandra Vail, publisher of Apartment Finder magazine, realizes that task is one of the first critical needs that must be met before feeling settled. “Las Vegas is in a tremendous state of growth,” she says. “It’s definitely a boom town that has exploded not only in population but in the incredible number and variety of rental properties.

You’ll be amazed how much is relatively new in this town with so many construction projects on the books. With 4,600 new rental units available, it’s no wonder that people move here and become
overwhelmed. While its obvious people relocate constantly, it can also be transient. That’s even more reason to rent before buying.”

Vail’s appraisal correlates with UNLV’s Center for Business and Economic Research findings. The 2006-2007 apartment market shows far more rent stability than the prices for single-family homes and less variability.

So many locations, so little time…
Carrie Helm, training and marketing associate with Picerne Management, indicates that the North Las Vegas area around the 215 beltway is experiencing tremendous growth and is currently ranked the third-fastest growing city in the United States.

Vail would agree. “Great properties are offered throughout the Valley, particularly in North Las Vegas, the Northwest and the Southwest, where there’s a surge of new communities,” she says.

The consensus from both: Start your search by getting a residential apartment location guide or go online to review locations at your leisure. Then you can meet with a professional apartment or management company that works on your behalf.

The good news is that rents have remained fairly stable in the last quarter of 2007.

“Currently, of 203 complexes surveyed, the average rent across the Valley for a one-bedroom apartment is $922,” according to Spencer Ballif, senior vice president of CB Richard Ellis, Multi-Housing, a national real estate brokerage and trend-watch company.

“The number of people coming in from out of state is considerable,” says Donna Middleton, who handles property management and realty for Beasley & DeVarreau Sotheby’s International Realty luxury market. “We are here to assist them with a smooth transition in all facets of their relocation.”

Like Vail, Middleton recommends connecting with a realtor or leasing specialist before striking out on your own.

Complexes managed by companies like Picerne and Signature Management all excel with properties for those who seek everything from hydrotherapy spas and gourmet kitchens to disability access and WiFi by outdoor amenities, such as pools and gardens.

It’s a good idea to have the criteria you want in mind before you rent. “Most people will want an optimal location with a clean, affordable property — some want exceptional amenities, but to others that isn’t
a priority, ” Helm says. “Further, you’ll want to keep in mind cost of utilities, security deposits, pet rent, cleaning and premium fees.

“Many people want a sense of community along with great facilities,” she adds. “We continually hear that a sense of community is fostered at our properties. Camaraderie can be welcoming, especially when you are a new resident.”

Steve Antuna, owner of The Apartment Source, passes along valuable points for anyone considering renting. “We find that people will have a good idea of the amenities they want, whether it’s the fitness center, beautiful grounds, great location or security features.”

But, he continues, “Potential renters need to consider a number of key factors beyond accommodations and price.” He suggests doing the following: Interview the neighbors; test every appliance to make sure each is in working condition; check the wiring, air and heat; make sure your ‘gut’ reaction about your apartment is in line with your intellectual decision. “Renters need to feel like they have selected the optimum place for their peace of mind.”

The Apartment Source even has an ‘Apartmints’ link on its website that shares more vital information for securing your best possible rental.

Along with the ‘apartment as product,’ it’s often customer service that helps renters finalize their decision.

“Our goal is to provide exceptional personalized service,” says James Beasley, owner of Beasley & DeVarreau. “Not only do we have an upscale property management entity, but we excel in both corporate and individual relocation. Marti Geha is our one-on-one relocation
specialist assisting with custom housing requests. Whether a client wants a penthouse or an estate, he or she will always receive our white-glove and concierge service.”

Then again, district supervisor for The Preferred Group, Scarlett Casas, notes, “Sometimes a luxury rental isn’t a necessity. East side apartments, such as Villa Del Rio or Spyglass Hill, are extremely affordable and
comfortable. You’ll find they accept pets, have short-term leases and offer move-in specials.”

Renting a house is another option.

Middleton, like many management professionals, acknowledges, “I’m seeing families, many from California or the East coast, that are seeking to rent homes or condos.”

This is the reason Town, by Signature Management, offers a community of three-story homes in the heart of Las Vegas. “This is an optimum choice for those working downtown,” says Jennifer DeBough, Signature Management sales associate. “A two-bedroom home will rent for approximately $1,295 and a three-bedroom for $1,698. Various amenities include a gated community, two-car garage and yard, three interior parks within the property, granite countertops and washer and dryer.”

Ballif sums up the current market: “There’s a considerable amount of construction in the gaming industry with 28,000 hotel rooms underway. That translates into confidence from investors in the Las Vegas economy and, in turn, may serve to bolster your confidence no matter where you decide to live, whether it’s an apartment, condo or home.

LOCCATOR SERVICES
APARTMENT FINDING SERVICE, 5785 W. TROPICANA, 702/876-5111, 888/797-5500 or www.lasvegasrentals.com. Locally owned, complete locater service serving the entire Valley, no appointment necessary, 9 a.m.-4:30 p.m., weekdays.

THE APARTMENT SOURCE, 105 N. PECOS, SUITE 115, HENDERSON, 702/313-6460 or www.theaptsource.com. Biggest free rental locater service in town. Service industry locating specialists, 9 a.m.-5 p.m., weekdays.

APARTMENT RENTALS GALORE, 1515 E. TROPICANA AVE., SUITE 645, 702/736-3700, 888/797-5500 or www.rentinglasvegas.com. Free service, Monday through Saturday, information for 400 rental communities.

BEST RENT FINDERS, 5540 S. Fort Apache, Suite 100, 702/222-2288 or www.bestrentfinders.com. Free service for new residents looking for rental properties from apartments to real estate. Long and short term, furnished and unfurnished availability.

PROPERTY MANAGEMENT COMPANIES
BEASLEY& DEVARREAU, SOTHEBY'S INTERNATIONAL REALTY, 8539 W. Charleston, Las Vegas. 702/939-8000 or www.luxuryestateslv.com. Specialists in residential sales, property management, development, marketing and consulting for the luxury market.

CAMDEN PROPERTIES, 4041 E. Sunset Road, Henderson, 702/435-9800 or www.camdenliving.com. This management company handles corporate housing, short-term and flexible 12-month apartment leasing. Close to 40 rental communities are represented within the Valley. Camden offers an internet based virtual floor plan to effectively design your living space.

CONAM MANAGEMENT 2215-C Renaissance Drive, 702/256-1797 or www.conam.com. With 33 communities in the Las Vegas area, this full-service real estate/multi-family property firms is one of the largest of its kind in the nation. Check the website for individual apartment listings.

LAS VEGAS LUXURIOUS RENTALS, 702/416-9898 Fully furnished homes for the corporate, convention or vacation renter. Three-day minimum, 9 a.m.-5 p.m. PST, weekdays. www.lasvegasluxuriousrentals.com

OVATION MANAGEMENT CO, 6021 S. Fort Apache, Suite 100, 702/990-2790 or www.lasvegasliving.com. Strikingly handsome architecture highlights Ovation’s 15 luxury properties. Amenities include heated spas, European-styled pools, fitness clubs and many gated communities.

PICERNE, 4880 W. University, Ste. B6, Las Vegas. 702/616-8786 or www.picernaptlv.com. Luxury apartments and apartment homes throughout the Las Vegas area. Full-service firm dedicated to development, property management and ownership.

THE PREFERRED GROUP, 9719 Flamingo St., Ste. 100, Las Vegas, 702/471-7515 or www.preferredapartments.com. Asset and property management company assisting individuals, corporate clients and institutions.

REALTY MANAGEMENT, INC. (RMI), 630 Trade Center Drive, Ste. 201, Las Vegas. 702/737-1033 or www.rmicompanies.com. A leasing and management company that also specializes in real estate and investment services.

SIGNATURE MANAGEMENT, 801 South Rancho Dr., Ste. E-4, Las Vegas, 702/671-6000 or www.signaturehomes.com. One of the largest, family-owned builders of homes, condominiums and apartments. Complete property management for apartments and single-family homes.

STOUT MANAGEMENT CO, 10151 Park Run Drive, 702/227-0444 or www.smc-lv.com. Gated communities, luxury apartments, villas and 5-star concierge business centers are featured in some of the Stout’s 45 Valley properties.

ON THE WEB
www.corporatehousing.com – Full service site listings: short term rentals, furnished condos, privately owned homes, vacation lodging.

www.apartmentguide.com – Comprehensive apartment listing guide with photos, amenities, maps and rates.

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