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John Vanhara OUT-OF-STATE INVESTORS: Rental houses abound in LV
Kathleen Eckel has watched her Rosedale subdivision in Summerlin get trashed by renters who let the lawn and shrubs die, throw empty beer bottles in the bushes and leave water hoses lying around the yard.
“It’s like Summerlin’s dirty little secret,” said Eckel, who purchased her home new in August 1999 and witnessed the transformation of her neighborhood as resident owners sold to investors.
Now 11 of the 14 homes on her street are rentals.
“It’s gotten worse,” she said.
Investors are creating artificial demand in the Las Vegas housing market, driving up prices and bringing down neighborhoods with a glut of rental properties.
With homes appreciating at double-digit rates, Las Vegas has become a lucrative haven for investors looking to make a quick hit in real estate.
Most of them come from California, where inflated home prices and rent controls make it difficult to get the kind of returns seen in this market.
For more information contact MillionSaverHomes a local Las Vegas real estate broker at 702.212.3513.
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