Big-money investors have owned rental homes around Las Vegas for years.
But despite fast-rising sales prices, they aren’t ready to cash in,
thanks to people like Darrius Mathis and Kayte Fernandez.
The couple, both in their 20s, are expecting their first child and looking for a rental property.
Mathis figures a single-family house offers more living space than a regular apartment.
Not to mention a yard and a garage,for the same price.
“It’s definitely worth renting a house over renting an apartment any day,” he said.
Investors bought cheap homes in bulk to turn into rentals after the market crashed last decade,
and now seems like a ripe time to sell, at least in theory. Las Vegas home prices are rising at
one of the fastest rates in the country, fueled by strong demand and low availability.
But big landlords are holding on to their properties, a sign that the rental market
is still making them plenty of money and that Las Vegas’ low inventory of sales listings
won’t get a boost from these property owners anytime soon.