Las Vegas – Renting and Leasing
If you’re relocating to the Las Vegas area, you may not be ready to purchase a home. In that case, renting or leasing may be the perfect solution. In the greater Las Vegas area, there are nearly 160,000 total apartment units. An average apartment rental rate for a one-bedroom, one-bath apartment is $805 and for a two-bedroom, two-bath apartment, the average rate is $961 per month. Whether you’re looking for an apartment, a townhome, a mid-rise, a high-rise, condo or a single-family home, you’ll find a solution to suit your tastes and lifestyle.

While purchasing a home offers many distinct advantages, it’s not always the right solution. Here are a few considerations when determining if you should rent or own.

Reduced Flexibility – If your company relocates employees frequently, or you’re not interested in staying somewhere for more than a year or two, you may want to think twice about buying. The costs you incur to sell a home (realtor’s fees, closing costs, costs to market the property) may outpace any gains in the property’s value or selling price.

Not Ready to Commit – How likely is it that your life and your needs will change? Is your family growing, or do you have children who are getting ready to leave home or go to college? Is divorce or separation a possibility in your near future? Will there be other demands on your income or savings?

Return on Investment – Most people believe property always appreciates or gains value, but that’s not the case. A change in the neighborhood or the economy can affect the value of your property, which is certainly an issue currently. Sometimes you’ll make money as a result, but you may lose money on your investment if you haven’t owned the property for long. You’ll also need to consider any additional money that you put into the property for improvements or upkeep while you live there.

Maintenance Responsibility – Home ownership requires being responsible for making the repairs or hiring others to make them, being available when repairs need to be made and paying for the repairs.

Lifestyle Factors – Is the neighborhood you’re interested in affordable with an adequate selection? Is it close to your work or school? Can you find rental housing where you would like to live, or is a home purchase the only option?

Tax Advantages – If you itemize your income tax, you can deduct interest you pay on a mortgage and property taxes that you pay. You can also deduct points paid to lenders in the year that you incur that cost. If you don’t itemize, you won’t get these deductions.

Peace of Mind – Ultimately, you need to decide if you’ll be more satisfied and comfortable in a home you own, or in a home you rent.

If renting is the best option, here’s a basic checklist:

• Set a reasonable budget you can afford. Don’t forget that you may need to pay for utilities and other items not included in your rent. Many properties will not approve you as a resident if you’d have to spend more than a third of your gross income on the rent.
• Check out your credit record with a report from a consumer reporting agency (credit bureau), and clear up any problems or mistakes on your record before you fill out a rental application.
• Make a list of what you are looking for in your new home or apartment, including the kinds of features that will make you feel comfortable with your choice. Use your list to check out the rental housing you’re considering.
• Look over any property you’re considering and see how well it is maintained. This will give you some indication of how well the property is managed and cared for.
• If you’re considering an apartment or multi-unit property, talk to some of the existing residents about their experiences with the property. Ask how satisfied they are with the property, how repairs or other problems have been handled, and if they would recommend the property to their friends.
• Visit the places you’re considering at night to see if they look well lit. Compare them to similar properties in the neighborhood.
• Drive around the neighborhood you’re considering, and look at the other rental properties available.
• Ask the leasing agent or the owner or manager of the property how emergencies are handled and how any crime or safety concerns are communicated to residents.

Before you start looking and comparing properties, determine your needs. Do you need a place with lots of space, good closets, proximity to work or school, or near to shopping or public transportation? Are you looking for a neighborhood with a suburban feel or prefer being closer to higher density, urban areas?

Then, of course, determine how much space you need and whether you’ll need a storage space for extra furniture. Are you interested in a specific school district for your children? Is there a washer dryer in the rental? How is the traffic leaving your neighborhood in the morning and at night?

Types of Housing Available
The region offers many lifestyle choices leaving you with the main task of determining where you want to live.

Houses – There are many homes for rent in the Las Vegas area. While you may pay more, you will get more, including a fenced yard.

Apartments – There are thousands of apartment units in the greater Las Vegas area with many choices of amenities and locations. These can include garden-style apartments with three levels or less that usually have staircases access. Mid-rise apartments are four-to-six levels and are more dominant in urban areas.

Townhouses and condos – Ideally suited for busy professionals who require more amenities, including concierge services, maid service, shuttle services and valet parking.

Temporary/Corporate Housing – This option best suits people in these situations: homebuyers encountering various delays; homeowners who are renovating their homes; new residents or visitors searching for an apartment or house; tourists or business people on an extended stay; personnel who are relocating; visiting executives; or corporate clients.

Furnished short-term housing offers fully furnished apartments that include amenities similar to your own home, including artwork, electronics, linens, towels, cable TV, local phone service and high-speed internet access. This short-term option usually offers more square feet and privacy than an extended-stay room. You may also appreciate that furnished corporate housing is typically located in residential settings that are close to all of the amenities that you have come to expect while living at home.

Renter Resources
Part of your rental-search tool kit should include helpful resources both online and printed. You’ll also want to survey neighborhoods of interest to you and look for signs on front lawns. While you’re at it, stop by the local grocery store and peruse the free publication racks. There you’ll find local resources that may include listings in a specific neighborhood. Ask if there is a regional newspaper as well. Your company’s relocation representative can also help you with availabilities in various Las Vegas neighborhoods.

• Relocation Resources Las Vegas – The pages of this book contain helpful information on many reliable and quality resources for renting or leasing in the Las Vegas region (www.LVrelocationGuide.org).
• The Las Vegas Review-Journal is the city’s main daily and one of the 10-largest newspapers in the nation (www.lvrj.com).
• For Spanish-speaking families relocating to the area, www.ParaRentar.com offers a selection of apartment options.
• Active adults over 55 can visit www.senioroutlook.com to find numerous apartment listings in Las Vegas.
• Craig’s List (www.craigslist.org) is free to landlords and apartment hunters.
• Apartment locator services – These are independent companies that have access to databases containing information on apartment communities. Apartment locators can help
• prospective renters focus their apartment search based on information such as preferred location, budget, size requirements, lifestyle preferences and desired amenities. In most cases, this service is free to prospective residents because apartment owners or management typically pay referral fees after leasing. Use the Internet to search for apartment locator services in the Las Vegas area.
• RentalHomesPlus (www.rentalhomesplus.com/LasVegas) has rental properties in Las Vegas and surrounding areas as well as in the state of Nevada. The free Web site shows listings for rental townhouses, homes, duplexes or condos.
• The Apartment Guide – This free publication features information on apartment communities throughout Las Vegas. It includes photographs, descriptions, features, rates, floor plans and maps. Copies are available at most grocery and convenience stores (www.apartmentguide.com).
• For Rent Magazine – Another free publication, For Rent Magazine is the largest apartment rental publication in the nation. Published every two weeks, it provides information on apartments in the area. On its Web site, apartment hunters can search by location, price amenities or alphabetically (www.forrent.com).

Amenities Galore
In addition to affordable prices in the area, amenities provided by many apartment complexes are considered luxuries in other U.S. cities. Expect to find amenities such as disability access, some paid utilities, balconies or patios, cable-ready outlets, emergency maintenance, laundry facility, outdoor pools, hot tubs and spas. Many places have tennis courts, basketball facilities, billiard rooms, playgrounds and fitness facilities outfitted to rival private gyms. Also available at many complexes are limited-access gates, dry cleaners, lush landscaping and basic cable television. Some apartments have luxurious clubhouses with big-screen televisions, executive business centers, parking garages, sundecks, gazebos, elevators and video-monitored limited entries.

Interior features considered standard for most apartments include heating, air conditioning, mini-blinds, ceiling fans, fully equipped kitchens with a dishwasher and multiple phone lines.

Other features might include nine-foot ceilings, crown molding, oval garden tubs, bay windows, fireplaces, or garages and/or covered parking. In addition, some communities have resident programs that include free and optional services such as maids, concierges, aerobic classes, guest suites for visitors, free shuttle services and car detail centers.

What To Expect
After deciding on a place to live, you’ll be asked to complete a rental application. Make sure you’re prepared and have the following information available.

1. Current and former addresses.
2. Current and past employment with dates.
3. Credit references.
4. Copy of your credit report (if available).
5. Bank information.

Most apartment communities will require a security deposit, which generally averages $200 to $400 depending on apartment size and other considerations. Standard leases cover six or 12 months, though some communities now offer seven and 13-month terms.

Many apartment communities have strict policies regarding pets, often limiting them to 20 pounds and requiring a pet deposit. When outside, a pet must be kept on a leash and walked only in designated areas.

Apartment communities employ full-time maintenance people to handle repairs and perform preventive maintenance, with some offering 24-hour emergency repair services. If leasing from an owner, be sure to establish responsibilities for repairs and maintenance.

Tips Before You Rent
To ensure your rental experience is a positive one, keep the following expert advice in mind:

• Before you sign any rental agreement, be sure you’ve been given a tour of the exact home or apartment that you’re going to rent and not a model.
• If there are any problems with the house or apartment you’ll be moving into, provide a detailed list and give it to the landlord or owner. Indicate you want these items repaired before you move in.
• If these items are not fixed by the time that you move in, document the things that need to be repaired or replaced in writing and with photographs. Send a copy to the landlord or owner and keep a copy for yourself. These things should include any chips in the walls, broken appliances and anything in the house that looks worn or deteriorated. In the event that a deposit is held for any of these items, you now have proof that they were in existence before you moved in.
• It’s a good idea to request that the locks are changed before you move into your new place. Once new keys are made, ask the landlord or owner to tell you who has copies of the keys. Usually, the only other people who should have access to your home is the owner or landlord.
• Consider renters insurance. It is not expensive and, depending on the terms of the policy that you purchase, renters insurance will protect you from fire, break-ins or other disasters.
• Depending on your lease, the owner may or may not be responsible for minor problems like leaky faucets or issues with appliances.
• If the owner or landlord is unresponsive to repairing major problems or avoids meeting with you for any other major dispute after you’ve moved in, take the following steps in this order:
• Submit a repair request in writing. If this is not acted upon…
• Propose mediation with the owner. There are independent agencies that will be able to hear both sides of a case and help the parties in the dispute come to a reasonable agreement.

If mediation fails to bring about a resolution…

• Report the owner and your rental home to a local housing authority or building agency. Most often this agency can apply the needed pressure for the owner to understand the importance of your issues and help rectify any problem.

Only if there is no other recourse should you consider suing the owner in small claims court. While the outcome could damage the reputation of the owner, if the lawsuit is financial in nature, it may also reflect negatively on your credit report.

In Nevada, the Silver State Fair Housing Council advocates for equal access to housing in Nevada and provides education and outreach about fair housing rights, processes discrimination complaints and investigations. (www.silverstatefairhousing.org)