‘Homes For Rent’ Subdivision Has Residents Worried

There is a new subdivision under construction in Southwest Las Vegas that has neighboring community residents worried. That is because the entire subdivision will be designated "Homes For Rent," instead of homes for sale.

According to an article written by Abel Garcia on KTNV.com, this new community is called Mojave Hills, and it is located in the southwest part of the valley near "the corner of Cactus and El Capitan Way in Mountain's Edge." There are many housing developments surrounding Mojave Hills in which homeowners are upset and alarmed by this rental community. In fact, almost 2,300 nearby residents signed a petition which stated that they were opposed to its construction.

Per Garcia's article, the petition also outlined the fact that American Homes for Rent, the company building this home rental community, has a poor reputation when it comes to property maintenance and customer service. This particular real estate company has already built 14 communities throughout the Las Vegas Valley.

The story posted on KTNV.com also reports that Mojave Hills will feature approximately 200 homes for rent. Each will be two-stories with a two-car garage. The monthly rental prices will range between $2,200 - $2,700 dollars.

Nearby residents who are opposed to this type of rental housing development are worried about how a subdivision of rental homes might affect their neighborhood. They feel that renters do not have has much "skin in the game" as a homeowner might.

Those who currently live in similar developments say that these rental homes are a great option for those waiting for the price of owning a home, and mortgage lending rates, to come down.

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Larry Martino is the long-time Afternoon Drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.

A recent study released by TheZebra.com  cites the top U.S. cities for home ownership, and Las Vegas ranks right near the top!

According to an article posted by Susan Meyer on the TheZebra.com website, the study was conducted for the nation's fifty most populous cities. Researchers based their rankings on three different metrics:

The Las Vegas housing market has cooled off since the second quarter of 2022, but our fair city did make it into the top 5 on this list. In fact, four of the top 5 housing markets on these rankings are located west of the Mississippi. Per Meyer's article, the Las Vegas market saw housing prices jump up a whopping 24.5% in that 12-month period of this survey.

Here are the Top 5 cities on TheZebra.com on their list of the best cities in the United States for homeowners in 2022.

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Larry Martino is the long-time Afternoon Drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.

Seattle home prices did not rise as much as they did in Las Vegas, settling in at a 14.4% annual home price increase. There is a good number of available contractors in the area, and the home insurance costs averaged around $878 per year, placing them fifth in this survey.

In fourth place in the rankings, Pittsburgh has a very high concentration of contractors available for home improvement projects. Home values rose by 13.5% between second quarter 2021 and second quarter 2022. Homeowners insurance costs averaged just over $1,000 per year, adding about $83 per month to your mortgage payment.

Our desert neighbors in Phoenix placed third on TheZebra.com list. Although homeowners insurance is a bit higher in that region, averaging $1,410 per year, home values increased 21.7% during that 12-month period. The city also boasts a healthy concentration of contractors for home improvement projects.

Here in Las Vegas, home values increased 24.5% between second quarter 2021 and second quarter 2022, with homeowners insurance remaining relatively low, at an average clip of $841 dollars per year. That adds about $67 dollars a month to our mortgage payments. Plus, contractor availability is fairly strong here in Southern Nevada. We took the runner-up spot.

About six hours away on I-15 North, we make a pit-stop in Salt Lake City, Utah, the winner of this particular survey. Plus, this city boasts the highest concentration of contractors in the survey, which makes getting competitive bids much easier for home makeover projects. SLC also has one of the lowest homeowners insurance rates in the nation, averaging about $740 a year.