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A RARE DEVELOPMENT PROJECT in Las Vegas

Rental-home communities are relatively rare in Las Vegas, but a California real estate giant is hoping to change that. According to the Las Vegas Review-Journal, American Homes 4 Rent (AH4R) will develop a project in the south valley of the Vegas area that will have 35 single-family rental homes. 10 are expected to be completed by the end of September, and the other 25 will be finished by the end of 2020.

AH4R said in a release about the development that the homes would feature three and four bedrooms, range in size from 1,800 to 2,200 square feet, and charge rents starting around $1,700 a month. “The well-located neighborhood provides residents with quick access to local job centers, dining, shopping, and entertainment,” the company wrote. All homes include open-concept floorplans, granite countertops, stainless steel appliances, luxury vinyl plank (LVP) flooring, and two-car garages.

Although Vegas has played host to huge apartment projects and fix-to-rent single-family investment properties for decades, there have been very few new-construction, single-family rental (SFR) communities to spring up in the area. Andrew Smith, president of Home Builders Research, said new-construction SFR communities had not emerged in Las Vegas prior to AH4R entering the local market. The company’s first project, Big Buffalo, opened in May and has 34 houses. Big Buffalo opened while Las Vegas was still on lockdown due to the coronavirus pandemic and is fully leased. Zac Johnson, AH4R’s executive vice president, said they expect Cactus Cliff to have similar success thanks to “masses of people working from home because of the outbreak…want extra space.”

AH4R has developed 54 build-to-rent projects around the United States so far. The COVID-19 pandemic has not slowed AH4R’s buying volume or speed.

Do you think Vegas is a good build-to-rent market?

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