Las Vegas ‘America’s Emptiest City’ - Forbes

February 19, 2009

A recent article on Forbes.com called Las Vegas Americas emptiest city, whereas just a few years ago it was America’s fastest growing! So, has the recent change in the worlds financial situation caused a mass exodus from Sin City?

Actually if you look at the figures it appears not. Yes people are having their houses re-possesed (foreclosure for you US readers), but that doesn’t mean they are moving out from the gambling capital of the world, in fact they are just looking to rent somewhere instead. The reason there are so many vacancies for both rentals and sales is the rate at which new constuction has taken place in recent years - supply was racing away, but then demand levelled out.

For those who have had their house re-possesed, or are already renting, the good news is that this scenario has meant landlords are having to cut asking prices for rentals in order to be more attractive to tenants.

Written by admin · Filed Under Las Vegas News and Views