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- 🏠 Las Vegas Rent Affordability Crisis: Households Need $69,810 to Keep Up
🏠 Las Vegas Rent Affordability Crisis: Households Need $69,810 to Keep Up
Issue #073 - February 18, 2024
John Wu
18 Feb
Dear SummerSouth Insiders!
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📆 Weekly Local Events for February 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: 7 - 10pm (Every week on Monday)
Tuesday
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday)
Foodies Mid-Week “Mix & Mingle” Swing Dance @ Noypitz Bar & Grill (Town Square): 6:30 - 10:30 PM (Every week on Tuesday)
Wednesday
Business Leads Group - Networking Breakfast, Patti's Practical Advice for Effective Biz Ops! @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)
Thursday
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors @ Rampart Casino: 11 AM - 1 PM (Every week on Thursday)
Female Friends over Forty-five - Lunch and Rummikub @ Jason’s Deli (Boca Park): 12:30 - 3:30 PM (Every week on Thursday)
Southwest Tennis Brigade - A Chill Tennis Evening at Long Mountain Regional Park: 5:30 - 8:30 PM (Every week on Thursday)
Summerlin Bitcoin Happy Hour: 7 - 9 PM (Every week on Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 PM - 1 AM (Every week on Friday)
Saturday
Saturday Morning Co-Ed Soccer in the Park @ Spotted Leaf Park: 8:30 - 10:30 AM (Every Saturday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Winter Kickball League (Private Group): 11 AM - 2 PM (Every Saturday)
Vegas Hikers - Ike’s Peak 4.3 Mile (southwest) 2 groups: 12:30 - 3:30 PM (Every week on Saturday until March 29, 2024)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Find Your Yoga Las Vegas - Northwest LV Sunday Soulful Yoga with Alicia Cuglietta @ Oasis to Zen Transformation Spa $15: 10 - 11 AM (Every week on Sunday)
📆 PVHS Athletic Events in February 2024
Visit Here to Access the PVHS Athletic Events Monthly Schedule.
🌤 Summerlin South, Las Vegas Weather
🏠 Las Vegas Rent Affordability Crisis: Households Need $69,810 to Keep Up
A recent report by Zillow has highlighted a growing concern for Las Vegas residents: the escalating cost of living. To afford rent in the valley, households now require an annual income of at least $69,810, surpassing the median household income. This development poses a significant challenge, especially as rental rates have seen a 1.9% increase year over year, pushing the average rent to $1,745.
Despite an increase in available rental units, the valley is witnessing a paradoxical trend where rents continue to climb, a phenomenon described by Mark Stayton of Zillow. The vacancy rate in Las Vegas stands at 9%, having risen by 2.5 percentage points since the pandemic began, marking the 12th largest increase among the U.S.'s 50 largest metro areas.
The report underlines a staggering 34% increase in the income needed to afford rent since the pandemic's onset, with affordable housing defined as costing less than 30% of monthly income. This is in stark contrast to the median annual household income in the valley, estimated at $66,356 in 2022 by the U.S. Census Bureau, which has seen minimal growth due to sluggish wage increases.
The early months of 2021 required households to earn $52,020 to afford rent, positioning Las Vegas with the 15th largest jump among major metro areas. Skylar Olsen, Zillow's chief economist, notes that rental prices have surged by 29.4% since the pandemic began, averaging an annual increase of 7% over the past four years. However, a recent boom in apartment construction and slowing economic growth are beginning to moderate rental price increases.
Looking ahead to 2024, a record level of apartment construction nationwide is expected to help keep rental rates in check, offering some relief to renters who have been under considerable financial strain. With wage growth slowing but continuing, the proportion of income needed for rent has stabilized at 29%, slightly down from a record high in June 2022.
🎰 Bel-Aire Backyard: A Lavish Oasis in Southwest Las Vegas
The highly anticipated Bel-Aire Backyard is set to open its doors on March 11 at the Durango resort, offering a lavish escape in the heart of southwest Las Vegas. Spanning over 65,000 square feet, this luxurious outdoor venue promises an unparalleled poolside experience, complete with a cerulean pool, a dynamic central fountain, and a Baja ledge perfect for sunbathing.
Adjacent to the Bel-Aire Lounge cocktail bar, the Backyard doesn't hold back on luxury, featuring three grand cru cabanas catering to groups of up to 12, ten standard cabanas for smaller gatherings of up to six, and an array of chaise lounges, plush daybeds, and unique circular cushioned "lily pads" floating on water. The setting is accentuated by towering palm trees and a harmonious blend of water, wood, marble, and earth tones, creating an ambiance reminiscent of a grandiose movie set.
Gourmet Poolside Dining and Cocktails
Bel-Aire Backyard, a venture by Clique Hospitality, introduces the Backyard Grill to its premises, ensuring that poolside dining is a delightful experience. With seating for around 110 guests, the restaurant offers a varied menu that includes a vibrant Cobb salad, a warm crab and avocado salad, barbecue chicken flatbread, quesadillas, a Poolhouse Burger, and an enticing wooden sushi yacht. The menu also features a refreshing watermelon salad and miso sea bass lettuce cups, promising a burst of flavors with every bite. Patrons can also look forward to brunch offerings and special Sunday brunch parties.
For those looking to unwind with a drink, the cocktail menu boasts creations like the Fresh and Easy with Botanist gin, a tropical mojito with Havana Club aged rum, the Under the Palms cocktail with Cruzan rum, and an assortment of domestic and imported beers served in buckets.
Entertainment and Leisure
Bel-Aire Backyard is not just about relaxation; it's also a hub for entertainment. With live DJ sets scheduled from noon to sunset from Thursday to Sunday and special Friday sunset parties featuring music from 4 to 10 p.m., guests are in for a treat. The venue promises a seamless blend of indoor and outdoor experiences, according to David Horn, vice president and general manager of the property.
Open from 9 a.m. to sunset daily, weather permitting, Bel-Aire Backyard invites guests to indulge in a serene yet vibrant atmosphere. For more information, visit belairebackyardlv.com or follow @BelAireBackyardLV on social media.
🏒 Carolina Hurricanes Secure a 3-1 Victory Over Vegas Golden Knights
In a commendable performance on Saturday night in Las Vegas, the Carolina Hurricanes triumphed over the Vegas Golden Knights with a 3-1 win. Key contributions came from Spencer Martin, who made 29 saves, and Seth Jarvis, who not only scored a pivotal short-handed goal but also assisted another.
The Hurricanes showcased their strength, completing a successful back-to-back road sweep, previously dominating the Arizona Coyotes with a 5-1 victory. This win marks their impressive streak, boasting a 15-4-1 record in their last 20 games and shining with a 9-1-1 record in recent road matches.
Spencer Martin, in his second appearance since joining the Hurricanes, continued to impress, maintaining a perfect record with the team. On the opposing side, Vegas' Jonathan Marchessault scored for the third consecutive game, yet it wasn't enough to secure a win against the surging Hurricanes.
The game unfolded with Vegas initially taking the lead, thanks to Marchessault's goal. However, Carolina quickly responded with goals from Andrei Svechnikov and Stefan Noesen, alongside Jarvis' standout moment, to clinch the victory.
💲 Las Vegas Convention Center to Host Major Spring Job Fair Event
Southern Nevada job seekers have the opportunity to meet with over 120 employers at the upcoming Spring Job Fair, scheduled for March 8 from 9 a.m. to 2 p.m. at the Las Vegas Convention Center West Hall. Hosted by Clark County in collaboration with the EmployNV Business Hub, this annual event aims to facilitate on-the-spot hiring and job offers pending background checks. Commissioner Jim Gibson encourages attendees to approach the fair as they would a multi-employer interview, emphasizing that every employer present is looking to hire. Notable employers include the Rio hotel-casino, Nevada Barricade and Sign Co., Maverik, The Smith Center, Tao Group Hospitality, Fontainebleau hotel-casino, and Link Technologies. Job seekers can register in advance, upload their resumes for employer previews, and access several on-site resources such as free child care for specific ages, career coaching, and career exploration tools.
Summerlin Area Command - Week Ending: February 9, 2024
Courtesy of The Las Vegas Metropolitan Police Department. The entire report for all Area Commands may be viewed here.
📌🏠 Summerlin South - January 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
📌✅ We Want To Spotlight Your Business!
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We ❤️ Local Businesses!
We know our community is brimming with businesses that have fascinating stories and big hearts. If you're a local business owner making waves, crafting unique experiences, or simply putting a smile on our faces, we want to chat with you! "SummerSouth Insider" is eager to shine a light on the unsung heroes of our town. Let's collaborate and let the community know what makes your business special. Send us a message, and let's celebrate the spirit of Summerlin South together!
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