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- 🏫 Rents Rise in Some Las Vegas Valley Areas, Fall in Others, Zumper Study Shows
🏫 Rents Rise in Some Las Vegas Valley Areas, Fall in Others, Zumper Study Shows
Issue #281 - September 13, 2024
John Wu
13 Sep
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📆 Weekly Local Events for September 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
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 7PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 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, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
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)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
🏫 Rents Rise in Some Las Vegas Valley Areas, Fall in Others, Zumper Study Shows
A recent study by Zumper, a digital real estate marketplace, reveals varying trends in rental prices across the Las Vegas Valley. While some areas are experiencing rising rents, others are seeing declines as new apartment units enter the market. Overall, Las Vegas ranks as the 67th most expensive city to rent in the U.S. out of 100 cities surveyed by Zumper.
Rising Rent Prices in Some Areas
In August 2024, the median rent for a one-bedroom apartment in Las Vegas rose by 0.8% from the previous month, bringing the average cost to $1,210. Two-bedroom rentals, on the other hand, remained flat at $1,500. Despite this increase, Las Vegas rent remains more affordable than many major cities, including New York, which tops the list with a staggering median rent of $4,500 for a one-bedroom unit.
Rental Trends by Area
Zumper's report analyzed four rental-heavy areas within the Las Vegas Valley: Henderson, Spring Valley, Winchester, and the city of Las Vegas. Among these, Paradise—an area defined as north of the McCarran International Airport and east of the Las Vegas Strip—has the highest one-bedroom median rent at $1,640. This represents a 9.3% increase over the past year, the largest hike among all the areas surveyed.
Henderson followed, with a median rent of $1,460 for a one-bedroom, while Spring Valley came in third at $1,430, experiencing a 7.5% year-over-year increase. Winchester saw a median rent of $1,220, a decrease of 10.9%—the steepest drop in the region. The city of Las Vegas had the most affordable rental prices, with a median one-bedroom rent of $1,210, also down by 3.2% year-over-year.
Supply Outpacing Demand
Crystal Chen, associate director of communications for Zumper, noted that Las Vegas rents are approximately $300 more affordable than the national median rent of $1,534 for a one-bedroom. Despite being in the "hot moving season"—a period when demand typically peaks—the Las Vegas market is witnessing a stabilization of rent prices. Chen attributes this to an influx of new apartment complexes, with nearly 6,000 units set to be delivered within the next six months.
"New buildings are offering concessions like waived fees, gift cards, and even up to six weeks of free rent to attract tenants," Chen said. "The additional supply is likely putting downward pressure on rents, which is why we’re seeing flat or decreasing prices in some parts of the valley."
Chen added that Zumper expects rental rates in the Las Vegas Valley to remain "stable" through the rest of 2024 and could even drop during the winter months when rental demand typically cools.
National Rental Market Trends
On a national level, the rental market has remained relatively stable despite an increase in housing supply. According to Zumper’s National Rent Index, the median price for a one-bedroom apartment in the U.S. increased by 1.6% year-over-year, reaching $1,534. Two-bedroom units rose by 2.7%, with a median price of $1,915.
Zumper CEO Anthemos Georgiades described the national rental market as "defying gravity" due to the high demand for housing even in the face of record-breaking new construction. "Even though many new units have come online this year, the vacancy rate has remained steady at 6.6% for the last two quarters," Georgiades said. "Strong renter retention and a growing national rent index underscore the robust demand present in the U.S. rental market."
Affordability Challenges Remain
While rents have risen in several U.S. cities, affordability remains a concern for renters. A report from Redfin indicates that the nationwide rental rate increased by 0.9% year-over-year, marking the largest rise since April 2023. However, this is significantly lower than the record highs seen over the past two years. Redfin senior economist Sheharyar Bokhari noted that rental affordability has improved as new construction helps balance out supply and demand.
"Almost everything in our lives costs more than it did two years ago, but rents have remained largely stable thanks to the construction boom, especially across the Sun Belt states," Bokhari said. "We’re seeing rents tick up slightly as new construction begins to slow down, but overall asking rents are expected to remain relatively flat due to the backlog of new apartments still coming onto the market."
Las Vegas Market Outlook
The Las Vegas rental market remains in a state of flux, with higher prices in areas like Paradise and Spring Valley, but significant declines in Winchester and the city of Las Vegas. As more housing units are completed and offered with incentives, renters may benefit from more affordable prices in the near future. However, how much these prices fluctuate will largely depend on the balance of supply and demand in the coming months.
For now, Las Vegas renters can take some comfort in the fact that while prices remain high in some areas, there are pockets of affordability emerging, especially as new units are completed and landlords look to fill vacancies.
Key Points:
Las Vegas ranks 67th in rental costs among U.S. cities.
One-bedroom rents in Las Vegas rose to $1,210 in August, while two-bedroom rents stayed flat at $1,500.
Paradise has the highest median rent in the valley at $1,640; Winchester saw the biggest annual drop at 10.9%.
New rental units are putting pressure on the market, leading to stabilization or drops in some areas.
Nationally, rents have remained stable despite rising demand, with median prices up 1.6% for one-bedrooms.
⚾ A's Unveil Detailed Design Plans for $1.5B Las Vegas Stadium, Set to Open in 2028
The Oakland Athletics are pushing forward with plans for their highly anticipated $1.5 billion ballpark in Las Vegas, which is now about halfway through its design process. On Thursday, the team and its stadium project partners gathered to present their vision to prospective contractors at the Rio Hotel’s Brasilia Ballroom. Hundreds of attendees, including local business leaders and potential subcontractors, packed the room to hear about the detailed design, construction timelines, and the economic opportunities tied to the project.
A New Home in the Desert
Oakland A’s President Dave Kaval emphasized the vast scale of the construction project and its importance to the Las Vegas economy. “We’re going to need help from these subcontractors here to make this all happen,” Kaval said. “We’re talking about thousands of jobs, just for the construction. This is a great way to showcase that.” The project is expected to generate a significant number of employment opportunities, particularly for subcontractors in the Las Vegas area.
The team tasked with bringing the stadium to life includes Mortenson-McCarthy, a joint venture construction firm, the world-renowned Bjarke Ingels Group, and HNTB, a top architecture firm. Representatives from each of these groups were present to outline the stadium design and the early stages of the hiring process for contractors and workers.
Stadium Design Highlights
The planned stadium, which will seat a total of 33,000 fans, includes 30,000 fixed seats and an area for 3,000 standing-room-only ticket holders. The venue will be domed to provide protection from the extreme Las Vegas heat, with six primary levels that incorporate a range of amenities for fans and guests.
These levels will be structured from the ground up, beginning with the service and field levels, followed by lower and upper suites, an upper concourse, and an upper deck. Around 30% of the total fan base is expected to enter the ballpark at the lower suite level, highlighting the stadium's premium design elements.
A standout feature of the design is the armadillo-shaped exterior, which has been developed with both baseball and the desert climate in mind. The roof, spanning 700 feet, will be composed of metal with translucent plastic panels to maximize shade while also allowing natural light to filter through. The design team deliberately incorporated one of the most iconic symbols in baseball, the pennant, into the architecture. According to Bjarke Ingels Group senior architect Frankie Sharp, “So one of the most iconic images in baseball is the pennant, it’s synonymous with success in baseball. You’ll be able to see out of the giant cable net glass wall toward the Las Vegas Strip, and you’ll be protected from the elements year-round, creating just a really spectacular experience for everyone.”
From the field level to the roof, the stadium will reach a maximum height of 290 feet. The glass wall, which will span 36,000 square feet, is designed to let in natural light while offering breathtaking views of the Las Vegas Strip, all within a climate-controlled environment to ensure fan comfort. The open-concourse layout will further enhance the stadium’s accessibility and fan experience.
"Drop the Trop" – Clearing the Site for Construction
The project is slated to break ground on the iconic Tropicana Hotel site on the Las Vegas Strip. Before construction can begin, however, the current structures must be demolished. This will happen in a high-profile event, scheduled for October 9, dubbed “Drop the Trop.”
The implosion of two hotel towers is planned for 2:30 a.m., but the event will be more than just demolition. The A’s, in partnership with Bally’s Corporation, the current owners of the Tropicana, are organizing a sendoff event featuring fireworks and a drone show to celebrate the beginning of a new era for the location.
Kaval spoke about the significance of this milestone, saying, “It’s going to be a milestone, in both a farewell to the Tropicana and what it meant for Las Vegas, Southern Nevada, and the Strip, and also to look forward to our incredible ballpark that we’re going to be building on the Strip. It’s going to be a really fun night and a great way to showcase the project and build momentum for the future opening in 2028.”
After the towers are brought down, crews will begin clearing the site, paving the way for the A’s to begin stadium construction, which is scheduled to start in the second quarter of 2024. The project is currently on track for completion in 2028.
Negotiations with the Las Vegas Stadium Authority
As the design and construction timeline progress, the A’s are also engaged in important negotiations with the Las Vegas Stadium Authority. Three major agreements—non-relocation, lease, and development agreements—are currently in the works and expected to be presented in nearly final form at an upcoming meeting on October 17.
Kaval reassured the public that the team is on track to finalize these deals. “Everything is going to be presented there, but the votes are not going to occur until the December meeting. We’re on track for those and we’re really happy with the progress we’ve made and ensuring that it’s done in an appropriate fashion and working hand-in-hand with the stadium authority,” he said.
Prioritizing Workforce Diversity
In line with the requirements laid out in Senate Bill 1, which approved up to $380 million in public funding for the project, the A’s stadium will focus on workforce diversity. The bill mandates that 51% of the workers hired for the project must come from women, minority, veteran, or disabled communities. Additionally, 15% of the total work must be awarded to small local businesses, ensuring that the project has a significant economic impact on the local community.
Ross Edwards, Senior Vice President of McCarthy Building Companies, expressed confidence that the A’s will meet, and likely exceed, these targets. Edwards cited the successful construction of Allegiant Stadium, home to the Las Vegas Raiders, as a precedent for this kind of work. “With the Raiders, we smashed the target at Allegiant Stadium. We intend to do that again. It takes a lot of work on the front end to make sure you’re procuring things the right way, but the expectations are laid out properly. That’s what we tried to do here today, is make sure everyone is aware,” he said.
Looking Ahead
The Athletics’ ballpark project is expected to be a transformative addition to the Las Vegas Strip, offering a state-of-the-art venue for baseball and other events, and generating significant employment and economic benefits for the region. As the team moves forward with demolition, construction, and negotiations, they aim to maintain transparency and collaboration with local stakeholders to ensure that the project stays on track for its 2028 opening.
Fans, local businesses, and contractors alike are eager to see how the project develops, with excitement continuing to build as the demolition date and construction kickoff draw near.
🎰 Laughlin Casino Data Breach Compromises Over 55,000 Individuals’ Personal Information
Riverside Resort-Casino in Laughlin, Nevada, has confirmed a significant data breach, impacting the personal information of more than 55,000 individuals. The casino, which has been a staple of the Laughlin Strip for 58 years, reported the breach to its customers and state regulators on September 5, nearly two months after it was discovered.
Discovery of the Breach
The breach was first detected on July 25, when Riverside officials found that an external party had accessed their system. After investigating the scope of the incident, the casino determined on August 9 that names and Social Security numbers were likely compromised. The resort took immediate steps to notify affected customers, offering one year of free credit monitoring and fraud assistance to help mitigate potential risks associated with the data leak.
Impact of the Breach
In a notification letter shared with customers and state regulators, General Manager Matthew Laughlin assured the public that the resort-casino acted swiftly once the breach was detected. "Data security is one of our highest priorities," he said. "Upon detecting this incident, we moved quickly to initiate an investigation. We promptly disabled all relevant accounts and worked with our third-party specialists to confirm the security of our environment." The letter also emphasized that, as of September 5, Riverside had not discovered any cases of identity theft or fraud resulting from the breach.
The notification letter went out to those potentially impacted, explaining the nature of the breach and the steps Riverside had taken to secure its systems. The resort is working closely with cybersecurity experts to assess and reinforce their data protection measures, ensuring that any vulnerabilities exploited during the attack are addressed to prevent future incidents.
Legal and Regulatory Responses
Riverside Resort-Casino has reported the breach to multiple state regulatory bodies, including the Maine Office of the Attorney General. In a filing to the Maine AG, attorneys representing the resort estimated that 55,155 people were affected. Under state and federal regulations, companies are required to notify individuals whose personal data has been compromised in a timely manner, and Riverside appears to be adhering to these legal obligations.
However, the incident has already led to legal action. On September 6, a class-action lawsuit was filed against Riverside in U.S. District Court in Nevada. A Massachusetts resident is leading the lawsuit, accusing the resort of negligence, breach of implied contract, and unjust enrichment. The plaintiff alleges that Riverside failed to adequately protect personal data, causing significant risk to those whose information was exposed. The lawsuit seeks damages and other forms of relief, including a jury trial, and is likely to grow as more affected individuals join the case.
The class-action suit hinges on the claim that Riverside did not have sufficient cybersecurity measures in place to protect the sensitive personal information of its customers. The plaintiff also argues that the resort’s failure to properly secure its systems before the breach constitutes negligence and a breach of implied contract, as customers expect their personal information to be safeguarded when interacting with a business.
Riverside’s Response and Customer Assistance
In an effort to mitigate the impact of the breach, Riverside Resort-Casino is providing affected customers with one year of free credit monitoring and fraud assistance services. These services will allow individuals to monitor their credit reports for any unusual activity and take early action if they suspect identity theft. Riverside hopes this proactive step will help protect customers from any long-term financial harm.
“We take the protection and proper use of personal information seriously,” Laughlin noted in his letter. While the resort has yet to find any direct evidence of fraud, it continues to work closely with cybersecurity experts and law enforcement to investigate the full scope of the breach.
The Larger Context of Data Breaches in Hospitality
This incident is the latest in a series of high-profile data breaches affecting the hospitality industry, where large volumes of sensitive customer information, such as payment details and Social Security numbers, are frequently stored. Casinos, in particular, are prime targets for cyberattacks due to the high level of personal and financial data they handle daily.
The Riverside breach highlights the growing importance of robust cybersecurity measures, especially in industries that deal with sensitive customer information. The trend has prompted many businesses in the hospitality sector to strengthen their security protocols, employ third-party cybersecurity firms, and offer transparency and remediation when breaches occur.
Looking Ahead
As Riverside Resort-Casino continues to address the fallout from the breach, the company is likely to face increased scrutiny from regulators, customers, and cybersecurity experts. The outcome of the class-action lawsuit could set a precedent for how future data breaches in the casino industry are handled.
While the resort works to rebuild trust with its customers, individuals affected by the breach are urged to take advantage of the free credit monitoring services being offered. Additionally, they should remain vigilant for any signs of identity theft or fraud.
The long-term impact of the breach remains uncertain, but it underscores the critical need for businesses to prioritize cybersecurity, especially in an increasingly digital world where data breaches are becoming more common.
😋 Mark Wahlberg Expands Vegas Ventures with Opening of Flecha Cantina at Town Square
Actor and Las Vegas resident Mark Wahlberg is making a significant addition to the city's thriving food scene with the grand opening of his new restaurant, Flecha Cantina, at Town Square. The restaurant, located at 6683 S. Las Vegas Boulevard, will officially open its doors at 11 a.m. this Saturday, marking Wahlberg's latest venture in expanding his presence in Las Vegas.
Flecha Cantina is the second location for the restaurant, following its debut in Huntington Beach, California. Described as "Mexican redefined," the concept promises to bring an innovative spin to traditional Mexican cuisine. According to its website, Flecha Cantina's menu has been "crafted by renowned international chefs and mixologists," offering a blend of classic Mexican dishes with a contemporary twist.
Menu and Concept
The restaurant aims to stand out by offering a unique dining experience. The chefs at Flecha Cantina have designed a menu that honors authentic Mexican flavors while incorporating modern culinary techniques. This approach is reflected not only in the food but also in the drink menu, which features craft cocktails inspired by Mexican ingredients and culture. The mixologists at Flecha Cantina have carefully curated a list of drinks that include specialty tequilas, mezcals, and other spirits that complement the bold flavors of the dishes.
Flecha Cantina's focus on elevating traditional Mexican cuisine aligns with Wahlberg's growing portfolio of business ventures, many of which focus on providing high-quality, unique experiences. The restaurant aims to attract locals and tourists alike, offering a fresh option in the ever-evolving Las Vegas dining landscape.
Pre-Opening Events
In the lead-up to its official opening, Flecha Cantina hosted a special pre-opening dining experience. Guests had the opportunity to enjoy complimentary lunch and dinner service on Wednesday, Thursday, and Friday as part of a limited-time offer. This exclusive preview allowed a select number of customers to sample the menu and experience the restaurant before the public opening.
While spaces for the pre-opening events were limited, interested diners can still make reservations online for the restaurant’s grand opening on Saturday. With Wahlberg’s name attached and a reputation for high-quality dining experiences, demand is expected to be high.
Wahlberg’s Expanding Footprint in Las Vegas
Flecha Cantina is just the latest addition to Wahlberg's growing business endeavors in Las Vegas. The actor has become increasingly involved in the city's entertainment and hospitality sectors in recent years. Wahlberg has publicly expressed his interest in expanding his business portfolio in Las Vegas, seeing the city as a prime location for new ventures. In 2022, he revealed his desire to turn Las Vegas into "Hollywood 2.0" by encouraging the growth of film production, business development, and entertainment.
In addition to Flecha Cantina, Wahlberg is known for his involvement with Wahlburgers, a popular burger chain he co-owns with his brothers Donnie and Paul. The restaurant has several locations, including one at the Grand Bazaar Shops on the Las Vegas Strip. Flecha Cantina represents a step away from his burger-focused ventures and showcases Wahlberg’s desire to bring new culinary concepts to the table.
Las Vegas Dining Scene
Flecha Cantina joins a thriving dining scene in Las Vegas, where celebrity chefs and restaurateurs have made significant investments in recent years. As Las Vegas continues to evolve beyond its reputation as just a gambling destination, restaurants like Flecha Cantina contribute to the city’s appeal as a global culinary hub. With its blend of modern and traditional Mexican cuisine, the restaurant is poised to attract both locals and visitors seeking fresh, innovative dining experiences.
Wahlberg’s decision to open Flecha Cantina in Las Vegas reflects the city’s growth as a hotspot for high-end dining, with restaurants that cater to a diverse and cosmopolitan clientele. As Town Square is a popular shopping and entertainment destination in Las Vegas, the restaurant is expected to draw a wide array of diners, from tourists exploring the city to locals looking for a new dining option.
Looking Ahead
With Flecha Cantina set to open this weekend, the Las Vegas community and visitors alike are eager to experience Wahlberg's latest venture. The grand opening adds another chapter to the actor's growing influence in the city and his continued commitment to expanding his business footprint.
Whether Flecha Cantina will grow into a nationwide or even international chain remains to be seen, but for now, Wahlberg’s focus is firmly set on making the Las Vegas location a success.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: September 6, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - August 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.
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Until next time, John Wu.