Southwest Las Vegas Sees Surge in Build-to-Rent Communities as Homeownership Costs Soar

As Southwest Las Vegas continues to expand, developers are building entire neighborhoods of single-family homes designed specifically for rent, offering residents an alternative to homeownership amid rising purchase prices.

Companies like AMH, one of the country's largest single-family rental developers, have built more than 1,800 rental homes in the Las Vegas Valley, with hundreds more under construction. The homes, typically three to four bedrooms, rent for about $2,500 per month, compared to newly built homes that can cost more than $500,000.

"We looked at the market and found that there were a lack of high-quality housing options," said Brent Landry, AMH's Executive Vice President of Development.

Much of that growth is concentrated along what developers call the Blue Diamond corridor in the southwest valley.

"You can easily say it's hundreds of new homes in the southwest quadrant of Las Vegas," Landry said. "We refer to it as the Blue Diamond corridor; it's been a terrific suburban corridor with a lot of new housing, great commuter routes, and new places to eat and shop."

For some residents, the decision to rent comes after homeownership proved too costly to maintain. Matthew Zerai and his family moved into the Dulce Springs rental community near Russell Road and Durango Drive after unexpected repair bills mounted.

"Originally, we did purchase a home, and problems kept happening, so we decided to go to a rental," Zerai said. "The air conditioning broke, and then right after that, the pool pump went out. We don't have to deal with those problems anymore."

Zerai said it has been easier for him and his family to budget since they have been renting, and he does not consider renting to be a downgrade.

"Owning is where you want to be, but renting is not that bad," he said.

Experts say whether renting or buying makes more financial sense depends on individual budgets, lifestyles, and long-term goals.