Las Vegas renters could soon see new landlords

June 3, 2013 by Cyma Saeed | Google+ Profile

If you live in a valley apartment complex, odds are you soon could get a new landlord, VEGAS INC reported May 31.

Investors are snapping up local apartment buildings at the fastest pace seen in years, thanks to low prices, cheap financing and a large base of potential tenants. Las Vegas has a large number of renters, as many residents can’t buy homes because of past foreclosures, bad credit or financial hardship.

At least 28 local apartment complexes with 100 or more units have been sold so far this year. That’s up from 26 in all of 2012 and just two in 2009, when the market bottomed out, according to real estate broker Spencer Ballif, a senior vice president with CBRE Group.