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Gemstone Development announced today the average rent for a two bedroom residence at its Manhattan Condominiums development has risen by more than 10% in the last 60 days. In March, average rents were $1261 for two bedroom residences. By May, the number had risen to $1400. The average rent for a 3 bedroom residence at Manhattan in 2007 is $2080 per month. "Rents are rising for several reasons," said Gemstone Development CEO, Alex Edelstein, "The glut of supply created by the near-simultaneous completion of 500 condominiums at the development is abating, and at the same time, demand is increasing. As the resident population of Manhattan increases, more and more visitors are coming to Manhattan and seeing what a great place it is to live. The factors that are constraining buying demand in Las Vegas, mortgage tightening and oversupply, are encouraging would-be buyers to rent for a while." Manhattan is also in high demand among service-industry professionals, and the project has attracted residents from higher-end casinos as well as restaurants including Guy Savoy and the new Mario Batali restaurant, B&B Ristorante. "We anticipate further rent increases, as there will never again be as much newly completed supply on the market as there was in Q1," says Edelstein. Rental numbers quoted above are taken from the Greater Las Vegas multiple listing service. Other rental activity is present and may not be accounted for. Gemstone is the developer of the 700 unit Manhattan Condominiums as well as ManhattanWest, a new 20 acre, 700 unit mixed use development under construction at Russell Road just west of I-215. Contact: |
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