Low Income Senior Apartments Las Vegas Nv - Governor Steve Sisolak speaks at the opening of the Arioso Affordable Senior Housing Complex in southwest Las Vegas, Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Resident Gary Gilbert looks out from his balcony during the grand opening of the Arioso Affordable Senior Housing complex in southwest Las Vegas, Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
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Residents Ronald and Andrea Powell, below, and Gary Gilbert attend the grand opening of the Arioso housing complex in southwest Las Vegas on Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
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Governor Steve Sisolak, second from left, and Clark County Commissioner Justin Jones pose with residents Sandra Lind, left, and Sally Berent at the grand opening of the Arioso residential complex in southwest Las Vegas, Tuesday, 7 June 2022. Unit community for qualifying low-income residents was developed by Ovation Design & Development. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Resident Sandra Lind, 66, attends the grand opening of the Arioso Affordable Senior Housing complex in southwest Las Vegas, Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
A media room is shown on Tuesday, June 7, 2022, during the grand opening of the Arioso senior housing complex in southwest Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
A wellness center is shown during the grand opening of the Arioso senior housing complex in southwest Las Vegas, Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas City Council Approves 276 Unit Affordable Housing Development
The library will be on display on Tuesday, June 7, 2022, at the grand opening of the Arioso Affordable Senior Housing complex in southwest Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Governor Steve Sisolak, left, on June 7, 2022, at the grand opening of the Arioso affordable senior housing complex in southwest Las Vegas, centered on Ovation Development founder Alan Molasky and his son, Ovation co-owner Jess Molasky. The 195-unit community for qualified low-income residents is being built by Ovation Design & Development. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
On June 7, 2022, at the opening of the Arioso Senior Affordable Housing Complex in southwest Las Vegas, Ovation Vice President of Business Development Lori Murphy of Ovation Design & Development. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Pool is shown at the grand opening of the Arioso senior housing complex in southwest Las Vegas, Tuesday, June 7, 2022. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Partnership Debuts Affordable Housing Revamp In Vegas
Jan Nelson, 78, shows off a balcony during the grand opening of the Arioso Affordable Senior Housing complex in southwest Las Vegas, Tuesday, June 7, 2022. The 195-unit community for qualified low-income residents was built by Ovation Design & Development. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
A Las Vegas developer has opened an affordable housing complex amid concerns about rapidly rising rents and the ability of southern Nevadans to afford higher costs.
Ovation Design & Development held a grand opening Thursday for Arioso, a 195-unit apartment complex for low-income residents in the Southwest Valley. Ovation's website shows that monthly rentals for a bedroom are $921, $1,105 for two bedrooms and the rent includes utilities.
By comparison, the average rent in the Las Vegas area was $851 in April, according to comparison site Zillow. Las Vegas rents are up 21.3% year-over-year, compared to 16.4% nationally.
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Nevada has long faced the need for more affordable housing, a problem that has recently intensified during the Las Vegas housing boom. Strong demand, tight supply, and rapidly rising prices for homebuyers and renters have made finding a place to live in the Las Vegas Valley more difficult and expensive over the past two years.
Governor Steve Sisolak said at an event on Thursday that affordable housing is his "top concern" and that Ovation's project needs those units.
Construction on Arioso was completed in October, and the four-story building along Blue Diamond Road near Fort Apache Road is fully leased and has a waiting list, said project manager Jess Molasky.
Most of Nevada's population is in the Las Vegas Valley, which is estimated to have 79,835 affordable and affordable rental units for low-income renters.
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The Sisolak administration invested US$500 million to increase affordable housing in the state. The Family Means Nevada initiative is designed to support multi-family development and rehabilitation and help homeowners.
At an event to launch the program in April, Rep. Steven Horsford, D-Nev., said affordable housing is a "real crisis."
He pointed to Las Vegas' "shocking" rent increases, saying many people are left wondering "what if they can't afford these rapidly rising rents".
For Arioso, it has attracted tenants like Maria del Carmen Palacios, 62, who moved there in April.
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Palacios said her rent is $63, and she collects her late husband's pension, earns extra money as a school traffic warden and receives help from her family.
She lives with her daughter and said she has trouble sleeping knowing that a one-bedroom apartment in the area costs $1,600 a month.
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Builders sold 782 homes in Las Vegas' largest planned community, down 52% from 2021, according to separate reports from two consulting firms last week.
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A rise in mortgage rates has led to a sharp drop in home sales, a massive drop in prices, and a huge increase in inventory.
"The conversation has turned to how far high prices have gone and how fast they are falling."
Southern Nevada's housing market holds back mortgage rate rises in 2022. But the rise in borrowing costs isn't the first time home sales have slowed.
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The market in southern Nevada remains stagnant and industry experts predict the state's housing market will continue to change.
An industry group cited high mortgage rates, rising construction costs and "deteriorating consumer demand for affordable housing".
The former Alpine Motel Apartments building, which has been renovated and boasts a roster of tech features, is "100% safe," according to property manager Robin Willett.
Recent interest rate cuts have been "significant" but homebuyer sentiment "has not reacted positively to buying demand".
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A formerly quiet and sprawling plot of land close to the area is becoming a Formula 1 race track, and the owner of an adjacent rental property is looking to sell for a large sum.
Las Vegas home prices have plunged to their lowest level in the past month as high mortgage rates hit the market.
2022 Las Vegas Architects' Summer The Las Vegas real estate market declines in homeowner confidence as home sales slow. Las Vegas home prices in the early 1980s have lost all of their gains in 2022. Mirage sale set for new chapter lights up high-end casino rentals on the Strip If you're looking for an affordable Las Vegas retirement community, don't look no further than Vintage Desert Rose. Within walking distance of restaurants, shops and transport, we offer one and two bedroom apartments for those over 55 years old. You'll enjoy walking in one of our backyards, swimming in the pool, or meeting your neighbors at one of our community events. Our friendly management team is ready to answer any questions you may have, contact us today!
Vintage Desert Rose is a residential community for seniors over 55 located in Clark County and zip code 89108. This area is served by the Clark County Attendance District.
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Depending on the size of your family, your maximum annual income should be equal to or less than the amount indicated in this table.
The Michael Way Ranch is just off Highway 95 and includes several suburban attractions, all within six miles of the popular Las Vegas strip. It's classic Vegas, with towering palm trees, shacks and tents. The Three Parks and Las Vegas golf clubs have access to the green space on Michael's Way for lots of fun in the desert landscape.
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