What does Las Vegas have to offer the rental property investor? PLENTY.
The largest city in Nevada offers a beautiful, year-round desert climate that boasts more than 310 days of sunshine each year. A variety of additional perks include no state income tax, a low incidence of natural disasters, and a range of communities to please various lifestyles.
According to Yahoo Finance, Las Vegas ranked as the number one U.S. housing market in 2018, affording lots of opportunities for new and experienced investors alike to turn a profit. Should you decide to dive into this real estate market, who would your renters be?
As one of the most famous, most popular tourist destinations, Las Vegas offers year-round appeal, unlike many seasonal vacation spots. A host of attractions and world-class entertainment draw singles, couples, and families from around the world to the “city that never sleeps.” As such, long-term rental properties are of high demand in Las Vegas, where 48% of the city’s residents live in traditional rental properties. With an influx of folks from higher-cost areas, like Southern California, the need for housing continues to grow. Because of the abundance of outdoor amenities and recreational sites, outdoor enthusiasts find the area quite appealing. Educational opportunities also abound across Nevada, giving folks one more reason to make the Las Vegas area their home.
The average effective property tax in Las Vegas, which resides in Clark County, at 0.70% is slightly higher than the statewide average of 0.69%, but it is significantly lower than the national average of 1.08%. Especially for investors who own multiple properties, this is indeed a plus.
We’ll close with a word from the Norada Real Estate Investments firm, “Willing to invest in real estate? Then Las Vegas is one of the best places to buy investment properties. This rapidly growing city is one of the hottest real estate markets in the United States. Right now, it is the best time to buy and rent a property in Las Vegas, as the market has not reached its peak yet.”
So, why are you waiting? Check out the many investment opportunities the “city of lights” has to offer. Remember, if you need a hand in property management, give us a call at Rentals America.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.
