Renters from other states are starting to relocate to Las Vegas and Henderson at a rapid rate. It is vital for Henderson and Las Vegas landlords to stay informed about local laws, rental market trends, and tenant expectations to maximize rental property returns. Whiling hiring a reputable Henderson and Las Vegas property management professional is typically a safe route to go to protect your rental property investment, there are still certain things landlords should always be aware of.

Our property management experts’ detail below seven important things Henderson and Las Vegas landlords should know.

1. Stay Informed on Local Landlord-Tenant Laws

Las Vegas landlords must adhere to Nevada’s state laws and Clark County ordinances that govern landlord-tenant relationships. Henderson and Las Vegas rental property owners should always understand these laws. This includes providing proper prior notice before entering a rental property, handling security deposits correctly, and maintaining habitable living conditions at all times for rental tenants.

The Nevada Revised Statutes (NRS) Title 10, Chapter 118A governs many of the rules for residential property rentals.

Key Laws to Keep in Mind:

• Security Deposits: Nevada law limits the amount landlords can charge for security deposits. For an unfurnished property, it can be no more than 3 months’ rent, and for a furnished property, it is capped at 1.5 times the monthly rent.
• Evictions: Landlords must follow a formal eviction process that involves providing written notice to tenants and, if necessary, filing for eviction through the court system.
• Notice Requirements: A minimum of 24-hour notice is required before entering a rental unit, unless it is an emergency.

Related: Tenant Red Flags Las Vegas Landlords Should Never Ignore

2. Be Aware of Rent Control Restrictions

While Las Vegas does not have a rent control policy at the city or state level, rental pricing can still be influenced by real estate market forces and regulations. Since there are no restrictions on how much a landlord can charge, it is crucial to be aware of the local rental market, average rental prices, and tenant demand.

Keeping track of rental market trends utilizing our local property management platforms can help Henderson and Las Vegas landlords adjust their prices accordingly.

3. Screen Tenants Thoroughly

Tenant screening is one of the most important steps in property management. Choosing reliable tenants can minimize the risk of late rent payments, rental property damage, and legal disputes arising. In Las Vegas and Henderson, landlords are legally allowed to screen tenants based on their rental history, credit score, income, and criminal background, as long as the process is non-discriminatory.

Tenant Screening Checklist:

• Credit Report: A credit score of 620 or higher is generally considered acceptable, but this can vary depending on the property, rental price, and prospective tenant’s rental history.
• Rental History: Ensure the tenant has a good track record of paying rent on time and maintaining previous rental properties.
• Background Check: A criminal background check can help identify any red flags that might raise concerns for the landlord.

Landlords should always ensure they are following the Fair Housing Act to avoid discrimination based on race, color, national origin, religion, gender, family status, or disability.

Related: Questions Landlords Should Ask Potential Tenants

4. Stay on Top of Maintenance Responsibilities

In Nevada, landlords are required to maintain rental properties in a habitable condition at all times. This means you must address issues such as plumbing problems, heating and air conditioning failures, and safety concerns. While tenants are expected to handle minor repairs, landlords must respond to requests for major repairs within a reasonable timeframe.

Common Landlord Maintenance Responsibilities:

• Plumbing: Fixing leaky pipes, faucets, and toilets.
• Electrical Issues: Addressing issues with faulty wiring or broken light fixtures.
• Heating/Cooling: Ensuring that HVAC systems are functional and meet state regulations for comfort.

It’s important to remember that keeping tenants happy by addressing maintenance issues promptly can help landlords retain quality tenants long term.

5. Have an Efficient Rent Collection System

In Las Vegas and Henderson, landlords have the right to set their own rent collection policy, but there are some general practices to follow. It is important to have a good written lease agreement that specifies the rent amount, due date, and grace period (typically 3 to 5 days) for starters.

Best Practices for Rent Collection:

• Online Payment Systems: Many landlords and tenants prefer using digital payment methods. Platforms like PayPal, Venmo, and Rentec Direct offer secure and efficient rent collection options. If you have hired a property management company, they will typically utilize on online payment system for rent collection on the landlord’s behalf.
• Late Fees: According to Nevada law, landlords can charge a late fee for overdue rent as long as it is stipulated in the lease agreement. Late fees are typically around $10 to $25 per day after the grace period. The maximum late fee that can be charged for late rent is no more than 5% of the monthly rent amount.

If a tenant misses a rent payment, ensure that you follow the legal eviction procedures if necessary, starting with a 5-day notice to pay or quit. Hiring a reputable Henderson and Las Vegas property manager can help ensure you always collect rent on time from tenants.

6. Have Adequate Insurance Coverage

Landlords in Las Vegas and Henderson should always have adequate insurance to protect their rental property from damage or liability. Standard landlord insurance typically covers property damage caused by fire, theft, or vandalism. It may also include liability protection in case someone is injured on your rental property.

Additional Coverage Options:

• Flood Insurance: While Las Vegas does not typically face major flooding issues, certain areas are prone to flash flooding. Check whether flood insurance is necessary in your location.
• Loss of Rent Coverage: If a property becomes uninhabitable due to damage, this coverage can replace lost rental income.

It is important to review your policy with your insurance provider to ensure that you have the right coverage for your specific needs.

7. Consider Property Management Services

Managing rental properties can be a full-time job, especially if you have multiple units or live outside of Las Vegas or Henderson. Enlisting the services of a professional Henderson and Las Vegas property management company can help take the burden off your shoulders. A property manager can handle everything from tenant screening and maintenance, to rent collection and legal compliance.

Benefits of Hiring a Property Manager:

• Expertise: Property managers are well-versed in Nevada’s rental laws and best practices.
• Time Savings: They handle the day-to-day operations, freeing up your time for other endeavors.
• Reduced Vacancy Rates: Experienced property managers often have extensive networks for local marketing services for your rental property and can find qualified tenants quickly.

While property management services usually come with a fee (negotiate this with your property manager), they are almost always worth the investment for landlords who prefer a more hands-off approach.

Black & Cherry Property Management for Landlords

Being a successful landlord in Las Vegas or Henderson requires more than just owning rental properties. Landlords need to also understand their responsibilities, stay informed about market trends, and provide a positive living experience for their tenants. Following these essential tips will help you navigate the Henderson and Las Vegas rental market successfully.

When landlords remain informed of local laws, stay compliant with laws, and ensure their tenants are happy; they increase their chances of success within the competitive Henderson and Las Vegas rental market. Contact our property management team today to see how we can help with your landlord needs!