The Las Vegas community has experienced a sizable population boom in recent years. With several major companies relocating to Southern Nevada, more people than ever before are flocking to the region in search of better economic opportunities. Along with this growth comes an increased need for housing to accommodate the influx of professionals moving to Las Vegas. With the Las Vegas rental market currently as competitive as it is, there’s no better time than now for landlords to invest in a professional Las Vegas property management company to take advantage of the growing numbers of renters in the area.
Recent Economic Growth in Southern Nevada
Offering a favorable business climate and extremely reasonable cost of living expenses, Las Vegas is often at the top of the list for companies looking to relocate. When compared to popular US cities such as New York, San Francisco, or Los Angeles, Las Vegas is considerably more affordable when it comes to housing. Additionally, the Las Vegas region also boasts world-class entertainment and unrivaled outdoor activities. Just recently, several global businesses have chosen to move their corporate headquarters to Clark County and are bringing a multitude of job opportunities with them.
According to the Las Vegas Global Economic Alliance (LVGEA), major companies including Sofidel America Corp., Cascade Financial Technologies, Scientific Games, and Smith’s Food & Drug Centers, plan on either relocating to, or expanding their current operations in the Las Vegas region. Since January of 2018, more than 22 companies have relocated to Southern Nevada, creating upwards of 3,000 new job openings.
Increased Demand for Apartments & Rental Properties
This expansion of the Las Vegas workforce is an excellent opportunity for Las Vegas landlords and property owners looking to rent out their available spaces. From 2016 to 2017 alone, Clark County saw an increase of about 43,000 people to the area. For those making the move to Las Vegas, it’s often more convenient and manageable to rent first, rather than investing in a home right away.
Furthermore, the housing market can be quite volatile in many ways. Las Vegas was hit hard during the recession, particularly for homeowners who watched their home value’s plummet seemingly overnight. For this reason (and more), many professionals have been drawn to the benefits of renting over buying. Renting can also help alleviate the stress and expense of having to deal with property repairs and maintenance, homeowners insurance, and real estate taxes. Many landlords are now seeing these opportunities and filling their rental properties quickly.
How a Property Manager Can Help
With the recent population growth in Southern Nevada, now is the ideal time for landlords in the area to fill vacancies and attract quality tenants. The perfect way to really capitalize on this is to invest in the help of a professional Las Vegas property management company. Property Managers have the experience and knowledge needed to effectively advertise your vacancies and reach the specific market you would like to target. Since interest in apartments and rental homes is presently way up, Las Vegas property owners have been experiencing an increase in tenant applications. This is another way a professional property manager can help make a major difference. With experience in advanced tenant screenings and background check techniques, you’ll have peace of mind knowing that you are renting to only the most dependable and trustworthy applicants.
Some of the additional benefits of utilizing a reputable property management company which many Las Vegas landlords have the pleasure of experiencing include:
- Maximized listing exposure in order to fill vacancies quickly
- Comprehensive tenant screenings and thorough background checks
- Streamlined communication between management and tenants
- Timely scheduled repairs and routine maintenance
- Established connections with experienced maintenance companies and landscapers
- Utilization of the latest technology to increase security and improve customer service
- Simplified accounting procedures and database records
Advantages of Using Black & Cherry Property Management
The Black & Cherry Property Management team has extensive expertise when it comes to managing properties in the Las Vegas and Henderson areas. If you own property in Clark County, including Henderson, Summerlin, or Downtown Las Vegas, we are the #1 ranked and trusted property management company in Las Vegas to handle your rental property. We’ll make sure to maximize return potential based off of the area’s recent population growth. Our property management experts are always in tune with the Las Vegas real estate market and are constantly keeping up with the latest trends to help clients build on their success.
With economic opportunities projected to continually increase over the next decade in the region, investing in a professional property manager should be a priority. We will help fill your vacancies quickly with the highest quality tenants, add value to your property giving you a competitive edge, implement rent increases to effectively take advantage of market rates, and keep your rental properties occupied by exceeding tenant expectations. Contact Black & Cherry Property Management today to learn more!
