For those looking to invest in a rental property, you may be considering different locations to see which one will be most advantageous for you. It can be a difficult decision for several reasons. You want to look for a city that is affordable in terms of purchasing and maintaining a property, but which also has a high rental demand and produces more vacancies within that city’s real estate market. Las Vegas is a prime investment location right now because it offers many of these benefits, and more!
Affordability in Las Vegas
When you compare Las Vegas to other major cities across the United States, investment properties are relatively affordable in Southern Nevada. Although Las Vegas has been around for quite some time and is known as a top destination for tourists, it’s still a young city in many ways. However, infrastructure, housing, jobs, and other aspects of the bustling metropolis are all on the rise. Las Vegas is well on its way to becoming a vibrant place to live that rivals nearby California cities.
While Las Vegas is still in this early growing stage, investors can take advantage of lower prices on homes and rental properties. Some cities have a very high demand for housing, but are extremely expensive and may not be the smartest investment if you’re looking to get the most bang for your buck. Apart from the prices of actual Las Vegas real estate properties, maintenance services are also considered to be very affordable in Las Vegas. This means that you can make repairs, have your property professionally cleaned, or schedule routine maintenance for a comparatively low cost.
Las Vegas Rental Properties are in High Demand
As Las Vegas continues to develop as a city, more and more people are moving to the area every year. With the population swelling, there’s more demand than ever before for affordable housing, luxury apartments, and homes for rent. Vacancy rates are low as prime units are immediately filled and homes are rented out quickly in the most desirable parts of the city.
The population of Las Vegas is only expected to grow over the next decade with many people looking for an affordable place to live that still offers all the perks of living in a big city. Many people from Southern California are flocking to Las Vegas and are on the hunt for places to live. There has also been an influx of people moving to Las Vegas from other major cities looking for some relief from unbearably high rents. Some examples include Seattle, Chicago, and San Francisco. For investors, this is an ideal situation when it comes to purchasing and renting out a property.
Las Vegas Offers Low Property Taxes
Another perk investors will find in the state of Nevada is the low property taxes. Clark County, in particular, offers relatively low property taxes, especially when compared to neighboring California rates and other cities of similar size to Las Vegas and Henderson. This is an incredibly attractive benefit for many investors looking to purchase a rental property.
With less money going to property taxes, you have more going into your pocket. This can be put into the property itself to make upgrades or improvements to attract more qualified renters, or to even rent your properties out for higher rental prices. You can also think about investing in another rental property if the return on your first investment has been positive. Overall, lower property taxes give investors more freedom to do what they want with their profits.
Property Owners Don’t Have to Live in Las Vegas
Although Las Vegas has a lot of benefits and perks, not every property owner wants to live in the city. Some property owners have several rental properties across different cities and it’s simply not an option to just pick up and move to Las Vegas or Henderson. Even if this is your first rental property, you may have your business and family established in a completely different city. However, this doesn’t mean you shouldn’t make the decision to invest your money wisely.
If you are thinking about investing in a Las Vegas rental property, it’s important to remember that you don’t have to live in Nevada to make it a successful business move. With modern technology and the help of local Las Vegas property management companies, there’s unlimited ways to keep track of your rental property and tenants from a different city or state. Here are some tips for Las Vegas property owners living out-of-state if you are planning on living elsewhere while renting out your Las Vegas and Henderson properties.
Las Vegas Property Management Services
Black & Cherry Real Estate Group & Property Management knows Southern Nevada inside and out. With extensive experience and knowledge of real estate in Las Vegas, Henderson, and North Las Vegas, we understand the nuances of the local real estate market and what makes a rental property successful. We offer a multitude of property management services, including tenant screening, rent collection, accounting, maintenance, lease agreement construction, and advertising/marketing of vacancies. If you are considering buying a rental property in Las Vegas, Henderson, or North Las Vegas, Black & Cherry is ready to help you with everything you may need to make your investment a success. Contact us today to get started!
