If you’re thinking about investing in rental property in Las Vegas, you might be wondering what makes a good rental property in Las Vegas. We’ll share with you 4 of the factors to see if rental properties are right for you…
Rental properties can be a great investment. From the cash flow to the security of owning a real asset, real estate investors have known for a long time that rental properties are an amazing asset to keep in your portfolio. But one question persists that needs to be answered before you invest, “What makes a good rental property in Las Vegas?”
After all, you don’t want to invest in ANY property – you want to invest in the right one! So, here are 4 of the best factors that make up an ideal rental property in Las Vegas and its surrounding area.
What Makes A Good Rental Property In Las Vegas?
#1. Strong House, Cosmetic Upgrades Only
Unless you’re handy, or have a lot of experience, you may not want to invest in a house that requires a lot of effort to get it ready to rent. After all, every day that you delay renting is a day that you don’t get the cash flow you desire. A strong, well-built house that is free of problems and only needs cosmetic upgrades is a great place to start. Yes, you might pay a little more up-front for this kind of property but you’ll save time and money afterward in getting it ready to rent.
While you might want to spend a little more for a house that is already in good condition, you’ll still want to make sure that it’s affordable. In the Las Vegas area, there’s a mix of properties – some are affordable and others are not. (This is what we do here at Selling Nevada Houses – we find the affordable ones! Give us a call at 702-583-7896 or click here and fill out the form to see some affordable rental properties in the area.)
#3. Good Rental Market
You also need to make sure that this is a good rental market. The truth is, not all markets are good rental markets. In some areas, everyone buys and nobody rents; in other areas, everybody rents but they move too much. A good rental area is one where there are plenty of long-term renters.
#4. Growing Work Force
CARSON CITY, NV – According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) March 2018 economic report, employment growth remains strong in the Silver State with ongoing increases in employment in all three metropolitan areas. Year-over-year employment also continues to increase in the state as a whole, while statewide unemployment rates continue to fall.
Employment data in March continue to show an improving labor market across the state. The fastest employment growth among the state’s metropolitan statistical areas (MSAs) was in Carson City, which grew at a rate of 4.4 percent over the year, while Las Vegas added the most jobs overall with 24,300 more jobs than in March 2017, an increase of 2.5 percent. While the Reno and Carson City MSAs have the fastest growth in the state of late, Las Vegas is the only MSA in the state that has surpassed its pre-recession employment levels, with seasonally adjusted employment reaching a new high of 998,200 jobs in March. . Unemployment rates across the state continue to fall with 11 of 17 counties experiencing a decline over the month and 6 counties experiencing a decline of a half a percentage point or more, said David Schmidt, Chief Economist, for Nevada’s Department of Employment, Training & Rehabilitation.
Las Vegas is thriving under a population boom says Jeremy Aguero, a pricipal at Applied Analysis. He said that 4.9 people on average have moved to Las Vegas every hour over the last year. Of those new residents, 34 percent have come from California.
In part due to this rapid growth, more investors are finding economic opportunities in Las Vegas. There are currently $18 billion in planned, proposed and current construction projects in Las Vegas today, ranging from the new Raiders stadium to road work.
These four factors exist in the Las Vegas area and we can help you find them. In fact, we’ve got an inventory of properties that meet these and other requirements for what makes a good rental property in Las Vegas… and our clients love working with us because we help them bypass the time and effort required to FIND these properties, since we’ve already done a lot of the legwork.