Las Vegas’s housing market had a wildly unexpected year of growth in 2020 and has continued to rise as the economic climate of the COVID-19 pandemic changes. With a notably low cost of living compared to the rest of most major U.S. cities, population growth in Southern Nevada has made the area an incredible seller’s market. This rise has only continued through 2021.
Las Vegas’s fast-paced and dynamic business, travel, and entertainment culture have been major contributing factors to its continued success in the rental property market. It’s important that your rental property is professionally managed to maintain the property’s upkeep, income, and legal processes.
These are only a few reasons why Las Vegas has thrived in this recent economy and why you need a trusted, professional rental property management company to ensure that you get the most out of your real estate.
What Happens in Vegas?
Business in Southern Nevada
Las Vegas, Nevada, home to the world-famous Las Vegas Strip, is an economic hotbed of traditional businesses and influential, trendsetting corporate giants with their origins in Southern Nevada. The highly successful online shoe retailer Zappos.com and headquarters for the popular United Fighting Championship league are both based in Las Vegas, Nevada, with independent airline Allegiant Air stationed at the city’s prominent McCarran International Airport, the 9th busiest airport in the United States. Las Vegas’s economy generated $154 billion in 2019.
The 51 casinos on the Las Vegas Strip are internationally known for their contributions to the gaming and resort industries and are also significant employers in the area. The many casino resorts have created an economy that is based strongly on tourism.
Las Vegas has become one of the sports world’s most exciting cities in the past four years. The introduction of the highly successful and popular Vegas Golden Knights NHL team and the establishment of the prestigious Raiders NFL team after their move to Las Vegas from Oakland, California, contributed to a significant rise in the city’s population.
Ultimate Fighting Championship, known commonly as UFC, maintains their headquarters and a strong presence in the Vegas area, holding many high-profile UFC events at the MGM Grand Garden Arena on The Strip.
Climate and Outdoors
Las Vegas, Nevada, is known for its hot temperatures and short, mild winters. The city experiences an average of 134 days a year with temperatures that meet or exceed 90 degrees fahrenheit. Its coldest month is December, with an average of 56.6 degrees.
How is the Las Vegas Housing Market?
Home prices in Las Vegas increased by 10.2% on a year-by-year basis in 2020 when measured in December, with the year-end median housing price reaching $345,000 with a current housing supply of 1 month. The luxury home market in particular has been in particular demand. This growth has contributed significantly to a seller’s/renter’s market, which has been a continued trend into 2021.
Rental prices have seen a 6.38% increase within the year with average rent reaching a current $1180 month for an apartment. About 47.3% of Vegas’s property is renter-occupied, making it a perennially strong region for rental property investment.
The continued population growth due to city development and an economy that continues to thrive on tourism and local flagship brands has led to a record low housing supply, making it one of the hottest and most rapidly growing regions in the market.
Why is Property Management So Crucial?
The physical management of a property often includes cleaning and maintenance as well as advertising the property for potential tenants, but the behind-the-scenes work involved in renting property is one of the true benefits of having an experienced property manager. The complicated business of processing tenant applications and leases as well as navigating the correct business and legal practices make having a management company imperative.
Proper management of your property can actually reduce the risk of eviction and help keep tenants in rental properties by dealing more directly with the tenant through rent collection and through addressing issues that may arise with the tenant’s experience with the property.
The legal processes behind rent collection, property upkeep, and eviction are difficult to juggle for owners, and it’s important to maintain a professional and accurate approach to the process. A property management company can help protect you from liability that comes from potential problems that may arise during these important aspects of owning and renting property. We work with tenants to maintain the property and keep your investment safe.
Why Choose LSI Property Management?
LSI has decades of experience in short-term and long-term management in the Las Vegas rental property market. All of our property managers are licensed professionals who lease everything from low-income housing to luxury rental properties.
Our rates are low and include discounts for clients with multiple properties. Contact LSI Property Management today to learn more about the best ways to manage your Las Vegas rental property.