Are you thinking of investing in rental property? If so, then you have come to the right place.
Las Vegas has been dubbed one of the best areas to buy rental properties in the entire country, thanks to Nevada’s low property taxes and business-friendly environment.
Despite the economic distress caused by the pandemic, over the past two years (2020-2021), Las Vegas’ housing market has been red hot.
Because of its moderate weather, excellent living standards, and no income tax, more and more people are taking up residence in the city.
Even though rental prices are rising, vacancies are trending to record lows, signaling strong demand for rentals in the greater Las Vegas area.
A Re-Opening Job Market
As businesses open post-pandemic, the number of residents and workers going back to work is expected to increase. Most of these workers rely on rental properties as their residence, which means rental property prices will most likely continue to increase in the coming year.
Increasing Renter Population
At present, nearly 40 percent of the population in Las Vegas relies on rental properties. With a metro area population increase of 2.42 percent from 2021, demand for rental properties is expected to increase markedly.
Population growth along with delays in the construction of new housing due to the pandemic are strong signals for rental property investors.
Increase In Demand For SFR
With such high demand for housing, the median sales price for single-family residences in Las Vegas has surged. As a result, more people are moving to rentals to meet their needs.
Long-Term Rental Protection
Nevada’s low property taxes and vast renter population make investing in traditional rental properties potentially very profitable. One green flag is the city’s limitations on short-term rentals, as evidenced by restrictions on Airbnb.
Investors in long-term rental properties are almost guaranteed a sustained renter population for the foreseeable future.
The Best Areas To Buy Rental Property In Las Vegas
If you are looking for the best rental properties to buy, we will be happy to show you our preferred locations. Check out our investors’ page for more information on how to get started.