Las Vegas Real Estate Agent

Las Vegas was founded as a city back in 1905 when the railroad company auctioned off 110 acres of land. However, it would be close to 6 years later when it was incorporated in 1911. The city has certainly come a long way since then and now Las Vegas has blossomed into a bustling modern metropolis, which is a popular real estate investment destination.

Las Vegas Real Estate Overview

The greater Las Vegas Metro has over 2 million residents and is actually Nevada’s largest city.  The real estate market in Las Vegas comprises mostly of single-family units, but there are also other types of houses such as multi-family units, condos, and townhouses. The median price for home listings in Las Vegas averages about $300,000.

Las Vegas, has for several years now been considered as the leading real estate market in the United States in terms of new home construction, housing supply, and economic trends. When it comes to the rental market, Las Vegas offers plenty of options including apartments, condos, and townhouses. The average rental price is about $1,500.

Investment Consideration for Las Vegas Real Estate

Investing in real estate in Las Vegas is an excellent option since you aren’t required to pay personal income tax while the investment property taxes are incredibly low. Still, it is important to know about the factors an investor should be considering to determine whether it is a worthwhile investment. Here are the top factors to consider:

Economic Diversity

Las Vegas has a friendly tax environment for business and industry. The city, which is already a world-class destination for tourism and hospitality is transforming into a world-class city thanks to transportation infrastructure investment, cutting-edge advancements such as autonomous vehicle testing, and the creation of the Innovation District in downtown Las Vegas.

The Hospitality and Leisure sector is particularly dominant in terms of employment, hosting 28.3 percent of the total, the Transportation, Trade, and Utilities sector follows at 17.4 percent, while Professional and Business Services comprise 14.3 percent of the total employment. Las Vegas is rich in natural resources such as wind, solar, and geothermal energy and continues to attract and retain talent.

Surging Rental Demand

The demand for housing in Las Vegas has been on the rise for the last several years. The low property taxes in Nevada and the huge population for renters have made it an excellent destination for rental property investment. The job market is dominated by entertainment and hospitality sector jobs that are often low-paying and high turnover, thus increasing the size of the renter population.

The average size of an apartment in Las Vegas is 864 square feet with the most affordable (and smallest) being studio apartments. 1-bedroom apartments are closer in size to the U.S. average, while 2- and 3-bedroom apartments have more square footage. A 3- or 4-bedroom single-family unit fetched more rent than a similar sized apartment, which is something you should consider before making a financial commitment.

Landlord-Friendly City/State

Unlike the vast majority of Western States, Nevada, which is where Las Vegas is located, is incredibly landlord-friendly. Evicting non-paying tenants from Las Vegas rental properties is not difficult. Tenants have 5 days from the rent due date to pay or face eviction.

The same time frame is used for correcting issues such as lease violations, after which the individual can be rightfully evicted. After the 5 days, the case may go to court, and those are usually landlord-friendly. Rulings are typically delivered on the same day, after which the tenant has 1 day to leave the premises.

Landlords are also not required to pay interest in deposits. There aren’t any limits on late fees, but those must be clearly spelled out in the rental agreement. State law doesn’t set any payment grace period. All this makes the Las Vegas real estate market one of the best for landlords in the United States.

Stable Real Estate Market

The stability of the real estate market in Las Vegas has played a key role in uplifting property demands causing population growth to improve the economy. Home values in Las Vegas have been steadily rising over the past several years sometimes reaching as high as 10 percent. 

Las Vegas has historically enjoyed high appreciation of property values. In fact, since 2000, Las Vegas real estate has appreciated by more than 99 percent, which places this market in the top 10 percent in all of the United States. 

Desirable Destination

Las Vegas is famous for being one of the most popular tourist destinations in the United States with visitors coming from all over the world. The most popular attractions include the numerous casinos, the famous Las Vegas strip, world-class entertainment, among many others. It is popular with both couples and singles, as well as with groups and families.

Tourism is definitely one of the biggest industries in Las Vegas. You are never short of visitors in the city and one thing that all of them have in common is the need for somewhere to stay. In vesting in a Las Vegas property means that you could be the one potentially providing the accommodation and earning handsomely from it.