Why Invest in Las Vegas Real Estate?
As an investor, what’s not to love about Las Vegas real estate? After all:
- Las Vegas is the largest city in the US state of Nevada.
- The weather is a nice constituent that has occasional extremes, and most of the year is beautiful.
- The city has giant mega-casino hotels embellished with lavish care and attention to detail to create a revering ambience.
- According to US News and world report, the city's transportation infrastructure is ranked number 1 in the country.
- Las Vegas has satisfactory public transportation options, reliable roads and well-built bridges.
- Las Vegas businesses and expansion of activities in international markets are accommodated by global commerce and investment programs.
- The city’s key industries include aerospace and defense, manufacturing and logistics, information technology which also plays a major role in national security.
Investment Considerations for Las Vegas Real Estate
But, what factors should an investor be looking at to determine if Las Vegas is truly a worthwhile investment? Well, there are a number of factors to consider, including:
- Economic diversity - Las Vegas has a complimentary tax environment for business and industry. The economic development is boosted by the infrastructure that supports primary industry sectors and constantly focused on relocating, expanding, and starting up operations for businesses. The Leisure and Hospitality sector dominates in terms of employment hosting 28.3% of the total, with the Trade, Transportation and Utilities sector, and Professional and Business Services to follow at 17.4% and 14.3% of the total, respectively. The city is rich in natural resources like solar, wind, and geothermal energy, and keeps on attracting and retaining talent.
- Surging rental demands in Las Vegas- There has been an increasing demand for housing in Las Vegas, since the beginning of 2019. The Las Vegas real estate market offers a great opportunity for relocating and buying property, making it the finest housing market in the United States. It also attracts investors making it brim with new businesses. Las Vegas Sands Corporation flaunted a net revenue of over $13.71 billion dollars in 2019. The home values have increased by 1.8% over 2019 and will continue to rise by 0.8% in the upcoming years. The median rent price in Las Vegas is $1,500.
- Las Vegas Housing Market - The stability of the Las Vegas real estate market has played a major role in the upliftment of property demands causing population growth to improve the economy. There have been huge gains in home values rounding off to a 10 percent increase from the previous year. The median sale price of houses in Las Vegas is $242,250
- Desirable destination - Las Vegas entices millions of visitors, being famous for its vigorous nightlife, gaming, and other leisure services. Having around 42.1 million visitors yearly, generating a total revenue of more than $34.5 billion, Tourism certainly is one of its exemplary consumption-oriented industries. Las Vegas has more than 150,000 hotel rooms and has emerged in leveraging programs that include culinary arts, resort management, event management, and other services.
What are the Best Neighborhoods to Invest in Las Vegas?
Location is one of the key factors of investment as it creates profitability and desirability. The neighborhood should also provide basic public facilities, and satiate all other factors making it convenient to stay in.
Pioneer Park is a highly economical place to live in. The finest neighborhoods to invest in Las Vegas rental real estate as per the acknowledging rates are:
- The Lakes
- Peccole Ranch
- Canyon Gate
Our team has vast knowledge and experience in local Las Vegas property management and can help you to have a better investment experience. We educate on topics in the Nevada area ranging from investment opportunities, repairs and maintenance, leasing, and how to handle resident issues!
We look forward to furthering your rental property education.