Why Should I Purchase a Rental Property in Paradise, NV?
Before purchasing rental property in Paradise, NV, it is important to research the area and build relationships on the ground to determine if the market is right for you. Your local Paradise, NV property manager has access to valuable data to help you make smart investment decisions.
About Paradise, NV
Walking down the famous casino-lined strip, you may not realize you are in Paradise, NV unless you live there. Paradise is an unincorporated town next to the city of Las Vegas in Clark County, and there is more to the town than casinos. McCarran International Airport, The University of Nevada – Las Vegas, and several colleges are located there as well. Local residents enjoy the numerous parks, museums, and art galleries the town has to offer.
- Population: 235,000
- Average age: 36 years old
- Median household income: $45,777
- Cost of living: 97.8 just below the national average of 100
- One of the world’s most popular tourist destinations
- Good schools - some are ranked in the top public schools in the state
Economy and Industry in Paradise NV
- 4.7% unemployment rate
- Job growth has increased since 2014
- Many residents commute into Las Vegas which is about a 20 minute drive.
Paradise’s economy is largely based around tourism as it includes a major portion of the casinos and hotels on the strip. As expected, a large portion of the jobs in the area will be in the tourism and hospitality industries such as: Accommodation and food services, arts/entertainment and recreation, and administration and support services. Like other tourist destinations, COVID had a large impact on the local economy. However, they do expect to make a steady recovery as it continues to open back up to larger crowds. Nevada ranks high for business-friendly states because of its tax climate.
If Paradise doesn’t fit your investment strategy, we can help you find a market that does. Mynd has offices in 19 markets across the U.S. and access to proprietary data to help you select an area that fits what you are looking for in an investment property. Diversifying your portfolio across multiple markets can have advantages, and with Mynd you can expect the same level of management service in each of those cities. Owning investment property is a business, and having one property management company handling your entire portfolio can simplify it.
How to accurately set rent for my Paradise, NV rental property
There are a lot of factors that can effect rent prices. Just because you have been getting the same rent rate for the last two years doesn't mean it will rent for the same thing today. The market determines the rate, and you want to base that off current numbers.
- Is the area growing and demand increasing for housing?
- How is the economy in the area?
- Are you leasing in the peak summer season or the off season?
- Is the property type you own what people are looking for?
Rental market statistics in Paradise, NV
- $1650 – median rent for 2 bedrooms
- 45% Owner occupied
- 55% Renter occupied
Real estate market
- $279,279 average home value
- 4.2% increase in home values over the last year
Zillow predicts that home values will continue to rise 4.5% over the next year. Paradise is a strong rental property market and 3-4 bedroom single-family homes are the most common.
If you want to know what your rental property will rent for, contact Mynd for a FREE rental analysis.
Why should I hire a property management company in Paradise, NV?
Does it make sense to hire a Paradise property management company to oversee the day to day operations of your rental property? That is going to depend on your unique needs and circumstances.
- How valuable is your time?
- Are you an out-of-town owner?
- Do you mind handling that 2am emergency maintenance call?
- Do you know what you can and cannot ask on an application?
- Do you know if you are complying with all the laws and regulations that apply to your rental unit?
A Paradise property manager takes care of the day to day operations such as:
- Getting the property rent ready
- Marketing the property
- Accepting and screening applications
- Supplying all the legal documentation for the lease signing process
- Overseeing the move-in process
- Handling maintenance calls
- Protecting against fraud during leasing process
- Renewing leases
- Making sure the lease agreement is followed
- Ensuring the tenant is safe and the property complies with all laws and regulations
Laws and regulations
As with any rental property, you must comply with all the laws, rules and regulations that apply. These include local, state and federal laws.
For example, Nevada’s SB 151 provides tenants with more time to deal with the consequences of eviction after they receive an eviction notice posted on their home. This required lease agreements to be updated to reflect the new language. Nevada also has an eviction moratorium extension effective until October 14, 2020 unless it is extended again.
It is important to keep up with the every-changing laws and regulations that apply to your investment property to avoid finding yourself in court over a violation. As a landlord, you can research the current laws using online resources such as city, county, state, and federal websites. There are often other opportunities to learn about new laws in webinars and local classes. Nevada Legal Services offers some educational classes and recordings to help explain new state laws.
How much is your time worth?
Many of the laws are written using legal terminology making it more difficult to determine exactly what you need to comply with. This is a good reason to hire a Paradise property manager who knows the laws and can make sure your property and leasing process is compliant.
Some additional issues you may have to deal with that are unique to Paradise, NV include:
- How will you handle recreational marijuana use in your rental property?
- What is legal related to marijuana use in Paradise?
- Owning a property close to the Las Vegas strip. How do you prepare for the traffic and visitors during the busy seasons?
- Hot, dry seasons in the Las Vegas area, are you actively working to prepare for and prevent potential fires?
Looking to hire a Paradise property manager?
Choose a Paradise property manager that has a local presence in the area and is equipped to handle the ever-changing laws. Mynd is ready to be your partner and help you succeed in your investment business, and we have a legal counsel team who specialize in residential real estate. They ensure we are following all rules and regulations in every city we manage in. The cost of Paradise, NV property management can differ from surrounding areas and can vary based on the services you desire. For that reason, we offer three-tiered pricing so you can pick the level of service that works for you.
Whether you are looking to add to your portfolio or need management services, call us today.
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