Why Should I Purchase a Rental Property in Henderson, NV?
Is Henderson, NV a good fit for your investment strategy and goals? It’s important to analyze the data and trends to determine if this market is right for you. A local Henderson, NV property manager has access to the current, relevant information you need to make an informed decision.
When evaluating a market, you want to look at the demographics of the area in addition to the health of its economy. Are businesses moving in? What is the forecasted job growth? If your property type and size is what most renters are looking for, you are going to have an easier time finding a quality tenant quickly.
About Henderson, NV
Located 5 miles from Las Vegas, Henderson is one of the fastest growing metro areas in the country. Named several times in “Best places to live” articles, it has over37 miles of walking trails and eight championship golf courses. It’s close proximity to the Hoover Dam, the Las Vegas “strip”, and Lake Mead make it a popular tourist destination.
- Total population: 310,000
- Median household age is 41
- Considered good for families
- Nevada’s second largest city
- Above average schools
- Several universities and colleges
- Many master-planned neighborhoods
- The city population is a mix of educated young professionals, families, and retirees.
Economy and industries in the area
- Median income: $70,000
- Unemployment rate: 4.3%
- 42% Future job growth over the next 10 years
The city has been aggressively diversifying the city’s economy. The top industries in the area include Accommodation, Retail, Healthcare, and Arts. Large corporations that have a major presence in Henderson include Ocean Spray Cranberries, Good Humor-Breyers, Toyota Financial, and Levi Strauss & Company.
Which neighborhoods can get you the highest rent in Henderson, NV?
Offering a rental property in a popular neighborhood can have an advantage by attracting a larger pool of applicants. Families may be looking to rent in the neighborhoods that have the better schools.
Neighborhoods to check out include:
- Green Valley North
- Whitney Ranch
- Black Mountain
- Valley View
If Henderson, NV isn’t a good fit for your investment strategy, we can help you find a market that is. Mynd Property Management has offices in 19 markets across the United States. Our local property managers have access to proprietary data to help you find properties that meet your requirements and fulfill your goals as an investor. If you are looking to diversify into new markets, contact us today.
How to accurately set rent for my Henderson, NV rental property
The market determines the rent you can set.
As an investor, you want to fill your rental property with a quality tenant quickly and maximize your return. This requires you know the current market and offer a competitive rent rate.
There are many factors that affect how much you can charge:
Is your property one people are looking for as far as property type and number of bedrooms?
Are you marketing your property during the prime leasing season or the off season? If you are filling vacancies during the winter, the process may be different than during the summer time. And if are getting your home ready for the spring, that looks differently than fall season maintenance needed to prepare your property for residents.
- How is the city doing? Is it growing?
- Are businesses moving into the area?
- Is the average income rising or falling?
- What is the trend for home values?
- Is your property type and size what people are looking for?
- Convenience of the location - Is your property close to highways, shopping, schools, etc.
The health of the city and the real estate market can effect the rent you can expect to receive.
- Median house value $367,100
- Average rent: $1,626
- 70% of housing units are single family homes
- 65% Owner occupied
- 34% Renter occupied
A higher percentage of owner-occupied housing is a good sign that property values will remain steady because they are more likely to keep their homes in good condition. If you want to know how much rent you can expect for your rental property, contact our Henderson property manager for a FREE rental analysis.
Why should I hire a property management company in Henderson, NV?
Does it make sense to hire a property manager or should you manage it yourself? How much is your time worth? A property manager can take care of the day to day operations of your rental property and is up to date on the current laws, rules and regulations that effect it.
A property manager takes care of:
- Helping get a property rent ready
- Marketing the property with photos and video
- Accepting applications from potential renters
- Screening applications
- Getting proper leasing documents signed
- Handling the move in process
- Resolving maintenance requests including emergencies
- Renewing leases
Many landlords find the day-to-day operation of a rental process takes more time than they anticipated, and they do not want to handle middle of the night emergency calls. The time involved scales as your portfolio of properties increases. A property manager can take care of all this for you. This includes handling any tricky resident situations that occur.
Laws and regulations
Landlords are required to comply with ever-changing laws, rules and regulations. Many find researching the laws time-consuming as well as frustrating because of the legal terminology used. One mistake in compliance can cost you thousands in court costs and fees, so it is important to know you are complying.
The city of Henderson has ordinances to follow such as ORDINANCE NO. 3591 which applies to short term vacation rentals in the area. Many cities and states have made changes due to COVID-19, and you need to know the local laws that apply to evictions, late/overdue rent, and raising rent.
You can research the city, county, state, and federal laws that apply to landlords yourself by checking online for the latest legislation, or you can hire a Henderson property management company that will take care of this for you.
Mynd property management has in-house counsel to help ensure your tenants are safe and your property is complying with all regulations and laws.
Other things your property manager can help with
Should you include utilities in the rent?
Henderson has an extremely hot climate, so the electricity bill is going to be high. Should you include utilities in the rent?
How do you handle a pool on the property?
Are you incompliance with local property codes and regulations that apply to the upkeep or security of a pool? How will you handle the pool maintenance?
Your property manager has experience with these and will know how to best handle them.
Looking for a Henderson property manager?
Mynd property management is ready to be your valued partner. We offer a three-tiered pricing plan so you can select the level of service you need. Contact us today about property management in Henderson, NV.
Real Estate Investing in Houston, TX
Why invest in Houston? Population growth, high education levels, and great hospitals make it a great opportunity.
Why Should I Purchase a Rental Property in Harrisburg, NC
Thinking about investing in Harrisburg, NC? Learn why it is an attractive area for investors and how to accurately set your rent. Discover how a Harrisburg property manager can be an asset in your investment business.