Housing sales in Las Vegas increased by nearly 30% between January and February of this year, signifying an uptick in inventory and buying power. Still, Las Vegas remains a fiercely competitive market that many potential buyers can't tap into.
What does this mean for anyone interested in investing in real estate? Our projection is that we won't see a return to pre-pandemic home-buying this year and that the demand for rentals will remain high.
Read on for our full assessment of the latest Las Vegas real estate news.
Up and Coming Las Vegas Neighborhoods
This is a great time to invest in Las Vegas rental properties, but it's not the time for trial and error. With such high housing prices, it's crucial that investors target properties that are guaranteed to attract renters.
Start by looking into the city's up-and-coming neighborhoods. Downtown is always a great choice, but don't hesitate to branch out into areas like Huntridge and Summerlin West.
These surrounding areas offer easy access to the downtown area without the constant hustle and bustle. They're great options for both Las Vegas natives and recent transplants who are still getting to know the city.
An Eye on Rental Prices
As inflation keeps creeping upward, many landlords are turning to tenants to fill in the gaps. While rent increases are generally expected year over year, Las Vegas landlords need to be wary of outpricing their tenant pool.
One solution our property managers put to use is consistent and reliable accounting. From improved rent collection to better financial projections, we help landlords keep track of their income and expenses.
In turn, we can assess areas of financial waste and cut down on overhead costs. For example, landlords taking a reactive approach to maintenance are often spending more than necessary. Property managers can also develop a preventative maintenance schedule to repair small issues before they become disasters.
Higher Tenant Expectations
If there's one real estate industry trend you shouldn't ignore in Las Vegas, it's the increasing tenant expectations. We see this as the other side of high rent prices and more barriers to homeownership. Tenants are paying more and sticking around longer, and they expect more from their landlords.
Your property management plan should include:
- Digital rental payment options
- Prompt communication with tenants
- Swift maintenance scheduling
- Management of amenities and common areas
For many Las Vegas landlords, the best option is to assess the cost of professional property management. If you don't want your investment to become a full-time job, it's time to bring in backup.
Call Avalon Realty for More Than Las Vegas Real Estate News
At Avalon Realty, we deliver more than just Las Vegas real estate news. As local real estate experts, we stay ahead of real estate trends and give our clients a competitive edge.
We support investors from the very beginning of their journey. Not only will we help you grow your real estate portfolio, but we'll also provide our in-house property management services. Contact us to find out more about our approach to the Las Vegas market.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.