Some investors have turned their attention to Las Vegas again, but not enough. We need more investors to purchase residential rental homes for upsizing families, as well as new residents. There simply aren’t enough.
LAS VEGAS (PRWEB) October 10, 2018
Las Vegas is experiencing a huge group of relocators to the city because of a thriving job market. “The interest rates are still staying low,” said Calia Mynuk, of Reiss Properties. “However, rents have increased quite a bit this year alone, and it’s predicted to rise again next year.”
With a booming economy, Las Vegas hotels and casinos are flourishing. Also, numerous businesses have made Las Vegas their headquarters, as Nevada has no state income tax. Because of the new arrivals, Las Vegas is in need of more single family housing. “The city needs more rental homes with backyards and garages,” added Mynuk. “Some investors have turned their attention to Las Vegas again, but not enough. We need more investors to purchase residential rental homes for upsizing families, as well as new residents. There simply aren’t enough.”
In fact, renters are running after what is available only to find there is an approved application on the property. For those interested in investing in Las Vegas, Mynuk lists the following three tips.
No. 1: Look into the different areas of Las Vegas and subdivisions. “Do this for the purpose of knowing what type of rent you can charge,” advised Mynuk. “Be sure to check how many are already available in each area and/or subdivisions.”
No. 2: Invest in single family detached homes. People are relocating to Las Vegas due to the job market and are moving with their families, thus the need for single-family homes -- no less than 3 bed or 2 car garage (most requested types of rentals).
No. 3: Take a look at the market before you invest. “There is a dire need for investors right now; however, there are times (summer months) where the market is leaning more towards sellers,” stated Mynuk. “During the months of September-March, it’s a buyer’s market. When there is a buyer’s market, it means there is more supply to buy than there is a demand. In a buyer’s market, you have great negotiating power and the prices for homes are usually lower during this time.”
“If you are not already working with a Broker, Reiss Properties can find what you are looking for in a rental or personal residence,” concluded Mynuk.
About Reiss Properties
Reiss Properties is the No. 1 property management team in Las Vegas. It manages properties in the greater Las Vegas area including Henderson and North Las Vegas. For more information, please call (702) 454-9153, or visit http://www.reisspropertymanagement.com. Reiss Properties is located at 7040 Laredo St., Suite D, Las Vegas, NV 89117.
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