With so much talk in the news about a healthy and steady real estate market in Las Vegas, what is happening in the rental market? Many individuals are tenants, renting a home from a private party, through a management company or at an apartment complex. What have landlord’s and tenants experienced over the last couple of years, leading up to the middle of 2019? Is it now time for you to become a landlord?
Well, its no secret that things have become more expensive since 2017. As a matter of fact, the current median resale price of a single family home in the Las Vegas valley is right around $300,000, with projected increases.
The rental market has likewise taken a spotlight more recently. Las Vegas used to be home to affordable rents, however, now there is talk about housing affordability. Landlord’s who have had rental properties the last few years have seen this first hand. Nicklin has seen this appreciation as well, especially as we look and see what properties used to rent for compared to today’s market. What have we observed?
It is not uncommon to have seen a 30 – 50% appreciation! While this may sound unbelievable, this has become a common occurrence! For example, some homes that used to rent for around $1000 / month are now closer to $1500. Of course, every location within the city is different and the exact rate of appreciation varies, however, nearly all of the properties Nicklin has managed have appreciated in value, significantly in many cases. Driving this appreciation is a low unemployment rate and stable economy.
So, if you have contemplated leasing your home, this may be the time to do it! Rents are high and you may be surprised with what you can get for your home, especially as you contemplate making your home a long term investment, thinking about retiring and looking for rent profitability.
Adrian Frankfurter is a marketing director and licensed property manager for over 10 years with Nicklin Property Management.