Las Vegas Rental Market Statistics 2017 – 2018
- What are the rental vacancy rates in Las Vegas? 5.1%.
- What is the median rent in Las Vegas? $1,000.
- How many people live in Las Vegas? 2.2 million.
- What are the percentage of renters in Las Vegas? 48%.
- What is the median household income in Clark County? $51,214 .
- What is Las Vegas’s unemployment rate? 6%
- Las Vegas sets visitation record with 42.3 million visitors in 2016.
According to statistics rental vacancies in Southern Nevada decreased in the first quarter of 2016, extending a three year long streak. Vacancy stood at 5.1 percent in the first quarter, 0.6 percentage points lower than one year ago, and 0.3 percentage points lower than in the fourth quarter of 2015.
Employment growth in the technology, construction and hospitality sectors will lift the city’s rental market in 2017 & 2018. Above-average employment and population growth will help as well: the Las Vegas market will rank No. 6 for job growth, with gains of 3.2 percent, and its population of adults ages 20 to 34 — a prime rental demographic — will grow faster than any other city’s, at nearly 3 percent. Housing prices are up.
Decreased supply + increased demand = rising rental rates
Simple economics. Rent rates are steadily increasing in our market and vacant “days on market” is down. Demand for rentals in many zip codes has increased tremendously. Contact Rice Real Estate if you’re interested in learning more about investing in Las Vegas or our Property Management services.
The screening process is where the strongest work must take place.Securing great tenants is in everyone’s best interest. Rice Real Estate uses a resident screening process that analyzes income, credit, rent payment history, employment history, background check and other factors that indicate the likelihood the tenant we place in the home will perform according to his/her obligations under the rental contract.
HOW MUCH RENT WILL MY PROPERTY BRING?
It’s important to perform ongoing rent surveys of the Henderson/Las Vegas market to stay abreast of changes in the marketplace. Rice Real Estate will recommend a rental rate based on a number of factors, including how quickly you need to rent the property and how the property stacks up against the competition in the local market. Our recommendation is just that – a recommendation. Should you desire, you can have the final say as to the rental rate.
WHAT KIND OF CONDITION DOES MY PROPERTY NEED TO BE IN TO FIND A QUALITY TENANT?
The property’s condition is one of the most important aspects of marketing a vacant rental property. Properties that are not “Rent Ready” when they’re placed on the rental market tend to be slower to rent and attract renters who are not only willing to settle for less than top quality, but who treat their rental properties with less care and concern than we want to achieve for our owners. Furthermore, quality renters typically can’t envision what the property will look like after we do this or that…telling the prospect we’re going to be painting, or going to be replacing carpets is virtually useless. The first impression of a vacant property is the lasting impression of that property. That’s why we urge our owners to take care of the basics: fresh paint, clean floor coverings, functional window blinds, and everything in good working order. The results are always much better when we approach the marketing process with a Rent Ready home!