Rice Real Estate performs ongoing rent surveys of the market to stay abreast of changes in the marketplace. We 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. You will have the final say as to rental rate.
Las Vegas Rental Market Statistics 2015 – 2016
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 million. What are the percentage of renters in Las Vegas? 48%. What is the median household income in Clark County? $51,214 .
According to statistics rental vacancies in Southern Nevada decreased in the first quarter of 2015, 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 2014.
Employment growth in the technology, construction and hospitality sectors will lift the city’s rental market in 2015 & 2016. 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.
Rent rates are steadily increasing in our market and vacant “days on market” is down. Demand for rentals in many zip codes have increased tremendously. Increased demand = decreased supply = increased rental rate. Simple economics. Call Rice Real Estate if you’re interested in learning more about our Property Management services: 702-574-1567.
WE HAVE AN INCREDIBLY DETAILED TENANT SCREENING PROCESS:
Securing great tenants is in everyone’s best interest. We use a state-of-the-art resident screening process that looks at such things as 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.
WE UTILIZE THE MOST EFFECTIVE WAYS OF MARKETING YOUR PROPERTY
Rice Real Estate is very serious about finding highly qualified tenants and do everything possible to capture the greatest applicant pool. Our rental properties appear on numerous websites such as Redfin, Hotpads, Trulia, Zillow, Craigslist, Realtor.com, Facebook, ListHub (feeds to over 40 websites) and our proprietary website www.VegasRented.com. We also advertise directly to 11,000+ local agents.
Unlike most of our competitors we understand the importance of being available when the prospective tenant has the time to look. For this reason we answer & respond to rental phone calls & texts every day of the week, including Saturdays and Sundays. We are also available to show vacant properties 7 days a week. The prospect who is told they can look at a property a few days later is the prospect who is lost to a competing property.
A well-priced rental property in today’s market should rent within 30 to 45 days. However, Rice Real Estate’s average days on market ranges between 2-14 days. Our rigorous screening process and detailed scoring system help ensure we secure highly qualified tenants for all of our rentals.
HOW MUCH RENT WILL MY PROPERTY BRING?
Rice Real Estate performs ongoing rent surveys of the Henderson/Las Vegas market to stay abreast of changes in the marketplace. We 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!