California Demand
As big money continues to move to Las Vegas from high cost and high tax states like California demand for high-end property management is seeing a boom. Is Las Vegas replacing California for luxury living?
Read more about the California exodus from our local online newspaper The Nevada Independent. Here’s an excerpt: “Casino mogul Steve Wynn once said that Las Vegas is where God would go if he had money.”
Well… maybe so, but it’s also a place where Californians go who can no longer afford their state’s absurdly high cost of living.” The so-called ‘California exodus’ has made Nevada the fastest growing state in America for the second year in a row, and according to current census data, ex-Californians now represent 20 percent of Nevada’s population, with nearly 100,000 Californians emigrating to Las Vegas in 2019 alone.Â
High-End Property Management in Henderson
As Californians seek out more affordable, business-friendly states, Nevada—one of the fastest-growing states in the U.S.—has become a prime destination. Nowhere is this more evident than in Henderson, where the population surged 20% over the past decade, reaching over 300,000 and surpassing Reno as Nevada’s second-largest city.
Between 2013 and 2017, 56% of new residents in Henderson came from California, according to Nevada DMV data. In Henderson’s master-planned communities, home sales have been heavily influenced by this migration.
At MacDonald Highlands, one of the city’s most exclusive developments, Californians accounted for 70% of luxury purchases and rentals in 2020—up from just 30% two decades ago. With rising housing costs in California, developers like Rich MacDonald have shifted marketing strategies to cater directly to this audience.
As a result, Henderson has seen an increasing demand for luxury rentals and high-end property management services. This is where Rice Real Estate & Property Management steps in, offering expert management that matches the expectations of discerning investors and high-net-worth renters alike. If you’re looking to maximize your property’s potential in this competitive market, we’ve got the data-driven strategies and local expertise to deliver results.
Las Vegas Raiders Renting Luxury Homes
Former Californians are finding plenty of familiar sights and people. The Raiders have new headquarters and practice facility in Henderson for the team’s move to Las Vegas. Rice Real Estate & Property Management has rented many high-end luxury rentals to Raider coaches and players.
Sunnier locales, lower taxes, and a more affordable cost of living. California’s elite are in pursuit of all three, and they have found that trifecta in Nevada.
West Summerlin is a rental hot spot.
Summerlin West is a rental hot spot with strip views. Brand new homes are being built in 89138, and higher-end, quality rentals flock to this area. Summerlin (Howard Hughes Corporation) is building five new neighborhoods and several parks and open spaces in Summerlin West. Both Summerlin and Henderson are equally active rental markets—they just have different amenities and styles of living. Summerlin is a master-planned community with a look and feel similar to Orange County. Henderson is older and has a style that is more like San Diego or Los Angeles.
Â
South Summerlin is a *NEW* rental hot spot.
Hollywood 2.0: High-paying film jobs mean more professionals flocking to the area, and they’re going to need places to live. The influx of new residents will drive demand for rentals and homes, especially in upscale, sought-after communities like Summerlin South.
Rice Real Estate & Property Management isn’t just another property management company; we’re your dedicated partner in navigating the Las Vegas investment landscape. From pinpointing and acquiring lucrative investment properties to providing comprehensive property management services, we’ve got your back.
