Luxury rental demand has slowed in Las Vegas. The post pandemic environment has fewer people working remotely which has impacted demand for high-end rentals in Las Vegas. We are experiencing longer days on market and decreased advertised rent rates for luxury homes.
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.
High End Property Management in Henderson
Californians have flocked to neighboring states like Nevada which is among the fastest growing in the country. Few places have been as affected as Henderson, whose population surged 20% in the last decade to more than 300,000, pushing it past Reno to become Nevada’s second most populous city.
Fifty-six percent of new arrivals in Henderson between 2013 and 2017 were from California, according to Nevada Department of Motor Vehicles data. Home sales in many of the city’s master-planned communities have been dominated by migrants from the West.
At the 1,300-acre Luxury MacDonald Highlands in the bluffs overlooking Las Vegas, Californians accounted for about 70% of luxury purchases and rentals in 2020, compared with 30% 20 years ago, said Rich MacDonald, the developer. He said he began increasing the share of his marketing targeting Californians over the past three years after seeing the run-up in housing costs there. There is an increased demand for high end property management and luxury rental properties in Henderson.
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. Disclaimer: Rice Real Estate has recently rented a high end luxury rental to an assistant coach of the Raiders.
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.
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