Rent Rates 2022-2023
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.
Investment Focused Property Managers
Increased demand + decreased supply = increased rental rate. Simple economics! It should take about 7-10 days to find a quality Tenant if the home is rent ready, priced at market and the property manager is using professional advertising photos.
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.
Las Vegas Rental Market Stats 2022-2023
- What are the rental vacancy rates in Las Vegas? 5.1%.
- What is the median rent in Las Vegas? $1,700
- How many people live in Las Vegas? 2.2 million.
- What are the percentage of renters in Las Vegas? 52% and increasing.
- What is the median household income in Clark County? $51,214 .
- What is Las Vegas’s unemployment rate? 5.5% and decreasing.
Employment growth in the technology, construction and hospitality sectors will lift the city’s rental market in 2022 & 2023. Above-average 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.
Security Quality Tenants
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.
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 Zillow, Hotpads, Trulia, Realtor.com, Facebook, ListHub (feeds to over 40 websites) and our proprietary website www.ricelasvegas.com. We also advertise directly to 14,000+ local agents.
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!