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Las Vegas Rental Property Trends for 2016

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Las Vegas Rental Property Trends for 2016

Rental growth in Las Vegas is at top growth among cities in the US. It comes to no surprise with average rental costs within ten miles of Las Vegas at $1098 per month. For families renting one bedroom apartments average cost is $885 per month, two bedrooms run an average of $1095. Las Vegas is looking like a place property investors should consider attractive, with an increase in rental rates and demand on the rise. Values of properties are still on the rise, leaving room for growth of rental prices attracting more renters this way.

Comparing with all major US cities for rental growth, Las Vegas came in tenth place, with the majority of being in California. Along with this excellent news, occupancy rate had an increase of one percent finishing at 94.4%. This is typically considered to be approximately 95% full occupancy. During this same period, managers and investors can enjoy the news about the growth of revenue from 4.8% to 7.5%.

As the job market has a continuing improvement in Las Vegas, rental prices will likely continue to steadily rise. With a city like Las Vegas, there is no question why it has caught the eyes of some big property investors. As occupancy and rentals prices continue to rise upwards, it is likely more money will flow in from investors bringing more rental units to this great city. This may cause some slight pressure with occupancy rates, but that has yet to be seen.

Las Vegas fails to disappoint, being a great city to live or invest. For renters looking for a new environment in this booming city, there are a plethora of choices with more rental units being added daily to an already thriving inventory of rental property. With a job market that is rising, Las Vegas will continue growing.

For more information please contact Real Property Management Las Vegas, or call us today at 702-478-8800.

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