2016 is shaping up to be another great year for owning Las Vegas Rental Property because Vegas still continues to be one of the top cities in the United States for “low hanging fruit” since many properties in Las Vegas are still very affordable when compared with other Real Estate markets across the United States.
More investors are coming here to buy single family homes, town homes and other rental properties to add to their portfolios, so if you’ve been thinking about buying a rental in Las Vegas, and don’t want to miss out on investment opportunities here, this post will offer you information on what you can expect for the rental market here in 2016.
Top U.S. City for Rent Growth
Las Vegas has been ranked by Axiometrics as one of the top U.S. Cities for rent growth in 2016 since rent growth increased from 3.8 percent to 6.6 percent from May 2014 to May 2015 and this is huge considering the national average for rent growth was just 5 percent during that same time period.
Still Not Full Occupancy Yet
The occupancy rate only increased by 1 percent between May 2014 and May 2015 while revenue grew to 7.5 percent.
Although some Las Vegas investors may were slightly disappointed by the negative demand for Las Vegas apartments during the 3rd quarter of 2015, net move outs were also historically low and at just 1 percent this is very encouraging for any Real Estate investor who has been looking for a great city to invest in where there’s “low hanging fruit” and still a great demand for properties.
Las Vegas Rental Property Report
Moving forward into 2016 we can expect to see more people moving to Las Vegas since more than 20,000 jobs were recently added to the city and with an average rent of $885 per month, for a one bedroom apartment, most investors expect to see positive growth here for the near future.
Get Las Vegas Property Management
For effective property management for your Las Vegas Rental Property contact Goldenwest Management today by calling us at (702) 685-7696 or connect with us online here.