Las Vegas is the world’s most desirable destination for leisure and business …
The Las Vegas Metro area is home to over 2 million residents and is the largest city in the state of Nevada. While home prices in Vegas have risen nearly 80% since the recession, we note that the market was one of the most impacted during the recession, and home values are still 35% below their prior peak value.
Las Vegas is projected to outperform other markets in the coming years. Las Vegas is expected to deliver some of the strongest home price appreciation (HPA) among U.S. markets. Home values in the market are expected to increase 19% by December 2019, compared to the values in December 2015. Rents are projected to increase 10% over that same period.
In addition to rising home prices, Las Vegas has one of the highest Single-Family Rental (SFR) occupancy rates in the country. Currently, 96% of single-family rentals are occupied in the area, making it not only a competitive market but also a market with good potential for steady cash flow. Economically, Las Vegas is a financial, commercial and cultural hub which supports job and population growth – both of which support momentum in the SFR market.
- Rental Demand is on the Rise – 10,000 + job opportunities will drive demand for rental properties this year
- Las Vegas will see increased growth rates with the construction of the new NFL Football Stadium, Convention Center, Resorts World and Wynn Park as well as the planned New Major League Baseball Stadium
- Higher Rental Income – As demand increases Rental rates are increasing
- Appreciation – Housing Prices have not reached historical highs yet so there is room for appreciation
- Cheaper Taxes – There is no State Income Tax in Nevada
- Property Taxes – Property Taxes are 70% lower than other US Cities