||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
The average rent for a 3 bedroom house in Las Vegas, NV is $1,530.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Las Vegas, NV Rental Market Overview
Vacancies Wane in Las Vegas
Economists agree on few things, but most concur that the Las Vegas property markets will be one of the last to fully recover from the 2008 recession. That's because discretionary spending in the leisure and hospitality sector, a significant source of revenue in tourist-dependent economies like Las Vegas, are usually the last sectors to revive after economic turmoil. According to the Las Vegas Convention and Visitors Authority, 2013 visitor volume was nearly flat (-0.1%) compared to 2012, but it's still a significant improvement over the -3% to -4% visitor declines in 2008 and 2009. In 2013 the Marcus & Millichap National Apartment Report (NAR) optimistically predicted that Las Vegas apartment vacancies would dip below pre-recession levels, but ranked the region 41 out of 44, cautiously noting that builders should bring new apartments into the market as the economy improves, although the completions will remain around 25% of what has been the historical norms in this area.
Anticipate More Tenant Competition from Big Players
Marcus & Millichap expects more investor interest from out-of-state buyers as the Las Vegas unemployment rate drops further below 12%. The reasons are a combination of higher demand for rentals and better discounts and higher investment yields for property buyers looking for savings over the offerings found in the US coastal markets. Small property owners who hold Class A and Class B properties can anticipate more competition from large institutional firms, which typically employ a full-time property management staff and maintain a substantial marketing budget. The challenge for independent landlords centers around logistics--you need to wear multiple hats while keeping pace with property exposure, showings, tenant screenings and maintenance requests. Instead of juggling tasks, consider the practical alternative of hiring a Las Vegas property manager to share responsibilities and their expertise. Many property management companies employ real estate professionals who understand the most effective channels for local marketing and property marketing. A property management company usually has access to an affordable pool of Las Vegas contractors who can field maintenance requests from your tenants while reducing repair turnaround times. To learn more, click on the free info buttons next to the company profiles.