Las Vegas is one of the best markets to buy rental property in for 2021. After all, the average rent in Las Vegas is up 18.9% year-over-year (YOY).
Yet, not all Las Vegas neighborhoods are created equal. That's why we created this guide.
Want to know which markets you should set your sights on? Then keep reading to learn about our favorite places to find property in Las Vegas.
Las Vegas Real Estate Market Stats
Before you decide whether property investment is right for you, consider these 2021 real estate statistics:
- The median list price for a single-family home is over $415,000, up ~5% YOY
- Home values are up 17.5% YOY
- There have been 1,132 new listings this year so far, up 18.3% YOY
- The median household income is $56,354
If we still haven't convinced you that the market is booming, check out the following 2021 Las Vegas rental stats:
- The rental vacancy rate is 2.8%, down 3.4% YOY
- Median rent is $1,572, up 17.3% YOY
- The price-to-rent ratio is 18.22 in 2021
With the price-to-rent ratio at a perfect median between "buy" and "rent," it's a perfect time to be a rental property investor. The market is more of a buyer's market than it has been in years. And rents are on the rise, meaning you'll pay down your investment lightning quick.
The Best Markets to Buy Rental Property in LV
Now that you've decided that Las Vegas is the investment property market for you, you may wonder: what are the best neighborhoods to look for a deal? Here are three of the hottest markets for high-value Las Vegas rentals.
Pioneer Park is a highly affordable market for real estate investors. Prices tend to be significantly less than comparable neighborhoods. For example, median home prices were $225,000 in 2021, up over 11% YOY.
Meanwhile, Pioneer Park rental prices are fair for Las Vegas, with the average rental goes for $1300 per month.
Summerlin properties are in high demand, so you won't have to worry about marketing your rental properties.
In Summerlin Village alone, the average rent is $1803 per month. Compare that to the median home sale price of $375,000. Gated areas like Red Rock Country Club see rentals go for over $6000 per month.
Are you interested in markets serving families? If so, Tule Springs is one of the best places for single-family home investors. Homes in the area go for an average of $350,000.
At the same time, Tule Springs' average rent is significantly higher than the rest of the Las Vegas market. Single-family homes and apartments rent for around $1600 per month.
Looking for Property Management in Las Vegas?
The best markets to buy rental property offer low home sale prices and high rents. If you're searching for investment homes in Las Vegas, look no further than Pioneer Park. Summerlin, Tule Springs, and Michael Way.
Are you wondering how to market your rental property or need rental property management? Las Vegas Property Management is one of the top property management companies in the area. Call us today to learn about our services!