Why Invest in Las Vegas Real Estate?
Las Vegas is the largest city in the US state of Nevada. The weather being a nice constituent has occasional extremes, and most of the year is beautiful. The city has giant mega casino hotels embellished with lavish care and attention to detail to create a revering ambience. According to US news and world report, the city's transportation infrastructure is ranked number 1 in the country. Las Vegas has satisfactory public transportation options, reliable roads and well-built bridges.
Las Vegas businesses and expansion of activities in international markets are accommodated by global commerce and investment programs. The cities key industries include aerospace and defense, manufacturing and logistics, information technology which also plays a major role in national security.
Investment Considerations for Las Vegas Real Estate
There are a number of factors to consider, including:
- Economic diversity - Las Vegas has a complimentary tax environment for business and industry. The economic development is boosted by the infrastructure that supports primary industry sectors, and constantly focused on relocating, expanding and starting up operations for businesses. The Leisure and Hospitality sector dominates in terms of employment hosting 28.3% of the total, with the Trade, Transportation and Utilities sector and Professional and Business Services to follow at 17.4% and 14.3% of the total, respectively. The city is rich in natural resources like solar, wind and geothermal energy, and keeps on attracting and retaining talent.
- Surging rental demands - There has been increasing demand for housing in Las Vegas, in the beginning of 2019. Las Vegas real estate market offers great opportunity for relocating and buying property, making it the finest housing market of the United States. It also attracts investors making it brim with new businesses. Las Vegas Sands Corporation flaunted a net revenue of over $13.71 billion dollars in 2019. The home values have increased by 1.8% over 2019 and will continue to rise by 0.8% in the upcoming years. The median rent price in Las Vegas is $1,500.
- Housing Market - The stability of Las Vegas real estate market has played a major role in the upliftment of property demands causing population growth to improve the economy. There has been huge gains in home values rounding off to a 10 percent increase from the previous year. The median sale price of houses in Las Vegas is $242,250
- Desirable destination - Las Vegas entices millions of visitors, being famous for its vigorous nightlife, gaming and other leisure services. Having around 42.1 million visitors yearly, generating a total revenue of more than $34.5 billion, Tourism certainly is one of its exemplary consumption-oriented industries. Las Vegas has more than 150,000 hotel rooms and has emerged in leveraging programs that include culinary arts, resort management, event management and other services.
What are the Best Neighborhoods to Invest in Las Vegas?
Location is one of the key factors of investment as it creates profitability and desirability. The neighborhood should also provide basic public facilities, and satiate all other factors making it convenient to stay in. Pioneer Park is a highly economical place to live in. The finest neighborhoods to invest in Las Vegas rental real estate as per the acknowledging rates are The Lakes, Peccole Ranch, Sovana, Canyon Gate and Winchester.
INVESTimate® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in Las Vegas, NV; and across the United States and calculate home values RENTestimate for every property in Las Vegas, NV. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.