The Las Vegas Real Estate Market
Our Management Team reviewed the opportunities available in several major urban centres including Phoenix, Scottsdale, Tucson, Palm Springs and Las Vegas. Las Vegas stood out above the rest with one important factor: the strength of the rental market.
CNN recently named Las Vegas as the best city to buy rental property in the USA. Out of 316 markets reviewed, Las Vegas offered the best combination of depressed home prices and rising rental rates. Click here to read more
- No state tax - Nevada does not charge state or personal income tax. This makes it a prime market for growth during a recession as individuals looking to cut costs will move to Nevada to limit what they pay in taxes. The state by state tax discrepencies can often be the difference between a profit and a loss.
- Landlord friendly legislation - Nevada legislation allows landlords to take quick action against tenants that are late on their rent or do not pay rent.
- Tourism - Las Vegas is the number one gaming destination in the world, and one of the most visited cities in North America. Businesses will continue to flock to Las Vegas, leading to job growth and increased demand for rental properties.
- Stable Population - Las Vegas had a population of 1.95 million in 2007 and is predicted to grow to 2.45 million by 2015.
This strength in the local rental market is a primary factor in Phoenix's investment model. The rental market will continue to grow, particularly in this economic environment with so many people losing their homes to foreclosure. It is further strengthened by numerous public and private developments that are creating thousands of jobs in the Las Vegas area.