Investing in real estate in Las Vegas is a great option, as the city has very low investment property taxes and no personal income taxes. The average effective property tax rate in Las Vegas (Clark County) is 0.70%, slightly higher than the state average, but still significantly lower than the national average. It's no wonder that the word has spread about owning investment properties in Las Vegas - the value of homes in the metropolitan area has increased by more than 30% year-on-year, while rental prices have grown by more than 20%. If you're looking to invest in real estate in Las Vegas, there are a few key factors to consider.
Firstly, the city's population has grown by 10% since the last census, while Clark County's population has skyrocketed by more than 16%. This population growth and employment drive demand for housing and rental properties, which is why the value of a mid-priced home in Las Vegas increased by 30.5% (Zillow) through February 2020. Additionally, 41% of homes in the metropolitan area are occupied by tenants, and rents for 3-bedroom properties have grown 23% year over year. Las Vegas is also a popular city for renting, and in some neighborhoods and suburbs, there are more renters than landlords. Ultimately, Las Vegas is a viable real estate option if you know what to look for and how to maximize the opportunities available.
Here are 15 neighborhoods and suburbs to consider, including several areas where 50% or more of residents rent their homes. The Las Vegas real estate investment market can be a very profitable place for investors. All types of housing, including traditional single-family homes and condominiums, are on the rise in Las Vegas today. Families and businesses are looking to move to Las Vegas to reduce taxes and home prices. If you're a real estate investor, the Las Vegas area is growing and will continue to grow next year. Canyon Gate is 8 miles northwest of the Las Vegas Strip, near The Lakes and Spring Valley neighborhoods.
If you're an investor who is considering buying property in the Las Vegas area, you should do so soon as properties are selling very fast. People and businesses are looking to move to the Las Vegas area and need living spaces. As an investor, considering buying properties in condominiums or individual condominiums can be a wise investment as they are as sought after as traditional homes in the Las Vegas area. To explore more properties in the Las Vegas area and its surrounding suburbs, use The Mashvisor Property Marketplace tool to view all properties in the Las Vegas area. Once upon a time, people of Las Vegas depended almost exclusively on the casino and hospitality industries to find work. Nowadays, however, it's become a great tourist spot as it is home to the largest gambling and entertainment center in the country.
Mashvisor data helps Las Vegas real estate investors know what to look for as they search for potential investments in the real estate market. Low taxes and the absence of personal and corporate income taxes, in general, are a big attraction for companies and why they chose Las Vegas to move to. Northwest Las Vegas has grown significantly in recent years thanks in part to affordable real estate and its location near Summerlin. People of all ages are moving to this area which could become a good market for buying investment properties in Las Vegas.
Now there are nearly 2.5 million people living in the Las Vegas Valley and with people from California and other states with high costs and taxes moving here it seems that this population will continue to increase. If you're an investor looking to invest in properties in this area it may be wise to look for homes close to but not necessarily within city limits. Overall, investing in property in Las Vegas can be an incredibly lucrative venture if done correctly. With low taxes, no personal income taxes, population growth driving demand for housing, increasing property values, high rental rates, and plenty of neighborhoods with high percentages of renters - there's no doubt that now is an excellent time to invest in real estate in this vibrant city.