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Old 11-11-2018, 01:19 PM
 
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Do you expect the residential rental market in LV to boom?

With SoCal pricing everyone out, Raiders, Knights, and who else coming to town, is LV becoming a boom town?

I have been looking around, and it looks absurdly cheap for someone coming from NYC. But I want to know is it so low because hard to find renters?

Is it so cheap everyone just "buys", and "pays the bank rent"? Since LV so sprawling, there is so much room to develop new inventory it drives prices down?
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Old 11-11-2018, 02:38 PM
 
Location: California
166 posts, read 38,663 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Do you expect the residential rental market in LV to boom?

With SoCal pricing everyone out, Raiders, Knights, and who else coming to town, is LV becoming a boom town?

I have been looking around, and it looks absurdly cheap for someone coming from NYC. But I want to know is it so low because hard to find renters?

Is it so cheap everyone just "buys", and "pays the bank rent"? Since LV so sprawling, there is so much room to develop new inventory it drives prices down?
If you’re planning on moving to the LV Valley and you’re going to be dependent on the local economy, it will stop looking affordable very quickly (barring you being in a high paying field). One thing that makes this question difficult is that although the region has diversified itself economically, national policy such as the tax cut that added 1.5 trillion to the deficit, the endless shooting wars, and the trade war with China will definitely result in us going into another recession very soon. Will it be as bad as 2008? We don’t know...but with Vegas being a city that is propped up on visitor’s discretionary expenditure, a recession would be the last thing it needs.

So as a property owner I definitely see a rental boom in the future and I foresee a ton of these renters being on some kind of assistance. If you’re coming into the Valley as an investor you need to make sure you have enough capital to weather through the first year or two of the next recession especially if you have SFRs. There are a lot of regional factors but from a macro perspective Americans are making less money due to inflation, the cost of everything is rising, and automation/globalization are steadily displacing more and more workers...every area is going to have a rental and homeless boom if we don’t change course. Obviously that info doesn’t help you capitalize on the ebbs and flows of the economy but it’ll sure you let you know when to stop trying.
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Old 11-11-2018, 02:55 PM
 
Location: Here and there, you decide.
11,609 posts, read 22,774,737 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Do you expect the residential rental market in LV to boom?

With SoCal pricing everyone out, Raiders, Knights, and who else coming to town, is LV becoming a boom town?

I have been looking around, and it looks absurdly cheap for someone coming from NYC. But I want to know is it so low because hard to find renters?

Is it so cheap everyone just "buys", and "pays the bank rent"? Since LV so sprawling, there is so much room to develop new inventory it drives prices down?
are you talking about being a renter or owning the property.

rent is going up rapidly. granted, it is cheaper than other cities such as nyc, but the wages are lower too....

I think Vegas is headed to be the next LA for affordability. it is going to be hard. in my opinion that rent will increase at least 25% in the next 5 years.... there is not a ton of land to keep building, what you see is owned by the blm and they sell small blocks at a time.... by 2022, I think the average 3br house will rent for 2000.
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Old 11-11-2018, 06:09 PM
 
Location: Las Vegas, NV
2,723 posts, read 7,496,296 times
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I service a lot of rental properties in the Valley and I can see that rents have gone up but its not crazy yet. I have some 3 bed/2 bath homes with a pool renting for about $1350-$1600. Not the top neighborhoods but they are decent ones where I would actually live there myself. I've seen families from LA/SD area that move here and the breadwinner will still work in LA/SD because of the higher salaries and commute back and forth.
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Old 11-11-2018, 08:57 PM
 
Location: The North
4,982 posts, read 8,729,592 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Do you expect the residential rental market in LV to boom?

With SoCal pricing everyone out, Raiders, Knights, and who else coming to town, is LV becoming a boom town?

I have been looking around, and it looks absurdly cheap for someone coming from NYC. But I want to know is it so low because hard to find renters?

Is it so cheap everyone just "buys", and "pays the bank rent"? Since LV so sprawling, there is so much room to develop new inventory it drives prices down?
Rents will continue to rise for awhile, but the yields for investors are nothing special. If you don't already have capital invested there must be a hundred other markets out there that have better returns at this point.
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Old 11-11-2018, 09:41 PM
 
5,517 posts, read 5,728,786 times
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Quote:
Originally Posted by airics View Post
are you talking about being a renter or owning the property.

rent is going up rapidly. granted, it is cheaper than other cities such as nyc, but the wages are lower too....

I think Vegas is headed to be the next LA for affordability. it is going to be hard. in my opinion that rent will increase at least 25% in the next 5 years.... there is not a ton of land to keep building, what you see is owned by the blm and they sell small blocks at a time.... by 2022, I think the average 3br house will rent for 2000.
Both really, thank you.

Sounds enticing. I have been looking around. It seems like 4-plex are popular and quite a few are up for sale. But I need to know are you referring to single family homes only?

Last edited by NJ Brazen_3133; 11-11-2018 at 09:50 PM..
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Old 11-11-2018, 09:48 PM
 
5,517 posts, read 5,728,786 times
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Quote:
Originally Posted by Willy702 View Post
Rents will continue to rise for awhile, but the yields for investors are nothing special. If you don't already have capital invested there must be a hundred other markets out there that have better returns at this point.
Nah, every where else is already too expensive. LA, NYC, only fly over country is still cheap, but I do not predict growth there.

LV has the benefit of not being to far from LA, SD, and rest of coastal California. The most populated state.
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Old 11-11-2018, 10:55 PM
 
Location: The North
4,982 posts, read 8,729,592 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Nah, every where else is already too expensive. LA, NYC, only fly over country is still cheap, but I do not predict growth there.

LV has the benefit of not being to far from LA, SD, and rest of coastal California. The most populated state.
You sound more like a gambler than a long term property investor.
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Old 11-12-2018, 12:45 AM
 
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Originally Posted by Willy702 View Post
You sound more like a gambler than a long term property investor.
How so?
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Old 11-13-2018, 01:50 PM
 
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Also, what utilities are landlord responsibility and what is tenant responsibility? I have heard landlord can pay all utilities, but then charge the tenant. How does that work? How will tenant and landlord decide this amount?
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