In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Nevada. Four towns made our list: North Las Vegas, Henderson, Reno, and Las Vegas. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
“Home means Nevada,” as the saying goes. Nevada might be known for Las Vegas, gambling, Area 51, and its free-spirited people, but this state has so much to offer to its residents and is an excellent choice for rental investment properties. With tourism being the largest employer in Nevada, mining is also essential to its economy with the state being the fourth-largest producer of gold in the world. This entertainment capital has affordable housing for its residents and great communities for families, singles, or retired couples. If you like warm weather – Vegas won’t disappoint.
While Nevada is nicknamed The Silver State, it is a gold mine for property investors. Let’s find out the best places to buy a rental investment property here.
#4: North Las Vegas
North Las Vegas is located at the northern tip of the Las Vegas Valley and it actually one of the state’s fastest growing cities. With an average temperature of 78 degrees, who wouldn’t want to live here? North Las Vegas has a wonderful community great for families with many recreational, cultural and historical attractions. It’s growing in population and employment which makes it a slightly more competitive market. However, landlords should still expect a promising 32 leads per property.
- Population growth: 3.9%
- Employment growth: 3.1%
- Increase in home values: 1.9%
Median Sale Price: $265k
Average Rent: $982
Average Number of Leads per Property: 32
Number of days on the rental market: 94
#3: Las Vegas
What happens in Vegas stays in Vegas, which might be a good reason to stay there for good. The Sin City is full of things to do not only for its visitors, but also its residents – whether it’s visiting the casinos, chowing on the famous buffets, or catching a show, Vegas will never disappoint. If you like the heat, Vegas is the place to be! Median sale prices are only around $282k with an astonishing 15.9% increase in home values. Rentals on the market are hot, just like the weather, with around 28 leads per property and only 10 days on the market.
- Population growth: 3.3%
- Employment growth: 2.8%
- Increase in home values: 15.9%
Median Sale Price: $282k
Average Rent: $1197
Average Number of Leads per Property: 28
Number of days on the rental market: 10
#2: Henderson
Henderson is Nevada’s second largest city and has been nationally recognized for it’s strategically planned communities, parks, trails, and community environment. Henderson is known for its amazing public school opportunities as well as higher education institutions such as University of Nevada, Las Vegas, Nevada State College, and College of Southern Nevada. People are flocking to both live and work here evident by the 7.1% population growth and 3.1% employment growth. Landlords can expect a solid 23 leads per property with only 13 days on the market!
- Population growth: 7.1%
- Employment growth: 3.1%
- Increase in home values: 4.3%
Median Sale Price: $332k
Average Rent: $1145
Average Number of Leads per Property: 23
Number of days on the rental market: 13
#1: Reno
Reno is the largest city in Northern Nevada and is right by the slopes of the Sierra Nevada Mountains close to the beautiful Lake Tahoe. Reno is a great place to live for those who love the outdoors as it’s close to multiple ski facilities, biking, camping, hunting, and fishing areas. With the employment growth growing at a hot 6%, many people are living, working, and playing in the Biggest Little City in the World – landlords have a huge number of leads at 49 on average along with 12 days on the rental market. While you might not win at the blackjack table, Reno is the winner on our list!
- Population growth: 3.5%
- Employment growth: 6%
- Increase in home values: 3.9%
Median Sale Price: $390k
Average Rent: $1408
Average Number of Leads per Property: 49
Number of days on the rental market: 12
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
Methodology:
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
Sources:
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.
