Las Vegas Homes More Affordable to Rent Than to Buy
According to data from ATTOM Data Solutions, Las Vegas home prices crossed the point in the last few years where it is more affordable to rent than to buy. This means that the demand for good rental properties will increase and rental rates will follow.
Their 2020 3-bedroom rental estimate is $1656, a $151 increase over 2019 or 10% increase, with a population increase of close to 77,000 or 3.78%. That is a large increase in demand and population, given the size of the market.
The population growth and diminishing developable land almost guarantees price and rental rates increases. And, do not look to new homes to offset the increasing demand for rental properties. Currently, the median cost of a new home is over $410,000.
Strong rental growth is one of the reasons why we believe Las Vegas is an excellent location to invest in at this time.
