In Las Vegas, the rental market is growing at a steady pace. According to the Las Vegas Business Press, the rental market in Las Vegas has climbed four spots on the National Apartment Report to take spot number 37 among 46 markets analyzed for such factors as vacancy, job growth, affordability, and rents. In the coming months, the rental market in Las Vegas is expected to be positively impacted by employment growth in several sectors, including construction, technology, and hospitality. Over the past four years, Las Vegas has experienced a steady job growth that will continue well into this year, according to the report, resulting in an increased demand for housing. The report noted that Las Vegas' growing population of young professionals will further drive the demand for housing located near the Strip. Currently, according to RentJungle, the average apartment rent in Las Vegas is $1,013. Over the last six months, the average rent in Las Vegas has increased by five percent.
Protecting Investment Opportunities in Las Vegas
Las Vegas may be known for gambling, but when it comes to operating a property rental business, landlords do not want to gamble on whether or not tenants will pay the rent on time and care for their property. There are several proactive steps that landlords can take to ensure they have responsible tenants in place and that the rent is paid on time.
One of the most important steps that Las Vegas landlords can take is to conduct a tenant screening prior to selecting tenants to fill vacancies. Far too often, many landlords tend to take what a tenant writes on an application at face value. Even calling a previous landlord or employer may not be enough to confirm whether a tenant will be responsible. A current landlord who is anxious to get rid of a problem tenant could be compelled to provide a less than honest recommendation. With a comprehensive background check from a service such as VerticalRent, landlords will be able to receive all of the information necessary to make an informed rental decision. A tenant screening background check will include vital information such as a tenant credit check as well as a criminal background check.
Making Rental Collection Easier
In addition to performing a tenant screening, it is also important to have a system in place for collecting rent in an organized manner. Online rental collection can make it much easier for tenants to pay rent as well as for landlords to stay on top whether tenants or paying rent on time. When implementing online rental payment, many landlords may find that the timeliness of rental payments increases. This system also makes it much easier for tenants to take advantage of a variety of different payment options.
The rental market is booming in Las Vegas, providing landlords with tremendous investment opportunity. Implementing a tenant screening service and online rental payment can help landlords to take full advantage of those opportunities.