- Las Vegas is seeing a surge in housing prices in 2022, which continues to benefit existing rental owners as ownership remains out of reach for many renters, causing a rise in rental demand.
- Successful property managers understand the things that make the location of their property unique and use them to their advantage.
- Las Vegas has its own unique climate that allows owners to save through solar power and xeriscaping opportunities.
The best property managers know there are some universal rules for successful rental management in Las Vegas, such as screening your renters thoroughly and having a detailed rental agreement. Then there are some location-specific tips you need to know to have success in a given area – things that aren’t universal and are dependent on where you’re managing a property.
As a Las Vegas property manager, there are some things you should be aware of: local rental laws, rental marketing, landscaping, and more.Here’s a list of some important considerations for rental management in Las Vegas:
1. Market The Las Vegas Elements
Your Las Vegas rental has a marketing perk built into it – the area itself. All the exciting reasons that lead you to develop your business here are the same reasons that appeal to potential renters.
Right now, the rental market in Las Vegas is in high demand. According to the 2022 Rental Market Statistics, there are 130 new residents in Las Vegas every day causing the demand for rentals to skyrocket. You can take advantage of this fact by adding a bit of enticing marketing to show off the Las Vegas vibe of your property.
Renters moving in from other states will appreciate marketing that reflects the best elements of Las Vegas – business, nightlife, casinos, and parties. Be sure to tell them what area perks are close to your rental to ensure you widen the net and get an excellent response to your listing.
2. Conduct a Thorough Screening Process
With high demand and many applications, the rental screening process becomes even more critical. Increased competition in the area could lead some renters to stretch beyond their means to find a place to stay. A good screening process will help ensure renters don’t take on more than they can afford.
3. Prioritize Maintenance
Rental maintenance helps protect your asset, as well as keep the renters happy. This should be a priority for every rental owner and property manager. In Las Vegas, if an owner fails to complete repairs, renters can withhold rental payments or even end the lease early.
Furthermore, most property owners consider maintenance satisfaction as a major contributing factor to a renter’s overall satisfaction which can encourage residents to renew their lease. We all know that a high renewal rate means a more profitable rental because less time and resources are spent on leasing and preparing the property.
4. Keep Up With Rental Laws
If you’re working in Las Vegas property management or have a rental property, you’ll want to keep up with rental laws in Las Vegas.
Did you know that you cannot restrict pets in your rental without a written lease? Or that there are no grace periods for late fees for rent? These are just some of the rental laws that differ from other states, so keeping up to date is a best practice, whether you’re an owner or manager with a multi-state portfolio.
5. Provide the Best Las Vegas Rental Amenities
Two amenities are especially appealing to renters in Las Vegas. These are solar and xeriscaping.
Low Maintenance Landscaping
Also known as xeriscaping, low-maintenance and no-maintenance landscaping is an amenity that benefits both owner and renter. Maintaining grass in a desert is an uphill battle, and Las Vegas is actively working to ban ornamental grasses in the area. Getting ahead of this change and xeriscaping the exterior will create water savings that appeal to environmentally conscious renters, lower water bills, and save money over the long term with reduced landscaping maintenance costs for owners and renters alike.
Also appealing to younger renters is the green initiative of going solar for power. The reduction in electric bills is a big appeal to renters who would be happy to pay a little more in rent to cover the amenity of the panels – something they can predictably budget for.
With 2021 being a record year in terms of heat, advertising more affordable cooling will set your property well ahead of the rest. Plus, any additional energy generated turns into credits for future use.
6. Provide a Clear and Comprehensive Rental Agreement
Everything you do as a Las Vegas property manager should come down to your rental agreement. A clear lease that includes all manager, owner, and renter expectations and one that follows Nevada rental laws will help you ensure your rental remains in good repair. Not only that, but it also ensures that your relationships with your renters also remain professional which will help you find success in Las Vegas real estate.
A clear rental agreement should always include:
- Rent payment terms, times, and late fees
- Rules regarding pets
- How to contact the property manager for repairs and emergencies
- Details on the rental deposit
Staying up to date with rental management in Las Vegas rental trends is more important than ever. Renters are increasingly digital natives who want to know that they are renting from an owner or manager that understands their needs and desires.
When you’re managing a Las Vegas rental property, these tips will help you find renters faster. Younger renters are leading the market right now, and appealing to them through transparent management is key to earning their trust and being successful long-term. This trend toward connected, transparent management is expected to continue and shape the future of property management.