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What Does a Strong Las Vegas Rental Market Mean for You?

April 9, 2019

best property management las vegasThe Las Vegas Rental Market

Renters have outpaced homeowners in many larger U.S. cities, including right here in Las Vegas. According to a recent U.S. Census data review, RentCafe has reported that over the last decade there are about 700,000 more renters than homeowners in 97 of the nation’s 100 largest cities. The population has grown by 23.7 million people over that time. Renters have also grown by 23 million and homeowners by 22.3 million!

What Does the Data Mean For You?

It is still a strong rental market in Las Vegas and it affects prices depending on the demand in a given area. Landlords can expect good returns on their rental property investment. Tenants can expect strong competition from other renters in densely populated cities. Having good tenant qualifying factors such as rental history, credit, background, and employment are as important as ever.

Tenants can also expect new construction catering to renters as supply tries to catch up to the demand. Builders will focus on things that are important to tenants. A recent trend are rental communities that offer resort-style amenities such as swimming pools, recreation rooms, dog parks, and fitness centers.

Individual landlords will be competing with these rental communities for quality tenants. A high level of customer service should be provided to tenants as the communities are professionally managed. It’s always important to price units correctly and amenities offered by the competition may affect rental prices.

Why Is This Important?

Truth be told: The numbers indicate a strong Las Vegas rental market. This affects both landlords and tenants. Whether you’re a rental homeowner or a tenant getting ready to move, it’s important to know how changes in the market may impact you.

Contact SMART for more info about the local rental market and how we can help you.

 

SMART Rental Qualifications

The following are Southwestern Management And Realty Team’s (SMART) guidelines for renting a property through SMART. Each and every application will be reviewed by a member of SMART and could be adjusted depending on credit/income and the application itself. Please be truthful!

Rental Qualifications

  • Applicant MUST be 18 years or older and application fee is $65.00 per person and is non-refundable.

Credit

  • Minimum score of 650
  • No EVICTIONS in the past 5 years
  • No utility collections (gas, power, water)

Income Verification

  • Income MUST be 3 times the monthly rent for good credit 650+ and 4 times if applicant has poor credit but good income.
  • MUST be verifiable
  • MUST be with current employer for at least 6 months.
    **If self-employed—CPA financial statements and/or tax returns are acceptable.

Employment History

(you could be required to show proof if requested, paycheck stubs, etc.)

  • Verifiable employment history for the past 3 years
    **If self-employed/retired/not employed—can verify income with signed tax returns and/or bank statements.

Rental History Verification

  • Verify for the past 3 years
  • Must provide: Landlord Names, and phone number, email (if available) on the online application.

Criminal Background Check

SMART does check—Criminal, Sex Offender and Terrorist database

  • NO sex offenders
  • NO crimes—violent crimes, prostitution, domestic violence, possession of weapons or illegal drugs

Pets

MUST be 30 pounds & under & absolutely no violent breeds—ask SMART for the Pet Policy

  • 2 pets max
  • NO ferrets or snakes
  • NO Dangerous, poisonous or illegal pets
  • NO aquariums larger than 10 gallons

Emotional Support pets are NOT considered a Service Animal and not under ADA laws.

SERVICE ANIMALS ARE OF COURSE ACCEPTED AND WILL REQUIRE THE PROPER GOVERNMENT ISSUED DOCUMENTATION.

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