Do people want to live in your rental home, or nah?
Investing in a rental property requires more than just finding a good deal on real estate and providing a home in exchange for rent. You want to make sure you’re maximizing the value of your property and attracting the best residents you can.
Most investors understand that the value of a property is significantly influenced by its surroundings. Schools, restaurants, and local activities can make a substantial difference in attracting and retaining highly qualified tenants.
You can make upgrades and updates to help your investment property perform once you’ve already closed the deal. You can’t exactly change the location, however. So, if you’re considering a Las Vegas rental property, here’s an insider’s guide to the importance of location.
As local Las Vegas property management experts, we’re also in the know when it comes to the best schools, dining options, and recreational activities that can enhance the appeal of your investment.
Let’s talk about this.
Location Matters with Las Vegas Real Estate Investing
We talk about the importance of location a lot. Anyone involved in real estate and property management is always going to be talking about location, location, location. Right?
Choosing the right investment property is foundational to the success of your investment, and the right property is always in the right location. The location and neighborhood of your investment property will impact the amount of rent you earn, the type of residents you attract, and the risks you face.
As you’re moving towards an investment decision, here are the location particulars you need to be aware of:
- Demographics, Neighborhood, and Tenant Pool
Get to know the demographics of the area in which you’re buying. You’ll want to determine who lives in the neighborhood and what their needs and preferences are. Are there a large number of retirees and 55+ communities? Or, will you likely be renting to families who appreciate the good local schools? Are there college students wanting to move in with roommates or remote workers who rely on outstanding technology? Understanding and analyzing the demographics and the geography of your proposed investment property will help you determine what type of tenants you’ll be serving.
- Economics and Location
The state of a local economy is another important factor to consider when choosing an investment property location. Neighborhoods have their own industry and commercial strengths. Areas with a growing job market and a flourishing culture are generally in higher demand among tenants than those neighborhoods that are more remote and cut off from major employment, transportation, and social networks. Not surprisingly, areas with a high population growth rate offer great rental opportunities, as more people move into the area, they choose those neighborhoods.
Las Vegas has been doing pretty well in both population numbers and local economic data. Drill into the analytics and insights coming out of specific neighborhoods so you can get a better idea of what your rental value is likely to be before you buy.
- Amenities and Conveniences
A valuable rental property located close to essential amenities, such as schools, hospitals, shopping centers, and public transportation. Good local grocery stores and parks will provide more demand among residents. This contributes to higher rental income.
When selecting a rental property location, consider the proximity to amenities that your residents will appreciate, such as entertainment spots, restaurants, and recreational areas. We’re going to talk about some specifics a bit later in this blog, telling you what you want your property to be close to.
Neighborhood Amenities and Las Vegas Property Pricing
When considering where you want to buy an investment property in Las Vegas, keep in mind that the cost of purchasing the property also matters. You will spend more money to invest in a property that’s in an upscale area, but you’ll also count on higher rents. If your strategy is to buy and hold for the long term, waiting on positive cash flow is not such a big deal. But, if you are less concerned with appreciation and more interested in your immediate cash flow, you’ll want to look for different properties in different areas. Your budget and investment goals will easily drive the location options available to you.
Top Schools Near Your Las Vegas Rental Property
So, let’s get into some specifics and talk about the types of schools, restaurants, and other amenities that the most profitable rental properties can access.
- University of Las Vegas (UNLV)
It’s hard to talk about schools in Las Vegas and not talk about UNLV. When you’re hoping to attract college students, graduate students, or even professors and administrative staff who want easy access to the university, you’ll want to invest in rental homes that are in good neighborhoods. That’s going to require a bit of commuting to the university, which isn’t exactly in a residential area.
Consider Silverado Ranch and Green Valley.
- The Meadows School
Located in the northwest area of Las Vegas, The Meadows School is a prestigious private school known for its rigorous academic curriculum and outstanding extracurricular programs. With small class sizes and a focus on college preparatory education, it’s a top choice for families looking to provide the best education for their children. When you want to offer this school as a good reason to rent from you, look for neighborhoods nearby.
- Coral Academy of Science Las Vegas
This K-12 charter school has multiple campuses around Las Vegas and is celebrated for its emphasis on STEM (Science, Technology, Engineering, and Mathematics) education. Coral Academy offers a diverse learning experience that prepares students for future academic and professional success. When your investment property is near one of these schools, you’ll have a healthy tenant population who is happy to be so close.
- West Career & Technical Academy
Expect to attract families with high school students if your rental property is close to West Career & Technical Academy. It offers specialized programs in areas such as biomedical sciences, business management, and information technology. This public magnet school provides a hands-on, career-focused education that appeals to many parents and students alike.
The Clark County school system has been rated as above average, which means that your rental property can comfortably attract tenants with school-aged children from nearly any neighborhood.
Best Restaurants Near Your Las Vegas Rental Property
Food is kind of a big deal.
Especially in Las Vegas. You don’t have to be a food influencer taking selfies on the strip or spending hundreds of dollars at Nobu to enjoy what’s offered here. If your rental property is close to a pizza place that’s a favorite with locals, you’re going to have some happy tenants.
Here are some specific food-friendly spots that won’t hurt your rental values or ability to attract tenants:
- Lotus of Siam
Often referred to as one of the best Thai restaurants in the country, Lotus of Siam offers an extensive menu featuring authentic Northern Thai cuisine. Located on East Sahara Avenue, this restaurant is a must-visit for food enthusiasts and a significant draw for potential tenants who appreciate fine dining.
- Honey Salt
Situated in the growing and very-popular Summerlin neighborhood, Honey Salt combines farm-to-table freshness with a cozy, inviting atmosphere. The menu features a delightful fusion of American and Mediterranean dishes, making it a popular spot for brunch, lunch, and dinner.
- Raku
Raku, a Japanese restaurant located in Chinatown Plaza, is famed for its exquisite robata grill and creative small plates. This culinary gem is a favorite among locals and can be a key selling point for prospective tenants who enjoy exploring diverse culinary experiences.
One idea – leave some of your favorite restaurants in the neighborhood listed with your incoming tenant’s welcome packet. This personal touch will go a long way in establishing and improving tenant relations.
Exciting Amenities and Activities Near Your Las Vegas Rental Property
Everyone on the planet knows about the Las Vegas strip. Give your tenants something else to be excited about. We love rental homes that offer easy access to amenities and activities such as:
- Red Rock Canyon National Conservation Area
Just a short drive from Las Vegas and most of its rental communities, Red Rock Canyon offers stunning natural beauty and a variety of outdoor activities, including hiking, rock climbing, and scenic drives. The proximity to this natural wonder can be a significant selling point for tenants who appreciate outdoor adventures.
- Downtown Summerlin
Investing in or around Summerlin is a great idea and a potentially profitable one. This vibrant shopping and entertainment district is home to a wide array of retail stores, restaurants, and seasonal events. For families and young professionals, the convenience and variety offered by Downtown Summerlin make it an attractive feature of any nearby rental property.
- The Smith Center for the Performing Arts
Located in downtown Las Vegas, The Smith Center is a cultural hub offering world-class performances, including Broadway shows, concerts, and ballet. Access to such a prestigious arts center can greatly enhance the appeal of your rental property to culture-loving tenants.
Location is important to attracting high-quality tenants and profitable rents. Let us help you find the best neighborhood and promote the best schools, restaurants, and amenities once you’re marketing your property. Please contact us at New West Property Management. Our team expertly manages residential rental homes in Las Vegas and throughout Clark County, including Henderson and North Las Vegas.
