Are you considering investing in Las Vegas property? The current population statistics may cause you to look more closely at this strategy. 2020 may be a great time to invest in single-family or multifamily rental property, because people are flooding to Sin City!
The projected population growth rate for Las Vegas is higher than the growth rate nationally. According to statistics from the U.S. Census Bureau, between the years 2012 and 2016, the net migration to Las Vegas was nearly 6.5 percent. Here are a few reasons why people are flocking to Las Vegas.
Job Growth
While construction has usually been a healthy industry in Las Vegas, new residential and commercial buildings are consistently being planned, necessitating a greater-than-usual volume of workers. Additionally, entrepreneurship is thriving in Las Vegas, and new businesses are being created at a higher speed than the national average.Job Diversity
While job growth is essential in any attractive multifamily rental market, it must go hand-in-hand with job diversity. Las Vegas has always offered abundant jobs in the hospitality, construction, and entertainment sectors, but employment reports are indicating that new jobs in healthcare and education are also being created, and professionals in the tech industry are in mounting demand.Higher Quality of Life
People are not moving to Las Vegas simply for its employment prospects and proximity to casinos; Las Vegas offers an improved quality of life over comparably populated cities. Although Las Vegas is famous for its thrilling nightlife, there are also family-friendly markets, with parks and thriving suburban communities.The cost of living is also low in Las Vegas, relative to the services it offers. While the suburbs are a little pricier than the city, it is still far more affordable than other metropolitan areas, namely in terms of healthcare, groceries, transportation, and utilities.
Smart investors will want to investigate their options sooner rather than later, since the market is becoming increasingly competitive. Whether you invest in single-family or multifamily rentals, the forecasts for Las Vegas residential real estate are excellent.
Investar USA is a real estate investment firm, specializing in revitalizing properties in the Southwestern United States.
