Nevada, the state of natural wonders, and mesmerizing landscapes are also known as the silver state around the world. And the Nevada vacation rental market is an emerging platform for real estate investors. The reason is that its natural beauty, scenic views, vibrant colors of life, and peaceful places attract millions of tourists each year. Moreover, it also holds diverse history and attractive cultural or traditional aspects that appeal to the people who must visit this iconic state. Therefore real estate investors found the Nevada vacation rental investment a promising source of passive income.
Despite the booming tourism, the silver state is also well known for massive job opportunities which influence real estate investors to think about investment property in Nevada. The reason is the presence of one of the world’s largest mining industries and around 2k mines of gold. It creates the need of hiring more employees and people coming from outside. These employees need to have a place for a comfortable stay which gives rise to the demand for rental homes. And the whole scenario gives birth to steady growth of the Nevada market.
The Nevada market is facing problems in some areas of the state, but the rental market in other areas is still worth more than any other state.
Reasons to Invest in the Nevada vacation Rental Market
Not only tourism but the Nevada market also have other multiple reasons to provide investors with promising returns for their investments. Some key reasons are listed here
Thriving Economy
The more the economy of a state, the more will be the chance of success for investors. Therefore, the thriving economy due to the booming tourism, and mining industry is one of the major reasons to invest in the Nevada rental market. Both industries are making incredible growth and continuously increasing the demand for rental homes.
Affordable property prices:
Nevada has relatively affordable property prices compared to other popular tourist destinations, making it easier for investors to purchase and maintain a vacation rental property.
Growing popularity of short-term rentals:
The popularity of short-term rentals, such as Airbnb, is on the rise, with more and more people choosing this type of accommodation over traditional hotels.
Friendly regulations:
Nevada has favorable regulations for short-term rentals, making it easier for hosts to comply with local laws and regulations.
High return on investment:
Nevada vacation rental properties can provide a high return on investment, especially in tourist areas such as Las Vegas, Reno, and Lake Tahoe.
Diversified economy:
Nevada has a diversified economy, which helps to mitigate the risk of vacancy and downturns in one specific industry.
Steady Population Growth
As Nevada is a hub for job opportunities, its population is increasing continuously, and greatly. And with the rise in population growth, the demand for living space is also increasing. However often people are outsiders therefore, they prefer rental homes which provide more room for the Nevada market to grow.
Welcome Millions of Tourists
Diverse culture, historical background, beautiful lakes, and breathtaking landscapes are the main tourist attractions that welcome millions of tourists each year and strengthen the economy of the state. Along with the economic growth it also boosted the Nevada because almost all tourists rent homes for stay.
Strategic Business Location
When seen from a strategic point of view the Nevada AirBnb vacation rental market is ideal for investment. The reason is its location and the famous Las Vegas which is surrounded by major cities and helped the Nevada rental market to rank among the top investment locations in the country.
10 Best Places To Invest In The Nevada vacation Rental Market by AirDNA
According to Airdna, many places in the Nevada offer attractive packages for real estate investors to buy rental homes in Nevada at reasonable prices.
These places are given below
1. Las Vegas
This beautiful city is enriched with tourist attractions. But the most famous are its casinos and adventurous entertainment points. The existence of the world’s largest observation wheel and thrilling rides influence millions of people to visit this place during every vacation. Increasing tourism and population growth demand more rental homes that benefit the people who invest in the Las Vegas market. However, the competition level is extremely high.
- The median property price is $447,597
- The average rent is $ 240
- The revenue is $ 3,178
- The occupancy rate is 61%
- Active rentals are 13,091
2. Austin
This historical corner of Lander county is also known as the ” living ghost town” and presents a handful of cultural, historical, and traditional tourist attractions. The presence of ancient churches also makes it of great importance and contributes to the growth of the Austin market.
- The median property price is $ 15000
- The average rent is $ 162
- The average revenue is $ 1,382
- The occupancy rate is 30%
- Active rentals are 4
3. Henderson
Thus the second largest city is home to tourists and adventure-seeking souls. And the Henderson is a vibrant platform for real estate investors to buy rental properties. It holds breathtaking pieces of art, thrilling entertainment points, recreation fantasy, mighty shopping malls, and delicious food corners making it a perfect place for living
- The median property price is $ 519,904
- The average rent is $ 324
- The revenue is $ 5,050
- The occupancy rate is 68%
- Active rentals are 758
4. Baker
Located at the last corner of the loneliest road this marvelous town is a part of southeastern white pine County. And a famous tourist destination especially for thrill cravers to experience a memorable road trip. Buying rental homes in the Baker market is beneficial in multiple ways including cheap property prices, tourist interest, and high rents.
- The median property price is $ 228.5K
- The average rent is $ 122
- The revenue is $ 2,826
- The occupancy rate is 95%
- Active rentals are 4
5. Beatty
Present along the Amargosa River in Nye county, this unincorporated town provides a great atmosphere to families and tourists. Therefore, buying rental properties in the Beatty rental market always gives great cash on cash return.
- The median property price is $222,000
- The average rent is $ 167
- The revenue is $,194
- The occupancy rate is 69%
- Active rentals are just 18
6. Oasis
This census-designated place is part of Elko county. And it is famous for its natural beauty and peaceful environment. And the Oasis holds a wide range of rental properties with relatively lower rates than other areas.
It provides the best living place, especially to stay with friends or families. The natural aura and cultural ethics make it one of the best places to live in the USA.
- The median property price is $212,000
- The average rent is $ 168
- The revenue is $2,194
- The occupancy rate is 69%
- Active rentals are just 18
7. Kingston
The Kingston market is an ideal place for buying rental properties because it holds plenty of tourist attractions. And also provides visitors with adventurous activities including fishing, riding, and mesmerizing views of mini islands. Therefore, real estate investors never missed the opportunity to buy a rental property in Kingston town of Nevada.
- The median property price is $212,010
- The average rent is $ 269
- The revenue is $3,190
- The occupancy rate is 69%
- Active rentals are just 18
8. Lake Tahoe:
Lake Tahoe is a popular vacation spot known for its natural beauty and outdoor activities. Airdna’s data shows that Lake Tahoe vacation rentals have an occupancy rate of around 50% and an average daily rate of around $250.
- The median property price is $212,100
- The average rent is $250
- The revenue is $3,258
- The occupancy rate is 69%
- Active rentals are just 18
9. Henderson:
Henderson is a city located in the Las Vegas metropolitan area and it’s becoming a popular alternative to stay for tourists. Airdna’s data shows that Henderson vacation rentals have an occupancy rate of around 60% and an average daily rate of around $150.
- The median property price is $212,110
- The average rent is $150
- The revenue is $2,194
- The occupancy rate is 69%
- Active rentals are just 18
10. Sparks:
Sparks is a city located in the Reno metropolitan area, it’s an alternative to stay for tourists and it has a high demand for vacation rentals. Airdna’s data shows that Sparks vacation rentals have an occupancy rate of around 55% and an average daily rate of around $220.
- The median property price is $212,100
- The average rent is $220
- The revenue is $2,195
- The occupancy rate is 69%
- Active rentals are just 18
Takeaway
Investing in the Nevada vacation rental market can provide a strong potential for financial returns and a steady stream of bookings. Above mentioned locations have high demand for vacation rentals, strong seasonal demand, and relatively affordable property prices. By using Airdna’s data and features, investors can research profitable locations, optimize pricing, utilize occupancy forecasting, identify trends and make data-driven decisions to improve their listings, pricing and occupancy rate. Keep in mind that it’s important to comply with local laws and regulations, and to do your own research and due diligence before making an investment.
With starting investment of $3,178/month, Nevada real estate market can provide an opportunity for passive income and high returns.
Go ahead, take a peak in the online app!
Did you find this article helpful? Help out your community or share it with a friend!
