Nationwide the lack of affordable housing has become a problem for many people. According to the National Low Income Housing Coalition, the Las Vegas Metro area has a shortage of 63,621 affordable housing units. Rental properties that are converted into co-living spaces can help address the need for affordable rental properties and provide investors with higher returns on their investments at the same time.
Las Vegas rental property ownership
Rental properties provide passive income and an asset that appreciates over time. Investors receive monthly rent profits, while the property value goes up yearly. However, some work is required to rent a property, such as property advertising, payment collection, maintenance calls, and rental screenings. The good news is that PadSplit takes care of all of this for you while offering a yield increase of more than 100%.
Whether you own a property or are looking to make your first real estate investment, Las Vegas is a prime location to be looking for a property. In addition to being a desirable area with a large tourism draw, Las Vegas has the third lowest property tax rate compared to other metro areas with a population of one million. This makes rental property investment even more affordable when you are considering investing.
Affordable housing needs aren’t going away
The Las Vegas Metro area had an estimated 2022 population of 2,839,000 and a growth rate of 2.42% over the previous year. With a population of 662,641 in the 2020 census, Las Vegas is the 28th largest city in the United States and continues to grow.
With an economy based on tourism, Las Vegas has been adding jobs quickly over the past few years. The pandemic recovery started in 2021 when restrictions were eased, and 71,000 jobs were added to Clark County in that year alone. An additional 9,000 hospitality jobs are projected to be created by 2024, with the construction of new buildings and hotels.
Las Vegas: The Entertainment Capital of the World
Las Vegas is popular with tourists and residents, with a wealth of gambling, shopping, entertainment, nightlife, and world-class dining. Las Vegas ranked number five on the recently released ‘World’s Most Powerful City Destination’ list by The World Travel & Tourism Council. With an average of 310 days of sunshine, highly-rated restaurants, and nearby outdoor activities, the appeal of Las Vegas is apparent.
Affordable housing for hospitality workers
The Las Vegas Convention and Visitors Authority reported a 20.5% increase in visitors to the city in 2022 from the previous year. This continues the post-pandemic surge in visitors to Las Vegas, with 2023 predicted to be an even stronger year for tourism in Las Vegas.
The Las Vegas strip is a famous tourist attraction that requires many service and hospitality workers. With this increase in visitor volume, the amount of service and hospitality workers needed in Las Vegas is increasing. Finding affordable housing in convenient neighborhoods is necessary for these workers.
PadSplit provides co-living rentals
Neighborhoods near popular tourist destinations are often expensive, and difficult to find rentals. With a unique co-living model offering long-term rental by the week, hospitality workers can quickly find housing near work. With PadSplit’s growing number of locations, including other popular tourism destinations, hospitality workers can easily relocate to a new city if they are already a member. By offering flexible and affordable housing, the service industry is served well by PadSplit.
Location of your Las Vegas rental property
Finding a good neighborhood near the main tourist areas will ensure the high rentability of your rental property. In addition to the location near the Las Vegas strip for hospitality employees, Las Vegas also has several colleges that PadSplit properties are ideal to be near. A few to consider are The University of Nevada, Nevada State College, and Arizona College of Nursing.
PadSplit provides support with our network of vendors to turn your new or existing rental property into a co-living space. Once your investment is ready to rent, we find pre-screened residents to move in. With reduced vacancy costs, you will quickly receive a steady income. PadSplit’s co-living property conversions place hosts at the forefront of providing affordable housing in the Las Vegas area.
