2019 has wrapped up, and the new year is here, the big question is what can landlords expect this year?
In this article, we will share with your insight into the Las Vegas economic impact for 2020 and what landlords can expect this year.
What To Expect From The Local Economy
Dr. Stephen Miller, director of the Center for Business and Economic Research at UNLV, questioned whether resort fees and parking fees or the lack of a new supply of hotel rooms in a decade are impacting visitation from California. There are 500 fewer cars a day crossing the border Nevada/California border on Interstate 15 compared to 2018 but weekend hotel occupancy has been tight as well at 95 percent.
Miller said Tuesday at the M Resort in Henderson during the annual forecast breakfast sponsored by his school and Las Vegas Global Economic Alliance that the Las Vegas economy remains strong and in a good position compared to the nation with retail sales strong — up 6.7 percent through September and population growth to exceed 2 percent during the next two years.
Rental Market
Even though the Las Vegas rental market saw several rent increases in 2019, our rental market is still considered to be reasonable when compared to other rental markets in California and other states.
As of December 2019, the average rent for an apartment in Las Vegas, NV is $1076 which is a 6.51% increase from last year when the average rent was $1006, and a 3.62% decrease from last month when the average rent was $1115.
One-bedroom apartments in Las Vegas rent for $949 a month on average (an 8.11% increase from last year) and two-bedroom apartment rents average $1136 (an 8.63% increase from last year).
Source - Rent Jungle
Will The 2020 Elections Affect the Local Economy?
Although the 2020 elections are on the minds of many landlords across Las Vegas, the big question that most people want to know is will the upcoming elections affect the local economy this year?
The answer to this question is no, most economists feel that it's the intention of both political parties to keep the economy moving forward at its current rate without any major changes because nobody wants to upset the economy during an election year, so things are likely to stay the same.
This is good news for the local rental market and for investors who are considering investing in Las Vegas rental properties because they can expect another stable year for investing in the Las Vegas area.