Las Vegas isn't just about flashy shows and neon-lit casinos. It's also a hotspot for real estate enthusiasts looking to make their mark in the desert sun.
But if you plan to get into leasing, what do you need to know before you roll the dice?
Let's go through everything you need to know about Las Vegas real estate leasing.
Local Real Estate Market
To be a successful real estate investor, you need to do your research.
Stay informed about current market trends in Las Vegas. This includes information on rental prices, property values, and overall market conditions. Keep an eye on how these trends are evolving over time.
Las Vegas has a diverse range of neighborhoods, each with its own character and appeal. Research different areas to find the one that best suits your preferences and needs. Consider things like amenity proximity, safety, and community atmosphere.
Lease Agreements
You need to be very careful when you're putting together your lease agreements. Clearly outline the lease's terms and conditions, which should include the lease's length, rent amount, payment due dates, and any late fees that might be relevant.
You'll want to be clear about lease renewal options, too, and make sure that the paperwork is ready when the time comes.
Security Deposits
Nevada lets landlords take a maximum of three months of rent as a security deposit. However, it's advisable to keep the deposit reasonable and in line with industry standards to avoid potential disputes.
Landlords in Nevada must give the tenant's security deposit back within the first 30 days after the tenant has moved. The landlord can deduct any necessary charges for rent that hasn't been paid, cleaning, or unusual damages.
If the landlord intends to make deductions from the security deposit, they must give the tenant a thorough list of deductions along with any remaining balance of the deposit. This list should be sent to the tenant's last known address.
Evictions
When you're using a rental property for income generation, there's always a chance you may need to evict a tenant.
Landlords can initiate eviction proceedings for specific legal reasons, such as failing to pay rent, lease violations, or other breaches of the rental agreement.
Before filing for an eviction, landlords are generally required to provide tenants with written notice, giving them an opportunity to remedy the violation. The type and length of notice may vary depending on the reason for eviction.
If a tenant fails to pay rent, you serve a 5-Day Notice to Pay or Quit. This notice gives the tenant five days to pay the outstanding rent balance or move out.
If you're evicting the tenant for another reason, you need to serve a 5-Day Notice to Cure or Quit. This gives the tenant five days to remedy the violation or vacate the property.
Leasing in Las Vegas: Start Today
There's a lot you need to know about Las Vegas real estate leasing before you get into the business.
Do you need help managing your new rental business as a property owner? PURE Property Management offers top-of-the-line services for a bargain. Start working with us today.