For Las Vegas rental home investors, it pays to understand commercial real estate trends. Literally.
Many tenants seek homes to rent that are close to popular retail and commercial centers, either because it’s close to work or close to a store or restaurant they frequent. Now, despite long-held notions that physical retail was a dying asset, new reports are funneling in from around the country indicating that store-fronts are re-opening and that consumers are back to window shopping. (At least to a greater extent than was predicted a couple of years ago in the heart of the recession.)
Many commercial strip centers are often located close to major commuting thoroughfares as well, making it easy for tenants to get to and from work. Naturally, access to public transportation is an important issue for many tenants. However, public transportation stops are somewhat universal and can be found in communities that also may not fit your investment goals.
For example, the Shops at Summerlin, the long-delayed but now active outdoor retail project next to Red Rock Casino, will no doubt boost the rental community directly within its sphere of influence. Homes in Summerlin communities like the Vistas and the Willows, both within a few minutes walk of the development, could be solid Las Vegas real estate investments for the buyer who’s tuned-in to what’s happening in the valley’s west-end.
Houses in and around Downtown Las Vegas can end up providing substantial cash flow for willing investors. The Downtown Project’s ongoing purchasing spree means that more commercial property will be developed in the city’s urban core.
Normally, civic organizations and municipal leaders have to work diligently over a number of years to re-purpose outdated communities. While Las Vegas leadership has indeed done terrific work in supporting local growth (The Smith Center, especially), it’s rare to see such a highly-organized and centralized effort take almost sole custody of the Downtown economy, which is exactly what The Downtown Project is doing.
Las Vegas real estate investors looking for properties that will be attractive to young professionals may want to seek availabilities in around Freemont Street. As Zappos moves in, employees will want to make their commutes easier. As will those employed by the companies that follow their lead.
If you’e interested in knowing what lies ahead for Las Vegas retail and how it will impact residential investment opportunities, call Gavish Property Management today.