Las Vegas the best place to buy a rental property, study finds
You've heard again and again that if you've got the cash, now might be a great time to buy a home in Las Vegas. Now, a CNNMoney report finds this is also the perfect time for real estate investors to gobble up rental properties.
Purchasing rental properties could be profitable for years, the report says, because home prices are down, interest rates are low, and rents are expected to rise.
In fact, the report cites a study that found Las Vegas has the best potential for profit from rental properties nationwide. Falling home prices lead to profitable rental properties, it seems. Many cheap homes can quickly be turned into profitable rental properties for a song.
Las Vegas leads the nation in foreclosures and many of the people who lost their homes choose to rent.
This all comes on the heels of the Standard and Poor's Case-Shiller Home Price index . Released in late June, it found Vegas has hit a new home price index low, having dropped 6.2 percent since April of 2010.
The median price for a single-family home in the Las Vegas-area was $125,000 in April of this year, down 0.8 percent from March of this year.
Some of the other cities with a great deal of potential for rental profit include Detroit, MI; Orlando, FL; Tampa, FL and Bakersfield, CA.
Copyright 2011 FOX 5. All rights reserved.
Affordable Las Vegas Homes - News
Median existing-home prices fell to less then $70 a square-foot in June, down 12 percent from a year ago and nearly $30 a foot less than the cost of a new home, Las Vegas-based SalesTraq reports. Cheap housing prices combined with the lowest interest
In fact, the report cites a study that found Las Vegas has the best potential for profit from rental properties nationwide. Falling home prices lead to profitable rental properties, it seems. Many cheap homes can quickly be turned into profitable
I've suggested in the past (albeit somewhat selfishly because I live there) that Las Vegas is an ideal spot to build new green data centers. We have lots of space and cheap real estate; we're close to California; and, most importantly,we have a very
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Fong is competing for bragging rights for the lowest annual electric bill in her Las Vegas community, where rooftop solar panels are standard on all 185 homes. Her monthly bills have never been more than $45, and her 1775-square-foot house even
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