The Strip, Las Vegas
Located just south of the Las Vegas city limits in the towns of Winchester and Paradise, Nevada, the Las Vegas Strip is a four-mile stretch of real estate known best for it’s myriad of world-class resorts and casinos. It has easily become one of the most popular tourist locations in the world. With a reputation for incredible architecture, it has earned numerous awards for it’s unique and scenic cityscape.
The cultural diversity is what makes it a really special place with many Native American and Hispanic influences. Living right at the heart of the Strip, residents get the chance meet people from all around the world traveling through Nevada. In 2016, approximately 16 percent of tourists were from foreign countries.
Its active tourism business has led to some astonishing changes over the decades. The Strip is now an ever-changing street of architectural beauty. It continues to draw millions of visitors every year to the area. This means that there are always plenty of jobs available in the city. Almost 40 percent of residents in this area work within the tourism and service industry. With a booming economy and increased business, many employees have recently seen wage increases.
Living on the Strip in Nevada, there is always something culturally engaging to go see. Whether it’s catching a show at the Las Vegas Little Theater or admiring the stunning glass art at the Chihuly Art Gallery, this area is never short of things to do. Touting some of the best nightlife in the world, this area has more bars and clubs than most city blocks.
The other wonderful thing about Las Vegas is its weather. Although it does get very hot a couple months out of the summer, the rest of the year is gorgeous and sunny. Aside from gambling and seeing incredible entertainment, this area also has many beautiful parks to enjoy the outdoors in. If you ever feel the need for some real nature, Red Rock Canyon National Park is only a short 25-minute drive outside of the Las Vegas Strip.
Las Vegas itself is barely 100 years old. It was only founded in 1905. The Strip is a relatively young part of the city. Originally it was just a strip of bare highway through the desert of Nevada. The first piece of retail property wasn’t built on it until 1941. It was a casino and hotel called the El Rancho Vegas. Today, resorts and high-rise condos are constantly being renovated and constructed all along it. With the opening of such luxurious hotels as the Bellagio, the Venetian, and the Wynn resorts, the Strip has seen a new trend in higher-scale enterprises.
This upscale growth has been attracting a lot more money to the town. Thus, more upscale residential properties are being built in the area. The estimated median house or condo value in 2016 was $197,900. Just in the last year, house prices have risen 10 percent. The housing market here is certainly going through a booming phase.
There are a wide range of residents from all levels of class and financial status. Most recently, in 2015, the estimated median income for residents on the Strip was $41,656. The average age of residents in this are 37 years old. Over 20 percent of the population holds a bachelor’s degree or higher education.
The house sales in Paradise reached about 3,000 in 2015, up from 2,500 in 2012 with sales expected to steadily increase in the coming years. Another great thing about this area is that property taxes are relatively low compared to other major cities in the U.S. Property taxes only make up about 1 percent of the entire home’s value.
The average rent was estimated to be around $981 per month in 2016. A typical high rise condo with 2 bedrooms and 2 bathrooms hovers between $2,500 to $3,500 per month. There are also many houses in the area available for rent that average in the $1,200 per month range.
Call us today for a comprehensive market analysis of your rental property.
The Strip Property Management
Our property management team specializes in residential areas throughout The Strip, NV. We offer multiple services to take your rental property and convert it into reliable income. We have a thorough screening process that helps to identify the right tenants for your property. Our team works hard to keep both parties happy through effective communication, bullet proof lease agreements, and timely monthly rent collection. We offer maintenance services to enhance the property and ensure that it will retain or increase in value. We oversee everything, allowing you to sit back and relax and know that your property and your tenants are in good hands.
Contact us today if you are ready to receive a comprehensive analysis of your rental property and to inquire about our The Strip area property management services.
I have been so impressed with not only the quality of service, but the punctual service and communication skills that I have seen through Keyrenter. I would absolutely recommend using Keyrenter.
Kimber C, Satisfied Client
Keyrenter is very organized. I have had several problems with my condo, and Keyrenter has been on top of everything. I can’t say enough good things about the company.
Steve S. , Satisfied Client
I'm absolutely delighted with how easy Keyrenter made everything for me. From start to getting a renter into my house, it's all been convenient and simple. Great company, great service, great people!
Lorrie M., Satisfied Client
I've been a tenant with Keyrenter for the past 5 years. They have always been prompt in dealing with issues I've raised up and in responding to my requests for repairs and maintenance.
Tadd D., Satisfied Tenant
PROVEN AND TRUSTED