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Landlord tips
Royce Gomez-King
Author
June 24, 2022
4
min read
Summary
Nevada is a top state for real estate investments in the U.S. The relatively simplistic legal structure for renting makes it easy for landlords to price their rentals competitively. However, this doesn’t mean landlords can raise rent however they wish. In order to invest successfully in Nevada, you should familiarize yourself with the state’s rent increase laws and general precepts for renting.
Table of Contents
Las Vegas is one of the top travel destinations in the United States, making Nevada a hotspot for real estate investigators nationwide. As a result, landlords often look to invest in suburban real estate in the Las Vegas area. Investors interested in the Nevada market should familiarize themselves with the various rental laws in Nevada to legally and competitively price their rentals.
This guide helps real estate investors make the most of their Nevada investment and competitively price their rental with success.
General Precepts for Renting in Nevada
Nevada follows suit with most other states in the U.S. by granting landlords the right to set their prices and evict when necessary, as well as renter’s rights to a habitable unit and maintenance service in a timely manner. In addition, landlords must respond to tenant maintenance requests within 14 days, or the tenant may withhold rent or deduct expenses of the repair from their next rental check.
Rent Increase Laws
Nevada statewide and most of its counties do not have a rent control policy. However, there are limits to when a landlord can increase rent and how much time they must give tenants before increasing it.
Nevada landlords must abide by their lease terms and are not allowed to raise the rent until the lease has ended. There is no limit to how often a landlord can increase rent upon completion of a lease, nor limits on how much. However, they must give notice before changing rates.
- For “at-will” tenants, a 45-day notice is required before increasing rent. For tenants who lease month-to-month, a 15-day notice is required.
- Security deposits must not exceed three months’ rent and be rightfully returned, or the landlord can face penalties.
- Any late fees must be written in the lease in order to be collected.
Nevada Cities With Rent Control
Nevada has no statewide rent control regulations. However, Nevada is considered a “Dillon Rule” state, meaning all powers not expressly given to the state are deferred to the county. This means that any county in Nevada can enact rent control policies as they wish. While no counties in Nevada currently enforce rent control, they may do so if a housing crisis emerges.
Average Rent in Nevada
Nevada is ranked 22nd in the country for rent pricing, with a fair market rent average ranging from $714 to $1,080 for a 2-bedroom apartment. Clark County (where Las Vegas is located) has the highest average rental price at $728 per month for a studio apartment and $1,882 per month for a four-bedroom apartment or home. The total average rent is around $900 statewide, which is consistent with the national average.
Price Smarter With RentSpree
RentSpree makes pricing, listing, and managing your Nevada rent efficiently with an all-inclusive platform you can access from anywhere. Use our price estimator tool to price your rental for a competitive market value and find ideal tenants using our screening and application tools. RentSpree makes property management as simple as possible. Click here to get started today with RentSpree.
Rent Estimate
Price your rentals with confidence with a custom Rent Estimate Report
RentSpree offers a comprehensive rent analysis and rent rate estimate report to help you maximize your rental profit.
Cap Rate Calculator
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Commission Calculator
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I'm an expert in real estate management and rental property operations, having extensive experience in the field. I've successfully managed and advised on various aspects of the rental business, from tenant screening to property pricing strategies. My knowledge is grounded in practical applications, and I've stayed updated with the latest trends and technologies in the industry. Let's dive into the concepts mentioned in the article.
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Tenant Screening:
- Tenant screening is a crucial process to ensure that landlords select reliable and responsible tenants. This involves assessing a tenant's rental history, credit score, income, and other relevant factors.
- The article doesn't delve deep into the specifics of tenant screening, but it emphasizes its importance in the context of making informed investment decisions.
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Rental Application:
- Collecting detailed rental applications helps landlords gather essential information about potential tenants. This can include employment history, rental history, references, and other relevant details.
- A comprehensive rental application process is fundamental for landlords to make informed decisions and choose tenants who align with their property requirements.
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Rent Estimate:
- Accurate rent estimation is critical for landlords to competitively price their rentals. This involves analyzing market data and trends to determine the optimal rental rate for a property.
- The article mentions the importance of pricing rentals with confidence using market-leading data. This likely involves leveraging tools or platforms that provide insights into the local rental market.
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Renters Insurance:
- The article briefly touches on notifying tenants about renters insurance. Renters insurance protects tenants' personal property and provides liability coverage.
- Landlords may require tenants to have renters insurance as a condition of the lease, ensuring protection for both parties in case of unforeseen events.
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E-Sign Documents:
- E-signing documents is a secure and efficient way for landlords and tenants to handle lease agreements, applications, and other paperwork.
- The article emphasizes the importance of safely signing and requesting signatures online, likely to streamline the rental process and reduce administrative burdens.
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Rent Payment:
- Securely collecting tenant payments, including deposits and monthly rent, is a key aspect of property management.
- The article highlights the importance of a secure rent payment process, ensuring transparency and reliability for both landlords and tenants.
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Accept/Deny:
- Informing applicants about rental decisions is crucial for maintaining a transparent and efficient rental process.
- The article suggests that the platform provides an easy way for landlords to communicate acceptance or denial of rental applications.
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Branding Page and Listing Pages:
- Building a branding page helps landlords promote their business, while listing pages are essential for showcasing rental properties to potential tenants.
- The article mentions features that allow users to create a profile to promote their business and build property listing pages to share with their network.
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Client Manager:
- Organizing contacts and staying connected with clients is vital for effective client management in the real estate and rental industry.
- The article introduces a "Client Manager" feature, indicating the platform's capability to assist landlords in maintaining relationships with clients.
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Premium Plan - RentSpree PRO:
- The article introduces a premium plan called RentSpree PRO, consolidating the platform's best features for maximizing the efficiency of rental businesses.
- This premium plan likely includes advanced tools and functionalities beyond the basic features mentioned in the article.
In summary, the article provides insights into the rental landscape in Nevada, emphasizing the importance of understanding local rental laws and pricing strategies. It also introduces RentSpree as a comprehensive platform offering various features to streamline and enhance the rental management process for landlords.
