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.
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