As we know the city of Las Vegas and Henderson seem to always be growing. We have come a long way since the days of the traffic light-free Las Vegas Strip, Summerlin being nothing more than a barren stretch of undeveloped land, and McCarran airport only serving 2 million passengers per year, comparing to 45 million per year as of now. Here at the McKenna Team, like Las Vegas we are always striving to be bigger and better.
In the next month, we are welcoming our very own Ikea to the Las Vegas area, with only 44 locations in the United States, we have proven to have the income as well as the population to support one of the world’s largest furniture retailer locations. Not only does this bring over 300 job opportunities it proves we are ever so expanding. As of 2014 we have surpassed 2 million in population, one of the requirements your city needs to meet in order to bring an Ikea to your area. In addition to Ikea, Henderson is opening their very own Hospital this upcoming fall. This 245,000 square-foot building will hold 700 job openings. However, these positive changes are not limited to just the Las Vegas area.
With the nation’s improving job market and the wave of 83.1 million Millennials moving out on their own housing demand will rise. According to CoreLogic we are at the lowest rate of vacancies in 30 years, as well as the prediction from the National Association of Realtors of a 3% increase in home sales from 2015 to 2016. With an expected surge of new housing developments, and an increase in rents, it is apparently not only going to be a buyer’s market, but a seller’s as well.
McKenna Property Management has had an incredible first quarter of 2016. Average days on market for our rental properties is a low 18 days. As we emerge out of the Great Recession we will start to see a more sustainable housing market that is beneficial for buyers, sellers, as well as investors. You may want to consider jumping into the growing real estate market pool. After all the water seems to be just right!