Nevada: The Top Destination for Investors
Nevada distinguishes itself among other West Coast states as a more landlord-friendly destination for multifamily dwelling investments. According to David Lee, (former CCIM president and current director of multifamily investments) favorable landlord laws have contributed to Nevada’s status as a preferred investment location compared to its West Coast counterparts.
Governor Lombardo recently vetoed several bills that leaned in favor of tenants rather than landlords. Senate Bills 335, 78, and 371, along with Assembly Bills 340, 218, and 396, were all subject to his vetoes. However, the Governor clarified that his decisions were not driven by a pro-landlord stance but rather by his belief that the housing crisis stems from limited land availability in Nevada. This perspective is supported by the influx of investors and companies from out of state who are choosing to invest in multifamily properties within Nevada.
Approximately 80 percent of these investors hail from other West Coast states, as reported by Lee. Notably, Ben Nelson, (senior vice president at Kidder Mathews) facilitated the sale of Quail Manor Apartments in Reno to a private investor from San Jose, CA, who had engaged in a 1031 exchange and secured financing through Plumas Bank, according to a Kidder Mathews report. Nevada’s appeal as an investment hub remains strong, despite the legislative landscape.