Las Vegas Housing Market Update - July 2022

The Market Isn't Crashing, But It Is Slowing Down...

The market is currently experiencing inventory numbers that have not been seen in the last five years that McKenna Property Management has been tracking rental inventory. Although at the end of July, inventory was around 2,500 properties (single-family, townhomes, and condos), in the two weeks since, inventory has increased by at least 10% and is rapidly approaching 3,000 properties. This increased inventory is the result of a wide range of factors, but can be partially attributed to the cooling of the real estate market. Recent investors and property-purchasers in the market were able to secure low interest loans during COVID. As interest rates increase and real estate sales slow, it is in the best interest of these property owners to hold their property until market conditions improve. Instead of letting the property sit vacant, they will rent it out, to continue making passive income. This results in the large influx of properties coming onto the market that we are seeing.


In July of 2022, 2,092 rental properties were leased across the Las Vegas Valley. This is a 1.3% increase in activity from June of 2022 (2,065 properties) and an 11.3% increase from July of 2021 (1,879 properties). The number of rental properties listed in July of 2022 was 1,606. This is a 11.5% decrease in activity from June of 2022 (1,814 properties) and a 117% increase from July of 2021 (740 properties). The median price of rental properties across the valley in July of 2022 was $2,060/mo. This represents a 0.5% increase from June of 2022 ($2,050/mo.) and a 14.4% increase from July of 2021 ($1,793/mo.). The average price of rental properties in July of 2022 was $2,171/mo. This is a 2% decrease from June of 2022 ($2,216/mo.) and a 8.1% increase from July of 2021 ($2,008).

Here are the key takeaways for any real estate investor in the current market:


A) Expect rent prices to stabilize in the coming months. As more inventory enters the market, there is more competition for potential tenants' attention. This means that property managers and landlords will be more focused in getting a property off the market quickly, than trying to price their properties super aggressively for the best ROI. Every day a property is vacant, is money the owner is missing out on, so the property manager's obligation will fall to making sure the property moves quickly.


B) As briefly mentioned above, properties will move slower as inventory increases. During the spring and summer of 2021, when there were less than 1,000 available properties on the market at any given time, it was not uncommon for properties to receive multiple applications in the first 24 hours it was on the market. Now, with inventory more than tripled, it is rare to have a qualified tenant apply within the first 48 hours. With so many options, potential tenants are now much more price sensitive than they were a year ago.


No matter the market conditions, every property is unique and needs a proper market analysis to determine what the current fair market rent would be. If you are a property owner or investor and have questions about where your property fits into the current rental market, please reach out to us in-person, via phone, or email.


The Writer’s Block: An Independent Bookstore in Downtown Las Vegas

August 4, 2025
Tucked away in the heart of downtown Las Vegas, The Writer’s Block is more than just a bookstore, a creative refuge in a city better known for neon lights and roulette wheels. Since opening its doors in 2014, this independent shop has built a reputation as a literary hub for locals and visitors alike. Located at 519 S. 6th Street in the artsy Fremont East district, The Writer’s Block blends the charm of a classic indie bookstore with a splash of Vegas flair. Inside, you’ll find an eclectic mix of new books spanning every genre, an espresso bar for your reading fuel, and perhaps most charming of all—a whimsical artificial bird sanctuary that hovers overhead. But The Writer’s Block isn’t just about browsing books. It's also a community builder. The shop regularly hosts readings, writing workshops, and book clubs, offering something for readers and writers of all ages. Housed within The Lucy—a nonprofit arts and culture center funded by the Rogers Foundation—the bookstore doubles as a place where creative minds can gather, collaborate, and grow. Whether you're picking up your next great read, sipping a latte while drafting a screenplay, or just popping in to say hi to the resident rabbit (yes, there’s a rabbit too), The Writer’s Block is a welcome literary escape in the middle of the desert. In a city full of distractions, it’s a reminder that quiet, thoughtful spaces still exist—and they matter. 

Step Into the Shadows: Exploring Las Vegas’ Mob Museum

July 28, 2025
Tucked away in the heart of Downtown Las Vegas, just steps from the flashing lights of Fremont Street, the Mob Museum offers something wildly different than the typical Vegas experience. Officially known as the National Museum of Organized Crime and Law Enforcement, this one-of-a-kind destination invites you to step into the gritty, gripping world of the American mob—and the people who tried to stop it. Housed in a historic 1930s U.S. Post Office and Courthouse—where real mob hearings took place—the building itself sets the tone. This is no ordinary museum. It’s immersive, intense, and at times, jaw-dropping Your journey begins at the top, tracing the rise of organized crime through Prohibition. Real artifacts tell real stories, including the actual bullet-riddled brick wall from Chicago’s infamous St. Valentine’s Day Massacre. As you make your way down each floor, the exhibits dive deeper into how the mob operated, how Las Vegas became a haven for crime families, and how law enforcement fought back - with wiretaps, undercover agents, and televised trials that captivated the nation. One of the museum’s standout features is its fully restored courtroom, where the 1950s Kefauver Hearings were held - bringing mob activity into the public spotlight for the first time. It’s surreal to sit in the very space where America watched the mob be put on trial. Downstairs, visitors can try hands-on exhibits like a police training simulator, or step into a forensics lab to test their CSI skills. But the real hidden gem is in the basement: The Underground, a fully functioning speakeasy and distillery that serves up Prohibition-style cocktails and house-made moonshine. It's a delicious way to end your tour through history. Beyond the drama and intrigue, what makes the Mob Museum truly special is how educational and engaging it is. It’s not just about the mobsters—it’s about the impact organized crime had on American culture, law, and justice. Whether you're a true crime junkie, history buff, or just looking for something different to do in Vegas, the Mob Museum is a must-visit. It’s raw, real, and fascinating from start to finish. L ocation: 300 Stewart Ave, Las Vegas, NV Hours: Daily 9am–9pm Admission: Starts around $35; discounts available for Nevada residents, students, military & law enforcement Don’t Miss: The Underground speakeasy (open later hour s)

800+ 5-Star Reviews and Counting: Why Las Vegas Trusts McKenna Property Management

July 21, 2025
McKenna Property Management is proud to have earned over 800 five-star reviews on Google — real feedback from property owners, investors, agents, and tenants all across Las Vegas who’ve experienced the difference working with us makes. Led by our owner and broker Jenni McKenna, with over 30 years of local real estate experience, we focus on making property management smooth, efficient, and refreshingly personal. We don’t believe in one-size-fits-all service or sending you in circles with automated systems. When you call our office, you’ll get a live person on the phone — not a robot or endless phone tree. Our team is organized into specialized departments, so whether it’s leasing, maintenance coordination, accounting, or HOA coordination, you’re always connected with the right person who knows how to help. That means quicker responses, clearer communication, and less frustration all around. Owners and investors trust us to handle everything from marketing and tenant screening to rent collection and repairs, helping maximize returns without the usual headaches. Agents feel confident referring clients to us because they know we respect their relationships — when it’s time for their clients to buy or sell, we never interfere or poach. Our focus remains solely on providing top-tier property management, while preserving and protecting their business. And tenants enjoy well-maintained homes, easy online systems, and a team that truly listens and responds. At McKenna Property Management, we treat every property like it’s our own and every person like part of our community. If you’re looking for reliable, experienced property management in Las Vegas with real people and real results, we’d love to connect.