Las Vegas Housing Market Update - April 2023

Dropoff in Leasing Activity, But Market Conditions Look Favorable

At the end of April, rental market inventory was at 2,798 rental properties, following a 4-month trend of decreasing inventory prior to the busy season. In April of 2023, 2,122 rental properties were leased across the Las Vegas Valley. This is a 16.4% decrease from March of 2023 (2,537 properties) and a 9.3% increase from April of 2022 (1,942 properties). The number of rental properties listed in April of 2023 was 1,618. This is a 8.5% decrease from March of 2023 (1,769 properties) and a 29.2% increase from April of 2022 (1,261 properties). The median price of rental properties across the valley in April of 2023 was $1,995/mo. This is the first time that median rent has increased since July of 2022, and is a 5.0% increase from March of 2023 ($1,900) and a 2.0% increase from April 2022 ($1,955). The average price of rental properties in April of 2023 was $2,181/mo. This is nearly the same average rent from April of 2022 ($2,182) and a 3.5% increase from March of 2023 ($2,107).

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


A) With increases in both median and average rent, there is potential for rental income growth for landlords and property investors. Although the pandemic disrupted the typical rental market cycle, the summer has historically been the most profitable time for property turnover. This is the period when demand is at its highest, thus tenants are less likely to shop around, and this allows for more aggressively priced rentals to be rented out. Although the changes month-over-month were nominal, this could be an indicator of a larger increase in the coming months.


B) Rental inventory is decreasing from the historic highs that were seen at the end of last year, which at first glance, may seem like positive news. However, with the additional context of over a 15% decrease in leasing activity and 8.5% decrease in new listings, a better picture is painted. April was a slow month for the market, and even with decreasing inventory, properties are, on average, still sitting on the market for over a month before being rented out. Moving into the busy season, investors and landlords should hope to see inventory numbers continue to decrease so that individual listings receive more traffic and are rented out quickly.


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 have questions about where your property fits into the current rental market, please reach out to us.

Exciting News: MAX, Your New AI Assistant for Maintenance Requests!

April 7, 2025
As of April 7th, Appfolio has launched MAX, an innovative AI assistant designed to make submitting maintenance requests easier and faster for all residents! With MAX, getting repairs done quickly and efficiently is now simpler than ever. Here’s how MAX works 1. Click the Blue "New Meld" Button When you need maintenance, simply log into your Property Meld account and click the blue “New Meld” button 2. Troubleshooting with MAX MAX will ask you a few quick troubleshooting questions to help pinpoint the issue and ensure the right work gets done 3. Track Your Request Once maintenance is scheduled, you can easily follow the status of your request right in your Property Meld account.  MAX is here to streamline the process and help ensure your maintenance needs are addressed quickly. MAX™ users are already seeing game-changing results: a 100% accurate work order match rate and 62% of all Melds have photos or videos attached. We’re excited about this new feature and hope you enjoy the improved experience!

Taking care of your rental | Landscape cleanup

April 2, 2025
Keeping your landscaping tidy is an easy way to keep your yard looking great and avoid any potential violations! Regularly clearing away fallen leaves, trimming overgrown plants, and picking up yard debris not only helps your garden stay healthy but also ensures you’re following community guidelines. A well-maintained yard can also boost your home's curb appeal and contribute to a clean, attractive community.  By taking a little time each season to stay on top of your landscaping, you help contribute to the cleanliness and beauty of our neighborhood. Plus, it’s a great way to avoid potential fines or complaints. Thank you for doing your part!

BLVD: A Game-Changer for the Strip

By Shae White • April 1, 2025
Las Vegas continues to reinvent itself, and the latest addition to the Strip is sure to leave a lasting impression. The BLVD is officially opening this year, bringing a thrilling new blend of luxury, entertainment, and innovation to the heart of Sin City. One of the standout features of this development is the world’s largest In-N-Out Burger . Food lovers can indulge in their favorite fast-food cravings at an unprecedented scale. But that’s just the beginning. BLVD is also home to The Overlook , an outdoor lounge offering stunning views of the iconic Las Vegas Strip. It's the perfect place to relax with a drink while taking in the vibrant energy of the city. Spanning over 400,000 square feet of retail space, the development promises a shopping experience like no other. High-end boutiques, cutting-edge stores, and unique pop-up experiences will make BLVD a must-visit for anyone looking to elevate their Las Vegas experience.  With its mix of modern design, upscale amenities, and unforgettable views, BLVD is set to become the new heartbeat of the Strip. Whether you're a foodie, shopper, or thrill-seeker, this new landmark will surely become a highlight of your Las Vegas adventure. Make sure to check it out—it’s the next big thing in Sin City!
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