Las Vegas Housing Market Update - December 2022

Inventory has Stalled, But DOM is Still Increasing

At the end of December, rental market inventory was at 3,617 rental properties. This new high continues the trend of ever-increasing inventory numbers that began back in June. While the rate of month-over-month growth has slowed dramatically since the summer, this level of inventory is far from what most agents are used to. the increased inventory in the second half of the year lead to an almost doubling of the MLS average DOM by the end of the year. In the time that McKenna Property Management has been keeping track of the average DOM for the MLS, the previous high DOM was set in January of 2020 and sat at 35 days. The new record of 40 days, set in December of 2022, is unprecedented and shows how high inventory can affect how quickly properties can move.


In December of 2022, 1,937 rental properties were leased across the Las Vegas Valley. This is an 31.9% increase from December of 2021 (1,468 properties). The number of rental properties listed in December of 2022 was 1,699. This is a 50.8% increase from December of 2021 (1,127 properties). The median price of rental properties across the valley in December of 2022 was $1,900/mo. This represents a 1.3% increase from December of 2021 ($1,875/mo.). The average price of rental properties in December of 2022 was $2,077/mo. This is a 1.2% increase from December of 2021 ($2,053).

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


A) With consistent decreases in median and average rent month-over-month, along with decreases in both leased and listed properties, it is safe to assume that the rent boom caused by COVID and the resurgence of the economy in Las Vegas has passed, and rent amounts are expected to continue to slightly decrease moving forward as the market corrects. If rent was not increased during the pandemic and years following, you may need to wait until the spring or summer for a market adjustment at turnover or lease renewal, but do not expect the same kind of increases seen in 2021 and 2022.


B) As the market stalls in the slow season, days on market (DOM) remains high for the Greater Las Vegas Metropolitan Area. In December of 2022, the MLS average DOM was a whopping 40 days. This means that when calculating yearly return on properties, turnover and vacancy are an over 10% reduction in gross income to the property owner. While some of this is offset by raised rental rates, the effect will only become worse as rents decrease and/or DOM continues to rise. If you are considering turning over the property, make sure that your rainy-day fund is prepared for the costs of turnover, along with the cost of unrealized rent while the property sits vacant. It may be smarter to keep a tenant in the property until the market (hopefully) picks up during the summer to avoid those vacancy costs.


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.

Using Our Screening Score Sheet for Rental Applications

April 21, 2025
When applying for one of our rental properties, we use a comprehensive screening score sheet to ensure all applicants are held to the same standard. The score sheet evaluates various aspects of your financial stability and rental history, helping the landlord make informed decisions while maintaining a fair and transparent process! Here’s a breakdown of how we assess your application utilizing the screening score sheet: 1. Length of Residency: While longer periods at previous residences typically suggest reliability and commitment, we understand that some applicants may be first-time renters. We welcome first-time renters, and on the screening score sheet, you can assign yourself a "1" under "Length of Residency" if this is your first rental experience! 2. Collections: We review any outstanding collections, including monthly utilities or bills, as well as loans (excluding medical bills). This helps us assess your overall financial responsibility. Your estimated monthly payment for all your loans, utilities and bills is also taken into consideration. 3. Rent-to-Income Ratio (per household): To ensure you can comfortably afford the rent, we require that your monthly income is at least 2.5 times the rent amount. This ratio helps us verify your ability to manage rent payments alongside other living expenses. 4. FICO Score: While there is no specific minimum FICO score, we do take it into account when evaluating your financial health. A higher score indicates a history of responsible credit management. 5. NSF/Late Payments & Landlord Disputes: We look into your rental history to ensure that there are no frequent NSF (non-sufficient funds) or late payments, and that there are no unresolved disputes with previous landlords. Please note that all application charges are non-refundable, and every occupant over the age of 18 must submit a separate application. Our scoring system ranges from 0 to 21, with 15 being the lowest acceptable score. All approvals or denials are ultimately decided by the property owner. We do not operate off a first come first serve basis, so if you are curious about the status of applications prior to applying, please don’t hesitate to call our office! By using our screening score sheet, we aim to create a rental environment where both tenants and property owners can thrive. This score sheet can be found on our site, under the Before You Apply Manual, as well as under “Rental Resources”.

Declutter and Earn: Join the Outdoor Swap Meet at the Downtown Recreation Center in Henderson!

April 16, 2025
Looking to declutter your home while making some extra cash? The outdoor swap meet at the Downtown Recreation Center in Henderson is the perfect opportunity! Whether you’re cleaning out your closets, clearing space in your garage, or finding a new home for gently used toys, books, and clothes, this event is your chance to turn those items into money. Each booth equals two parking spots, and registration is required at least one week in advance. All booths are assigned randomly, ensuring a fair and fun atmosphere for all. Remember, only second-hand items can be sold, so it’s a great way to recycle and give your items a second life. Event takes place April 19th & May 17th! The swap meet opens at 7am, so come early to shop! Admission is free for all ages, making it a perfect outing for families looking to find unique treasures. Ready to get started? Simply register on the City of Henderson website to secure your spot. It’s time to clean out, earn some extra cash, and find something new – don’t miss out on this exciting event at the Downtown Recreation Center!

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!
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