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.

4 Tips for Protecting Your Rental Property Investment in Las Vegas

March 24, 2025
Owning rental property in Las Vegas is a rewarding investment, but protecting that investment requires proactive attention. At McKenna Property Management, we understand the unique challenges property owners face in this market. Here are five essential tips to safeguard your property. 1. Regular Property Evaluations and Tenant Screening At McKenna Property Management, we conduct regular property evaluations to identify and address issues before they become costly problems. Whether it's checking if the air filters are being changed o r checking for wear and tear, we help keep your property wellmaintained. We also thoroughly screen tenants to find reliable individuals who pay rent on time and treat your property with care. Our process includes background checks, credit reviews, and rental history verification, helping you avoid costly turnover and potential damage. 2. Leverage Our Team of Licensed Realtors and Property Managers Our team of licensed Realtors® and property managers has extensive experience in the Las Vegas market. This expertise ensures that we’re up-to-date with the latest rental laws, regulations, and market trends, helping you stay compliant and protect your investment from potential legal risks . 3. Stay Current with Local Laws and Regulations Las Vegas has specific laws regarding rental properties, from landlord-tenant relations to eviction procedures. At McKenna Property Management, we stay on top of these regulations to ensure your property is compliant and you avoid costly legal issues. 4. Invest in Regular Property Upkeep and Upgrades Regular mainten ance and addressing smart upgrades are essential to keeping your property competitive. Simple improvements like new paint, updated appliances, and energy-efficient features not only increase your property’s value but also attract highquality tenants. Conclusion  Protecting your rental property in Las Vegas requires proactive steps. By taking care of evaluations, tenant screening, staying compliant with laws, and walking you through the benefits of investing in upgrades, you can ensure long-term success. At McKenna Property Management, we’re here to help you safeguard and maximize the value of your investment. Contact us today to learn more!

Las Vegas Rental Market: Signs of Strength Amid Mixed Predictions

March 20, 2025
The Las Vegas rental market has been the subject of conflicting reports lately—some headlines suggest a rebound, while others caution that rents may remain flat or even decline due to the amount of rental inventory. However, at McKenna Property Management , we’ve been tracking a clear upward trend since January, and the numbers tell a promising story. Our renewal rents have seen on average a steady 3% increase , and we’re optimistic that this number could inch closer to 5% as the year progresses. Additionally, we’re seeing more properties successfully re-enter the market with an average day on market being less than 24, further supporting the idea that demand remains strong. Las Vegas continues to attract people to move here. Of course, outliers exist, but I personally haven’t had to make too many of those dreaded calls to owner/clients recommending a rent reduction. In most cases, rental rates are holding firm or improving—a positive sign as we move further into 2025. While market conditions can always shift, the overall outlook remains favorable , and we’re keeping a close eye on trends to ensure our owners stay ahead of the curve. Stay tuned for more updates as we continue navigating this dynamic market! Jenni McKenna | B.29819 — McKenna Property Management

The Impact of the LA Fires on Southern Nevada’s Housing Market

March 11, 2025
In January, Southern California faced devastating wildfires, which left an estimated 16,000 homes damaged or destroyed, particularly in areas like Altadena, Pacific Palisades, and Malibu. As these communities work to recover, many residents have been forced to relocate, significantly impacting housing markets across the region. One notable trend that has emerged is the rise in rental prices in Los Angeles County. As of the end of January, rent prices had surged by 37% compared to the previous year. With the loss of so many homes and increased demand for available rentals, many Californians are now seeking alternative housing options. As these individuals look to rebuild their lives, many are turning to nearby Southern Nevada, and Las Vegas, in particular, is emerging as a viable option. According to the UNLV Lied Center for Real Estate, nearly 40% of new Nevada residents are from California. This shift is partly due to the affordable housing market, lower property taxes, and Nevada's lack of a state income tax—all of which make the region an attractive destination for those seeking a fresh start. Southern Nevada also offers a thriving economy with strong job growth and ample opportunities in various industries. The local construction market remains robust, with ongoing development projects contributing to the area’s growing housing supply. While the fires in California and the resulting displacement of residents have led to many challenges, they may also present opportunities for Las Vegas and the surrounding areas. The continued influx of people from California could further bolster the region’s economy, but it also underscores the importance of planning and sustainable growth to accommodate the increasing demand for housing. At McKenna Property Management, we remain committed to understanding these broader market trends and helping both homeowners and renters navigate the evolving housing landscape. Whether you’re looking to relocate or invest in Southern Nevada, our team is here to offer insights and support in this shifting market.  Call us today to inquire about our property management services or available rentals, 702- 434-4663. Jenni McKenna B.29819
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