Las Vegas Housing Market Update - February 2023

Market Picks Up Slightly to Start the Year

At the end of February, rental market inventory was at 3,081 rental properties. This is the second month showing a continuous decrease in rental inventory. This kind of back to back decline has not been seen since March-May of 2021. This decreased inventory could be a good omen for the coming busy season of rentals (spring-summer). In February of 2023, 2,084 rental properties were leased across the Las Vegas Valley. This is an 15.8% increase from February of 2022 (1,799 properties). The number of rental properties listed in February of 2023 was 1,568. This is a 23.4% increase from February of 2022 (1,271 properties). The median price of rental properties across the valley in February of 2023 was $1,900/mo. The median price has remained unchanged at $1,900/mo. since December of 2022. The average price of rental properties in February of 2023 was $2,192/mo. This is a 3.7% increase from February of 2022 ($2,133).

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


A) While inventory continues to decrease, and listing activity went down by over 10% month-over-month, we are continuing to see long days on market across the valley. For example, in the month of February, the average days on market for the entire Las Vegas metropolitan area was 40 days. This is nearly 6 weeks of vacancy for owners, which affects the ROI of properties. This means that property managers and landlords are still having to be conservative on setting new rent amount for turnover and lease renewals.


B) As government-funded housing assistance programs wind down, and the courts grant more and more evictions, there will be an influx of tenants looking for rentals with evictions on their records. This means that there will be an increase in the number of tenants applying for rentals with falsified records. It is important that when screening tenants, all information is verified to ensure that you are putting a fully qualified tenant into your property. Not fully vetting a tenant can result in thousands of dollars' worth of damage to a property during their tenancy and at move out.


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.


February 19, 2025
In today’s fast-paced world, it's easy to get caught up in the hustle and forget the simple things that make life meaningful. One of the most powerful, yet often overlooked, ways to enrich our lives is by expressing gratitude. Whether it's sending a handwritten thank you card, picking up the phone to call a loved one, or simply acknowledging someone's kindness, these small acts have big benefits for both the giver and the receiver! 1. Improves Mental Health Expressing gratitude can have a positive impact on your mental well-being. Studies show that taking the time to acknowledge and appreciate what others do for you can lower stress and improve your overall mood. When you send a thank you note or call someone to express your appreciation, you foster positive emotions that help shift your mindset toward optimism. 2. Strengthens Relationships A heartfelt "thank you" can go a long way in maintaining and deepening your relationships. Whether it’s a friend, family member, or colleague, showing gratitude makes the recipient feel valued and recognized. A quick phone call or a note saying "I appreciate you" can create a stronger bond and encourage more positive interactions in the future. 3. Cultivates a Culture of Kindness  By expressing gratitude, you're setting an example for those around you. It’s contagious! When you take the time to appreciate others, you're encouraging a culture of kindness and appreciation in your community. Small gestures like sending thank you cards can inspire others to do the same, creating a ripple effect of positivity. In Conclusion Expressing gratitude doesn’t require grand gestures. A thank you card, a quick call, or a heartfelt message can transform your relationships and improve your own well-being. The power of gratitude is undeniable—small acts of appreciation can have a lasting impact, creating a more positive and connected world for everyone. So, go ahead—reach out, say thank you, and feel the benefits in return.
February 12, 2025
We’re sure you’ve heard about Punxsutawney Phil of Pennsylvania, but did you know Nevada has its own unique way of signaling the arrival of spring in the desert? His name is Mojave Max! Mojave Max, a tortoise residing at the Springs Preserve in Las Vegas, acts as a local mascot for the desert tortoise conservation program. Katrina Smith, the Senior Zoologist at the preserve, explains that Mojave Max's emergence is rooted in biology rather than folklore. Unlike a rodent seeing its shadow, which holds no real significance, the emergence of a desert tortoise is a biological event. For Max, the temperature inside his burrow must reach a certain threshold before he becomes active. This signals the warming weather, the blooming of flowers, and the increase in wildlife activity. When he emerges, it marks the official arrival of spring! Over the past two years, Max has emerged in late March, and his return has become a highly anticipated event. For over 25 years, local elementary students have been participating in the Mojave Max Emergence Contest, guessing the date of his big appearance.  Mojave Max's emergence serves as a reminder that spring in the desert is not just a season, but a living, breathing change in the environment that calls for our attention and care!
February 7, 2025
Essential Information for Protecting Your Belongings
More Posts
Share by: