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.

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!

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
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