Las Vegas Housing Market Update - June 2022

Inventory Crosses 2,000 for the First Time in 2 Years!

Although the rental and real estate markets are continuing to strongly favor landlords/sellers, for the first time in over 2 years, the market is showing signs of slowing down. June rental inventory numbers have reached levels that have not been seen in over two years, especially during the summer. In fact, the last time there were comparable inventory numbers was during the market slowdown in the spring of 2020.


In June of 2022, 2,065 rental properties were leased across the Las Vegas Valley. This is a 13.8% increase in activity from June of 2021 (1,814 properties). The number of rental properties listed in June of 2022 was 1,814. This is a 136.5% increase from June of 2021 (767 properties). The median price of rental properties across the valley in June of 2022 was $2,050/mo. This represents a 14.3% increase over June of 2021 ($1,793/mo.). The average price of rental properties in June of 2022 was $2,216/mo. This is a 11.1% increase from June of 2021 ($1,995). Additionally, this is the first time the monthly median rent has decreased since July of 2018 and the first time the average median rent has decreased since July of 2020.

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


A) Substantial continued growth in inventory numbers will continue to shift the market in favor of renters. As more inventory becomes available, renters have more options, which leads to them becoming pickier in their choice of property. This "pickiness" will be seen as a decrease in the number of applicants properties see, along with increased days on market.


B) As rental rates plateau, this will reduce how aggressive landlords and property managers can be with rental rates, especially as we head into the later and slower parts of the year. Property owners who were able to secure new leases with sizeable increases this spring and summer were the luckiest, and will enjoy an increased return on their property as the market stabilizes.


While the numbers look good, every property is unique and needs a proper market analysis to determine what the current fair market rent would be. If you are a property owner or investor and have questions about where your property fits into the current rental market, please reach out to us in-person or via phone or email.


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: