Las Vegas Housing Market Update - March 2023

Dwindling Inventory and a Spike in Leasing Activity

At the end of March, rental market inventory was at 2,913 rental properties. This is the third month showing a continuous decrease in rental inventory, and marks the first time since September of 2022 that market inventory was under 3,000 properties. While this kind of continuous decline has not been seen since February-May of 2021, it does match similar annual market patterns from before the pandemic. The return of a continual decrease in inventory during Q1 and early Q2 of the year could be a sign of a return to form for the rental industry in the upcoming busy season of rentals (spring-summer). In March of 2023, 2,537 rental properties were leased across the Las Vegas Valley. This is an 17.6% increase from March of 2022 (2,157 properties). The number of rental properties listed in March of 2023 was 1,769. This is a 40.3% increase from March of 2022 (1,261 properties). The median price of rental properties across the valley in March of 2023 was $1,900/mo. The median price has remained unchanged at $1,900/mo. since December of 2022, and is a 2.8% decrease from March 2022. The average price of rental properties in March of 2023 was $2,107/mo. This is a 3.2% decrease from March of 2022 ($2,177).

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


A) Market-wide vacancy rates may decline significantly, with the most notable effect being on the DOM, due to decreased inventory and significant increases in leasing/listing activity. Over the last two months, the DOM average for the entire Las Vegas Metropolitan Area has declined by nearly a week from 43 to 38 days. While still a far cry from the DOM we were seeing at the peak of the market (between 3 and 4 weeks), this decrease should allow investors and property owners to breathe slightly easier as their properties will not be vacant for nearly as long, increasing their annual rental income and ROI. 


B) Although rent amounts have plateaued over the last couple months, rental income may be able to be increased during the next quarter due to the bottoming out of the rental inventory and a significant increase in the demand for rental properties. As demand increases and supply slowly dwindles, it provides the opportunity for rental amounts to increase. This being said, stagnant rental amounts are not necessarily a bad thing either. The last couple of years saw unprecedented increases for both rental listing prices and lease renewal prices. This stagnation may just be the market catching up with itself before returning to a typical growth pattern.


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.

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!

Taking care of your rental | Landscape cleanup

April 2, 2025
Keeping your landscaping tidy is an easy way to keep your yard looking great and avoid any potential violations! Regularly clearing away fallen leaves, trimming overgrown plants, and picking up yard debris not only helps your garden stay healthy but also ensures you’re following community guidelines. A well-maintained yard can also boost your home's curb appeal and contribute to a clean, attractive community.  By taking a little time each season to stay on top of your landscaping, you help contribute to the cleanliness and beauty of our neighborhood. Plus, it’s a great way to avoid potential fines or complaints. Thank you for doing your part!

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!
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