Las Vegas Housing Market Update - November 2022

Rental Inventory is High, But Shows Signs of Leveling Off

At the end of November, rental market inventory was at 3,561 rental properties. Throughout November, this number peaked near 3,900 active listings, but came back down as we went into the holidays. Although the rental market typically lags behind the real estate market by 18-24 months, both markets have seen large slowdowns in the last couple of months. As we move into the slow season, not much is expected to change in either market.


In November of 2022, 1,948 rental properties were leased across the Las Vegas Valley. This is an 28.7% increase from November of 2021 (1,514 properties). The number of rental properties listed in November of 2022 was 1,885. This is a 75.8% increase from November of 2021 (1,072 properties). The median price of rental properties across the valley in November of 2022 was $1,925/mo. This represents a 1.6% increase from November of 2021 ($1,895/mo.). The average price of rental properties in November of 2022 was $2,108/mo. This is a 0.9% increase from November of 2021 ($2,089).

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, and nominal increases in median and average rent year-over-year, 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 remain stable or slightly decrease moving forward. If rent was not increased during the pandemic and years following, there is still space 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 continues to slow, days on market (DOM) remains high for the Greater Las Vegas Metropolitan Area. In November of 2022, the MLS average DOM was over a month at 34 days. This means that when calculating yearly return on properties, turnover and vacancy are causing nearly a 10% reduction in gross income to the property owner. While some of this is offset by raised rental rates, it is still having a big effect on net ROI. If you are considering turning over the property, make sure that you are prepared for the rehab costs, along with the cost of unrealized rent while the property sits vacant. It may be smarter to keep a less than perfect tenant in the property until the market heats 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.

Taking care of your rental | Landscape cleanup

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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!

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4 Tips for Protecting Your Rental Property Investment in Las Vegas

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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!
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