Las Vegas Housing Market Update - October 2022

Rental Inventory is Reaching Historic Highs

At the end of October, rental market inventory was 3,469 rental properties. Throughout November, this number has passed 3,700 active listings. As mentioned in previous updates, increased mortgage interest rates and a slowing of the sales market results in more owners using their property as a rental as opposed to selling. Additionally, the fall and winter are the slowest seasons of the year for the rental market, and inventory naturally increases around this time of year as there are less people looking to move during the school year and holiday season.


In October of 2022, 1,985 rental properties were leased across the Las Vegas Valley. This is an 26.7% increase from October of 2021 (1,567 properties). The number of rental properties listed in October of 2022 was 1,993. This is a 108.7% increase from October of 2021 (955 properties). The median price of rental properties across the valley in October of 2022 was $1,950/mo. This represents a 2.9% increase from October of 2021 ($1,895/mo.). The average price of rental properties in October of 2022 was $2,153/mo. This is an 3.4% increase from October of 2021 ($2,048).

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



A) We are now seeing decreases in rent prices month over month with both median and average rent decreasing in October, even if only by a few percentage points. Moving forward, properties that were leased during the height of the pandemic may not be able to secure rent increases during tenant turnover and may even experience slight ($25 to $75) rent decreases. Since the most recent rent peak in May of 2022, average rental prices have decreased by $93 and median rental prices have decreased by $125.


B) Due to ever increasing inventory and the slight deflating of rent prices, many rental listings continue to have to go through multiple price reductions to find a tenant and are spending more time on the market. In fact, 50% of all leased rental properties in October had to go through at least 1 price reduction to get rented with an average price reduction of 9.6%. Additionally, the MLS average Days on Market has increased over the last 4 months from 21 days in July to 33 days in October. This is the highest Days on Market seen for the MLS since February of 2020. 


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.


April 28, 2025
Helping Your Child Buy a Home: Smart Strategies with Tax Benefits  Many parents want to help their children buy a home, but doing so in a way that also provides financial and tax advantages is key. Here are a few strategies to consider when assisting your son or daughter with homeownership while maximizing tax benefits. 1. Gifting Money for a Down Payment The IRS allows individuals to gift up to $18,000 per recipient annually ($36,000 for married couples) without triggering a gift tax. If you stay within this limit, your child receives a down payment boost without tax consequences. 2. Loaning Money to Your Child Instead of gifting, you can lend money at the IRS’s Applicable Federal Rate (AFR), which is often lower than traditional mortgage rates. Structuring it as a formal loan allows your child to build equity while you may receive interest income. 3. Co-Signing or Co-Owning the Home Some parents choose to co-sign a mortgage or co-own the home. While this can help secure better loan terms, it also means shared financial responsibility. If you co-own, you may be able to deduct mortgage interest and property taxes on your tax return, depending on usage. 4. Buying the Home as an Investment Property If your child pays you rent, the home could be classified as an investment property. This allows you to deduct expenses like mortgage interest, property taxes, and maintenance. However, rental income must be reported to the IRS. Final Thoughts Every financial situation is unique, and tax laws change. Consulting with a tax professional or estate planner ensures that your support aligns with your financial goals and tax strategy. Helping your child buy a home is a generous step—doing it wisely ensures benefits for both of you.
April 21, 2025
When applying for one of our rental properties, we use a comprehensive screening score sheet to ensure all applicants are held to the same standard. The score sheet evaluates various aspects of your financial stability and rental history, helping the landlord make informed decisions while maintaining a fair and transparent process! Here’s a breakdown of how we assess your application utilizing the screening score sheet: 1. Length of Residency: While longer periods at previous residences typically suggest reliability and commitment, we understand that some applicants may be first-time renters. We welcome first-time renters, and on the screening score sheet, you can assign yourself a "1" under "Length of Residency" if this is your first rental experience! 2. Collections: We review any outstanding collections, including monthly utilities or bills, as well as loans (excluding medical bills). This helps us assess your overall financial responsibility. Your estimated monthly payment for all your loans, utilities and bills is also taken into consideration. 3. Rent-to-Income Ratio (per household): To ensure you can comfortably afford the rent, we require that your monthly income is at least 2.5 times the rent amount. This ratio helps us verify your ability to manage rent payments alongside other living expenses. 4. FICO Score: While there is no specific minimum FICO score, we do take it into account when evaluating your financial health. A higher score indicates a history of responsible credit management. 5. NSF/Late Payments & Landlord Disputes: We look into your rental history to ensure that there are no frequent NSF (non-sufficient funds) or late payments, and that there are no unresolved disputes with previous landlords. Please note that all application charges are non-refundable, and every occupant over the age of 18 must submit a separate application. Our scoring system ranges from 0 to 21, with 15 being the lowest acceptable score. All approvals or denials are ultimately decided by the property owner. We do not operate off a first come first serve basis, so if you are curious about the status of applications prior to applying, please don’t hesitate to call our office! By using our screening score sheet, we aim to create a rental environment where both tenants and property owners can thrive. This score sheet can be found on our site, under the Before You Apply Manual, as well as under “Rental Resources”.
April 16, 2025
Looking to declutter your home while making some extra cash? The outdoor swap meet at the Downtown Recreation Center in Henderson is the perfect opportunity! Whether you’re cleaning out your closets, clearing space in your garage, or finding a new home for gently used toys, books, and clothes, this event is your chance to turn those items into money. Each booth equals two parking spots, and registration is required at least one week in advance. All booths are assigned randomly, ensuring a fair and fun atmosphere for all. Remember, only second-hand items can be sold, so it’s a great way to recycle and give your items a second life. Event takes place April 19th & May 17th! The swap meet opens at 7am, so come early to shop! Admission is free for all ages, making it a perfect outing for families looking to find unique treasures. Ready to get started? Simply register on the City of Henderson website to secure your spot. It’s time to clean out, earn some extra cash, and find something new – don’t miss out on this exciting event at the Downtown Recreation Center!
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