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.

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!

BLVD: A Game-Changer for the Strip

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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

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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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