The Las Vegas rental market has been the subject of conflicting reports lately—some headlines suggest a rebound, while others caution that rents may remain flat or even decline due to the amount of rental inventory. However, at McKenna Property Management, we’ve been tracking a clear upward trend since January, and the numbers tell a promising story.
Our renewal rents have seen on average a steady 3% increase, and we’re optimistic that this number could inch closer to 5% as the year progresses. Additionally, we’re seeing more properties successfully re-enter the market with an average day on market being less than 24, further supporting the idea that demand remains strong. Las Vegas continues to attract people to move here.
Of course, outliers exist, but I personally haven’t had to make too many of those dreaded calls to owner/clients recommending a rent reduction. In most cases, rental rates are holding firm or improving—a positive sign as we move further into 2025.
While market conditions can always shift, the overall outlook remains favorable, and we’re keeping a close eye on trends to ensure our owners stay ahead of the curve. Stay tuned for more updates as we continue navigating this dynamic market!
Jenni McKenna | B.29819 — McKenna Property Management