Las Vegas Rental Trends

[Eric Fernwood]

Publicly available rental information is limited and too general to be useful. I developed software to extract rental data from the MLS for our specific property profile and target areas. I thought it would be helpful to share some of the results here.

The property profile we target is summarized as follows:

• Type: Single-family
• Configuration: 1,000 SF to 3,000 SF, 2+ bedrooms, 2+ baths, 2+ garage, minimum lot size is 3,000 SF.
• Price range: $300,000 to $480,000
• Location: All zip codes marked in green below have one or more of ours or our clients’ investment properties.

Below are some of the latest trailing 13-month statistics I generate monthly for inclusion in our newsletters. Note: the statistics only include conforming properties in the areas marked in green on the above map, not the entire Las Vegas metro or all properties.

Rentals - Median $/SF by Month

Rentals - Median Time to Rent

Rentals - Months of Supply

After a humungous growth in 2021, the rental growth decelerated. However, inventory is still at only one month, so demand is still greater than supply. I expect rents to continue growing due to the fundamentals of the Las Vegas market.

[Eric Fernwood]

It’s been a month since my last update, so here are the latest Las Vegas rental trends. Note that the charts only include properties that match the following profile.

- Type: Single-family

- Configuration: 1,000 SF to 3,000 SF, 2+ bedrooms, 2+ baths, 2+ garage, minimum lot size is 3,000 SF.

- Price range: $300,000 to $480,000

- Location: All zip codes marked in green below have one or more of our client's investment properties.

Rentals - Median $/SF by Month

YoY rents are up 5%. With high-interest rates, more people are forced to rent. We are in the slowest rental season of the year, and I expect rents to increase faster after the first of the year.

Rentals - Median Time to Rent

Days on market are still below pre-COVID.

Rentals - Months of Supply

Just a little over one month of supply, indicating demand is still greater than supply, which will push up the rents. This is also the slowest rental season.

Please let me know if you want more rental data, and I will post additional charts.