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.