A Review of 2023 and a Glimpse of 2024

With 2023 Fading, What Can You Expect in 2024?

As we approach the end of another eventful year, we wanted to take a moment to reflect on the trends and developments that have shaped the real estate landscape in the Las Vegas Valley and, consequently, impacted many of clients' investment properties.

Review of 2023 

Overview of 2023: A Year of Surprising Shifts 

The past year has proven to be particularly dynamic, with a notable influx of inventory stemming from unexpected sources. A significant contributor to this trend has been the emergence of a new category of property owners: the "accidental landlords." These individuals, primarily motivated by their existing mortgage rate of 2.5-3% want to hold onto their properties due to the allure of these historically low interest rates. While their initial intent may not have been to become landlords, these owners now find themselves as landlords owning rental properties to maintain these favorable rates, inadvertently contributing to the increase in rental inventory.

The "Flipper" Effect: Unintended Consequences 

Another noteworthy trend in 2023 has been the presence of "flippers" who, unable to quickly sell their acquired properties, have chosen to enter the rental market. These landlords, driven by market conditions and the desire to capitalize on their investments, have brought a staggering number of additional rental properties into the market.

Las Vegas Valley's Growing Landscape: A Boom of 15,722 New Housing Units 

In addition to these individual decisions impacting the rental market, the Las Vegas Valley itself has experienced significant growth. Between August 2022 and August 2023, an impressive 15,722 new housing units were added to the local inventory, further shaping the competitive landscape in which your investment properties operate. 

All the above have created a rental market with more inventory than our broker, Jenni McKenna, has ever seen in her 30 years of being a Realtor® which in turn has created less demand for each rental. With less demand and more inventory over the last year, we have struggled with finding the “sweet spot” when re-renting a property, and we can see by the numbers that it is taking more time to secure that high-quality renter. Over this last year, McKenna Property Management has strongly encouraged lease renewals with minimal adjustments to the rent to keep the tenant in place at time of renewal.

Crack Down on Short Term rentals: Adding More Properties to the Long-Term Market 

More changes in the Las Vegas rental landscape are due to the new regulations making it difficult to own short-term rentals. In the last few years, purchasing and operating short-term rentals (vacation properties) became all the rage, but in recent months, new regulations put in place by Clark County have placed scrutiny on short-term rentals. The owners of these short-term rentals are now having to convert them to long-term rentals, creating even more inventory for the rental market. 

 

Preview of 2024 

As we stand at the threshold of a new year, it is essential to provide a candid preview of what lies ahead for the Las Vegas Valley rental market in 2024. To borrow a phrase from Game of Thrones, "Winter is Coming,", signifying a challenging period ahead for the real estate landscape in our region. In reality, winter is already here.

The Coming Season of Change 

Over the next 12-24 months, we anticipate witnessing a shift in the rental market, marked by the prospect of declining rents. This projection is not made lightly; it is based on a careful analysis of various factors, most notably the current effects of inflation on fair market rent. To illustrate the impact, consider the average rent for a 1-bedroom property in Clark County, which currently stands at $1,196 per month. This means that a minimum wage worker earning $11.25 per hour would need to clock in a staggering 82 hours a week to meet the standard qualification of earning three times the rent. This example is indicative of a broader trend affecting rental properties across different price points.

The Caboose on the Real Estate Train 

In the intricate dance of real estate dynamics, the rental market often functions as the "caboose" on the real estate train. The recent flatness in the real estate market, persisting for over 20 months, has set us firmly on this track. As seasoned observers, we understand that changes in the real estate market will inevitably reverberate into the rental sector within 18-20 months.

Our Strategic Focus for 2024: Renter Retention 

As we prepare for the challenges that lie ahead, our primary focus for the coming year will be "renter retention." We recognize that in a shifting market, maintaining stable occupancy levels and cultivating positive tenant relationships are crucial to safeguarding your rental investments. Our team is dedicated to implementing proactive measures to retain valuable tenants.


If you find yourself in need of a property manager to help you weather the upcoming rental market, look no further than McKenna Property Management. In the coming year, we are rolling out new programs to our clients, both tenants and property owners, to help create a positive and profitable rental market not detailed above. Additionally, we have the industry know how to make sure that your rental property or rental portfolio remain a sound investment for you in this difficult market.

Las Vegas Ranked #9 for Diverse Food Scenes in the U.S.

September 8, 2025
When people think of food diversity in America, their minds usually go straight to New York City. But according to a recent study highlighted by the esteemed culinary school, Escoffier, the Big Apple doesn’t take the top spot. Instead, San Francisco claimed first place — praised for its bustling variety of cuisines and holding the title for the highest density of restaurants per capita among major U.S. cities. What’s even more exciting for us locals? Las Vegas earned the #9 spot on the list of the most diverse food cities in the country. Why Vegas Stands Out Las Vegas may be known worldwide for its neon lights and entertainment, but the dining scene is what keeps both tourists and residents hungry for more. From celebrity chef–driven restaurants on the Strip to hidden neighborhood gems serving authentic global flavors, Vegas has transformed into a true culinary destination. While seven of the top 10 cities named in the study were coastal (a trend Escoffier notes is tied to cultural diversity and a robust restaurant scene), Las Vegas proves that you don’t have to sit on the coast to experience world-class variety. Our city thrives on international influence — with dining options that range from Korean barbecue and Italian trattorias to Thai street food, upscale steakhouses, and plant-based fine dining. A Foodie Destination on the Rise Being ranked in the top 10 isn’t just a nod to the Strip’s luxury restaurants, but also to the everyday spots that locals love. With new eateries opening regularly, the Vegas dining scene continues to evolve and surprise. So, whether you’re a longtime resident or just visiting, Las Vegas offers something for every craving — proving once again that this city is more than just an entertainment capital. It’s a place where cultures, flavors, and creativity come together to make the dining experience as dynamic as the city itself.

The Power of Gratitude in Building Strong Business Relationships

September 3, 2025
In business, one truth always stands out: no one succeeds alone. Whether you’re running a small business or managing a large organization, your success is built on the connections you make. And one of the simplest yet most impactful ways to strengthen those relationships is through gratitude. At McKenna Property Management, we’ve made gratitude a core part of our culture from the very beginning. Our owner and broker, Jenni McKenna, personally hand-delivers gifts to some of our VIP agents every single month . While it may sound like a small gesture, it makes a big difference. These thoughtful touches show our VIP Agents how much we value their trust in us, collaboration, and hard work. But it’s not just about the gifts. Gratitude comes in many forms—thank-you cards, handwritten notes, or even a quick phone call to say “we appreciate you.” What matters most is the consistency and authenticity behind the gesture. Over the years, these small acts of appreciation have helped us build trust, loyalty, and long-lasting relationships that go beyond a simple business transaction. By showing genuine appreciation, we’ve created strong bonds with clients and agents alike, and those connections have allowed McKenna Property Management to grow into what it is today. If you’re a business owner or professional, here’s our tip: make gratitude part of your business strategy. It doesn’t have to be extravagant—even the simplest “thank you” can strengthen relationships and open the door to new opportunities. At the end of the day, business isn’t just about numbers—it’s about people. And people remember how you make them feel. 💙

4 Days in Las Vegas – A Local’s Guide to the Perfect Trip

August 19, 2025
Planning a trip to Las Vegas? Whether it’s your first visit or your tenth, it’s easy to get overwhelmed by all the options. As locals, we know how to balance the must-see attractions with spots that many visitors miss. This four-day itinerary blends the energy of the Strip with the character of the neighborhoods beyond it, giving you a true taste of what Vegas has to offer. Day 1 – The Main Event: Everything Happening on the Strip Morning: Start with brunch at Alexxa’s in Paris Las Vegas , where the drinks come in disco balls and the atmosphere is upscale, modern, and trendy. Every Saturday and Sunday, a live DJ keeps the vibe upbeat while you enjoy brunch from 7:00 AM to 2:45 PM . Afternoon: Stroll through the Bellagio Conservatory & Botanical Gardens , an ever-changing floral masterpiece perfect for photos (and a break from the casino floor). Each season the gardens transform into a different showcase of sights, sounds, scents and colors. The conservatory team changes out the design, and replant and repurpose as much of the living plant material as possible. Evening: Dinner at Din Tai Fung inside ARIA. If you’ve never tried their famous dumplings, you’re in for a treat — and yes, the chocolate xiao long bao is as good as it sounds. Night: Dance the night away at Omnia Nightclub in Caesars Palace, or if clubbing isn’t your thing, see one of the incredible Cirque du Soleil shows on the Strip! Some of our team members recommended KÀ, or Mystère. Although Absinthe is not a Cirque du Soleil production, it is another great recommendation! This one is unapologetically raunchy and hilarious- and it is for ages 18+. More show recommendations can be found at the end of this blog! Day 2 – The Arts District Morning: Grab brunch at Makers & Finders , a lively Latin café with killer coffee and a creative menu. Afternoon: Spend time exploring the Arts District’s unique shops like Alt Rebel , Spilled Milk , and Antique Alley Mall . If shopping isn’t your scene, dive into something spooky different with Zak Bagans’ Haunted Museum . And if you’re not into scary, check out the end of this blog for more exhibits/museums in Las Vegas! Evening: Dinner at Esther’s Kitchen , where fresh, handmade pasta and sourdough steal the show. Night: Head to Atomic Golf where you can explore four floors of immersive golf games, bars, food and private event spaces! Day 3 – Immersive Fun At Area 15 Morning: Start with breakfast at The Peppermill , a retro Vegas staple known for its huge portions and vintage diner vibe. Afternoon: Spend the day at AREA15 , where you can wander through the mind-bending Omega Mart , explore the Illuminarium , check out Wink World , and so much more. Evening: Dinner at Block 16 Urban Food Hall in The Cosmopolitan — a foodie paradise with everything from Momofuku to Ghost Donkey . Nightcap: End your evening with a glamorous cocktail or mocktail at The Chandelier Bar inside The Cosmopolitan. Day 4 – Vegas Local + Tourist Combo Morning: Breakfast at The Broken Yolk Café . A favorite amongst Vegas Locals with multiple locations throughout the valley! They serve up an amazing breakfast with unique drinks. Afternoon: Choose between hiking the Historic Railroad Trail (Lake Mead views!) or exploring the stunning Red Rock Canyon . You can hike Red Rock, or drive through and enjoy the scenery. Evening: Step into old-school Vegas with dinner at Capo’s Restaurant & Speakeasy . Night: Ride the High Roller observation wheel for breathtaking views, then grab a frosty cocktail at Minus5 Ice Bar to cap off your trip. Local Pro Tips Do not swim in the Beach Club pools — just trust us on this one. Avoid ATM fees in casinos by bringing cash ahead of time. Characters on the Strip aren’t free — they’ll ask for tips after photos. Don’t limit yourself to the Strip — Vegas has amazing off-Strip attractions. Escape rooms here are great! Try Escapology at Town Square or PanIQ Room at The Venetian. Bring comfortable walking shoes — distances on the Strip are deceiving. October is the best month for weather. Additional Show Recommendations: A Vegas Golden Knights Game A Raider’s Game ANYTHING at the Sphere (Postcards from Earth, The Backstreet Boys, Eagles, etc.) The Atomic Saloon Show inside the Venetian RuPaul’s Drag Race LIVE! At The Flamingo Las Vegas Exhibits/Museums to check out: The Bodies Exhibit The Titanic Exhibit The Neon Museum Madame Tussauds Mob Museum This 4-day plan mixes the best of the Strip with local treasures, so you’ll leave Vegas feeling like you’ve truly experienced it — not just skimmed the surface.