Las Vegas Housing Market Update - July 2022

The Market Isn't Crashing, But It Is Slowing Down...

The market is currently experiencing inventory numbers that have not been seen in the last five years that McKenna Property Management has been tracking rental inventory. Although at the end of July, inventory was around 2,500 properties (single-family, townhomes, and condos), in the two weeks since, inventory has increased by at least 10% and is rapidly approaching 3,000 properties. This increased inventory is the result of a wide range of factors, but can be partially attributed to the cooling of the real estate market. Recent investors and property-purchasers in the market were able to secure low interest loans during COVID. As interest rates increase and real estate sales slow, it is in the best interest of these property owners to hold their property until market conditions improve. Instead of letting the property sit vacant, they will rent it out, to continue making passive income. This results in the large influx of properties coming onto the market that we are seeing.


In July of 2022, 2,092 rental properties were leased across the Las Vegas Valley. This is a 1.3% increase in activity from June of 2022 (2,065 properties) and an 11.3% increase from July of 2021 (1,879 properties). The number of rental properties listed in July of 2022 was 1,606. This is a 11.5% decrease in activity from June of 2022 (1,814 properties) and a 117% increase from July of 2021 (740 properties). The median price of rental properties across the valley in July of 2022 was $2,060/mo. This represents a 0.5% increase from June of 2022 ($2,050/mo.) and a 14.4% increase from July of 2021 ($1,793/mo.). The average price of rental properties in July of 2022 was $2,171/mo. This is a 2% decrease from June of 2022 ($2,216/mo.) and a 8.1% increase from July of 2021 ($2,008).

Here are the key takeaways for any real estate investor in the current market:


A) Expect rent prices to stabilize in the coming months. As more inventory enters the market, there is more competition for potential tenants' attention. This means that property managers and landlords will be more focused in getting a property off the market quickly, than trying to price their properties super aggressively for the best ROI. Every day a property is vacant, is money the owner is missing out on, so the property manager's obligation will fall to making sure the property moves quickly.


B) As briefly mentioned above, properties will move slower as inventory increases. During the spring and summer of 2021, when there were less than 1,000 available properties on the market at any given time, it was not uncommon for properties to receive multiple applications in the first 24 hours it was on the market. Now, with inventory more than tripled, it is rare to have a qualified tenant apply within the first 48 hours. With so many options, potential tenants are now much more price sensitive than they were a year ago.


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 are a property owner or investor and have questions about where your property fits into the current rental market, please reach out to us in-person, via phone, or email.


Wagging Tails Rescue: Giving Hope to Homeless Dogs in Las Vegas

June 4, 2025
Nestled in the heart of Las Vegas, Wagging Tails Rescue is a dedicated 501(c)(3) nonprofit organization committed to saving homeless and abandoned dogs from high-kill shelters and owner surrenders. Unlike traditional shelters, Wagging Tails Rescue operates through a network of loving volunteers and foster homes, providing temporary safe havens for dogs — especially pregnant moms and orphaned puppies — until they find their forever families. With no physical facility, the rescue’s strength lies in its community of passionate foster caregivers who nurture these pups with love, care, and attention. Beyond rescuing dogs, Wagging Tails Rescue champions responsible pet ownership through education on spay/neuter, positive behavior training, and proper nutrition. Want to meet some of these adorable dogs and maybe even adopt? Keep an eye on their Instagram @waggingtailsrescuelv for updates on frequent adoption events. From fun puppy yoga sessions to gatherings at Petco and even “Puppies and Pints” at Lovelady Brewery, there are plenty of opportunities to support and connect with this amazing rescue. Every wagging tail tells a story — and at Wagging Tails Rescue, those stories always end with hope and a happy home.

Las Vegas Parking Guide

May 27, 2025
If you’re a first-time visitor to Las Vegas, the idea of paying for parking might not be as big of a deal as it is to those of us who’ve been around for a while. Just a few years ago, it was practically unheard of to pay for parking on The Strip. Free parking was a standard expectation for both locals and casino guests alike. But times have changed, and many of the big casinos along the iconic Las Vegas Strip have started charging for parking. While we’ll let you draw your own conclusions about whether or not parking fees are justified (locals, we feel your pain), we’re here to guide you on where to park on the Las Vegas Strip. So, buckle up, and check out our list to see where you can park for free as a local! First three hours of self-parking are free for locals: • The Aria • The Bellagio • Caesar’s Palace • The Cosmopolitan • The Cromwell • The Excalibur • The Flamingo • The LINQ • Luxor • The MGM & Park MGM • Planet Hollywood • Wynn & the Encore Free Parking across the board • Rio • The Palms As a final tip when it comes to visiting the strip: Check and see if the casino does any sort of parking validation. A lot of times they will give you free parking if you spend a certain amount of money inside, are a guest (on a staycation) or are a certain tier level among their rewards programs. Remember, it never hurts to ask. If you're visiting Las Vegas, be sure to check with your hotel about whether parking and valet services are included when you book your room. It's a cost worth factoring into your trip planning!

Mad Hatter’s Tea Party: A Wonderland-Inspired Cocktail Experience at Silverton Casino

May 19, 2025
Get ready to step into a whimsical world of wonder and delight as Shady Grove Lounge at Silverton Casino transforms into a fantastical “Alice in Wonderland” experience! From April 10 to May 31, the popular cocktail hideaway is hosting the Mad Hatter’s Tea Party, an immersive pop-up bar that promises a fun, over-the-top adventure every Thursday, Friday, and Saturday from 5 pm to 10 pm. The space itself is a visual feast, with larger-than-life flowers, colorful decor, and enchanting touches that transport visitors straight into the heart of Wonderland. Even the iconic Airstream, which is a centerpiece of the lounge, will be decked out in all things magical and whimsical. Of course, no tea party is complete without the perfect beverages. The Mad Hatter’s Tea Party features a specially crafted cocktail menu that’s as imaginative as the setting. Enjoy whimsical drinks like the Tennessee Tea (a bourbon-based concoction with honey and rose water), the Tea-garita (a tea-infused take on a margarita), or the Espresso Mar-tea-nee (a rich blend of espresso, coffee liqueur, and vanilla-chai tea). Other fun options include the Butterfly Gin and Tonic Tea and the sweet Sunshine Tea, packed with vodka and passion fruit lemonade. So grab your friends, dress in your best Wonderland-inspired outfits, and join the fun at the Mad Hatter’s Tea Party – where cocktails and curiosity collide!
More Posts