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.


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!
May 12, 2025
Mark your calendars for a night of wine, entertainment, and community support at the New Vista Wine Walk, happening on May 31, 2025 , from 7 PM to 10 P M at The Pavilion & Dining Arroyo at Downtown Summerlin. Since 2004, the New Vista Wine Walk has become a beloved Las Vegas tradition, bringing people together for a fun, festive evening filled with wine, music, and good vibes—all while supporting a wonderful cause. Whether you're enjoying the company of friends, family, or even your furry companion, this event is the perfect way to unwind and kick off the weekend. Sip and Savor Get ready for a wine-tasting experience like no other! With over 18 tasting stations offering handpicked wines from MGP Fine Wines, you'll have the chance to savor exclusive selections that are sure to please any palate. Whether you're a seasoned wine connoisseur or just looking to try something new, there’s something for everyone. But the fun doesn’t stop at just wine! While sipping and strolling, enjoy live entertainment that will keep the energy high and the atmosphere lively throughout the night. Extra Touches for a Memorable Evening This year, New Vista is adding even more fun to the event with a variety of unique experiences. Stop by Bonded for permanent jewelry—an unforgettable keepsake from the night. Plus, you can visit the Hamilton Hat Lounge to design your own custom hat at the custom hat bar! It's the perfect opportunity to add a little flair to your evening while enjoying the festivities. Take the Wine Home Did you discover a favorite wine that you just have to bring home? Head over to Paige and Rye at the end of the event to purchase a bottle of your new favorite wine. The exclusivity of these wines makes them even more special, so make sure to grab a bottle or two before they’re gone! Giving Back to the Community What makes this event truly special is its commitment to supporting New Vista, a local charity that has been serving the community for 36 years. New Vista’s mission is to provide individuals with Intellectual and Developmental Disabilities equal opportunities and supported living arrangements, allowing them to experience life to the fullest. By attending the New Vista Wine Walk, you're directly contributing to this amazing cause. 100% of the proceeds from the event will go toward New Vista’s efforts to empower individuals with disabilities, helping them lead fulfilling lives. Grab your tickets (available on Summerlin.com) , gather your friends, and join New Vista for a memorable evening of sips, strolls, and supporting a great cause. Event Details: • Date: May 31, 2025 • Time: 7 PM – 10 PM • Location: The Pavilion & Dining Arroyo at Downtown Summerlin • Proceeds Benefit: New Vista, a local charity supporting individuals with Intellectual and Developmental Disabilities.
May 6, 2025
Prepare for a spine-chilling adventure as Universal Horror Unleashed opens its doors in Las Vegas on August 14, 2025. Located within AREA15, a 20-acre immersive entertainment district just minutes from the Las Vegas Strip, this marks Universal’s first-ever year-round horror experience .​ Guests will confront their deepest fears across four meticulously designed haunted houses:​ Universal Monsters: Encounter iconic creatures like Frankenstein and the Mummy. The Texas Chainsaw Massacre: Face the terror of Leatherface. Scarecrow: The Reaping: Navigate a desolate farmland haunted by vengeful scarecrows. Blumhouse’s The Exorcist: Believer: Experience the chilling possession firsthand.​ Beyond the haunted houses, the experience extends into themed bars, eateries, and live entertainment, allowing guests to immerse themselves in the horror narrative even after exiting the attractions .​ Tickets are now available on UniversalHorrorUnleashed.com.
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