How Do We Calculate Fair Market Value for Rentals?

It's Not Magic, but It's More Than Math

Determining the fair market value (FMV) of a rental property is crucial to getting it rented quickly and to a quality tenant. Calculating an accurate fair market rent ensures that rental rates are competitive, attracting the right tenants while maximizing returns for our clients. When performing a rental analysis for our clients or agents, we consider a wide range of factors, but the most important are listed below:


Identify Comparable Units:

The first thing we search for is comparable units. The best matches for calculating FMV are exact model matches in terms of bedrooms, bathrooms, and layout in the same community. However, these kinds of comparable properties cannot always be found. In this case, the search will be expanded to find similar properties, even if they aren't perfect matches. We will then, of course, take any differences into consideration when evaluating our unit.


Analyze Rental Rates:

The next thing we consider is the appropriate rental rate established by the comparable properties we previously identified. However, we do not compare to properties that are currently on the market as “active” listings. We are primarily focused on comparable properties that have recently rented, and factor in how long they were on the market. Although an aggressive rental rate may sound initially more attractive to property owners, any increased income from pushing the rental rate may be cancelled out by lost revenue waiting for a tenant. Overpriced properties tend to stay on the market an average of 45 days longer than their fairly priced counterparts, and time is money!


Consider Seasonal Variations:

After finding a good baseline rental rate for the property, we factor in seasonal variations, as the time of year will affect how aggressive we can be with rental rates. During slower periods, such as the winter and holiday seasons, rental rates are depressed, but during the summer rental rates can be pushed as demand is higher. Knowing when a property will be listed is just as important as any other factors in determining the FMW. Additionally, when rental inventory is high, FMV may be lower due to the additional competition in the market. In contrast, when rental inventory is low, FMV may be higher.


Factor in Unique Features:

Lastly, we consider any distinguishing characteristics of the property in question. This includes any cosmetic or structural upgrades that will not only make it stand out, but potentially garner a higher rental rate. This includes features such as custom flooring and paint, top-of-the-line appliances, pools/spas, solar power, and more. All of these can result in a higher rental rate, and less time on the market.


The rental market is constantly changing, and as we are in it every day, we may be able to provide the most accurate FMV to get properties rented quickly and with high-quality tenants.

Why Las Vegas HOA Fees May Be More Affordable Than You Think

September 15, 2025
What Do HOAs Do and Why They Matter Homeowners associations (HOAs) manage common areas, enforce neighborhood rules, and provide amenities like pools, clubhouses, and security. While they require monthly fees, benefits often include better-maintained neighborhoods, enhanced amenities, and stronger property values. In Las Vegas, HOA coverage is common and rising. According to Realtor.com® - by early 2025, 77.1% of listings had HOA fees , with a median of $118 , making Las Vegas one of the cities with the highest prevalence of HOA-managed homes—but still relatively affordable compared to places like Edwards, CO ($525) or North Port-Sarasota-Bradenton, FL ($310). This places Las Vegas seventh nationally for the prevalence of HOA-controlled listings. While the city has a high rate of HOA-managed properties, the $118 median monthly fee is comparatively low. HOA fees vary based on: Location & Amenities Home Type: Condos typically cost more than single-family homes. Rising Costs: Inflation and underfunded reserves can lead to sudden increases. Bottom Line: Understanding HOA fees in Las Vegas helps homebuyers budget effectively and avoid surprises. Despite the high prevalence of HOA-managed properties, Las Vegas remains more affordable than many other metro areas!  Source: Realtor.com, Homeowners Associations 2024

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. 💙