Las Vegas Housing Market Update - December 2022

Inventory has Stalled, But DOM is Still Increasing

At the end of December, rental market inventory was at 3,617 rental properties. This new high continues the trend of ever-increasing inventory numbers that began back in June. While the rate of month-over-month growth has slowed dramatically since the summer, this level of inventory is far from what most agents are used to. the increased inventory in the second half of the year lead to an almost doubling of the MLS average DOM by the end of the year. In the time that McKenna Property Management has been keeping track of the average DOM for the MLS, the previous high DOM was set in January of 2020 and sat at 35 days. The new record of 40 days, set in December of 2022, is unprecedented and shows how high inventory can affect how quickly properties can move.


In December of 2022, 1,937 rental properties were leased across the Las Vegas Valley. This is an 31.9% increase from December of 2021 (1,468 properties). The number of rental properties listed in December of 2022 was 1,699. This is a 50.8% increase from December of 2021 (1,127 properties). The median price of rental properties across the valley in December of 2022 was $1,900/mo. This represents a 1.3% increase from December of 2021 ($1,875/mo.). The average price of rental properties in December of 2022 was $2,077/mo. This is a 1.2% increase from December of 2021 ($2,053).

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


A) With consistent decreases in median and average rent month-over-month, along with decreases in both leased and listed properties, it is safe to assume that the rent boom caused by COVID and the resurgence of the economy in Las Vegas has passed, and rent amounts are expected to continue to slightly decrease moving forward as the market corrects. If rent was not increased during the pandemic and years following, you may need to wait until the spring or summer for a market adjustment at turnover or lease renewal, but do not expect the same kind of increases seen in 2021 and 2022.


B) As the market stalls in the slow season, days on market (DOM) remains high for the Greater Las Vegas Metropolitan Area. In December of 2022, the MLS average DOM was a whopping 40 days. This means that when calculating yearly return on properties, turnover and vacancy are an over 10% reduction in gross income to the property owner. While some of this is offset by raised rental rates, the effect will only become worse as rents decrease and/or DOM continues to rise. If you are considering turning over the property, make sure that your rainy-day fund is prepared for the costs of turnover, along with the cost of unrealized rent while the property sits vacant. It may be smarter to keep a tenant in the property until the market (hopefully) picks up during the summer to avoid those vacancy costs.


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 have questions about where your property fits into the current rental market, please reach out to us.

Dive-In Movies at The Cosmopolitan of Las Vegas: Summer 2025

June 9, 2025
This summer, The Cosmopolitan of Las Vegas invites guests to its iconic Boulevard Pool for the return of Dive-In Movies, a unique poolside cinema experience. Every Monday evening from May 19 to September 1, guests can enjoy a selection of blockbuster hits and timeless classics projected on a 65-foot digital marquee, all while lounging poolside or taking a dip in the pool. Event Details: • Dates: Mondays, May 19 – September 1, 2025 • Doors Open: 6:15 PM • Movie Starts: 8:00 PM • Location: Boulevard Pool, Level 3, accessible via the Boulevard Tower escalators • Admission: $15 for non-hotel guests; $10 for Las Vegas locals with valid ID; complimentary for hotel guests, Identity Membership & Rewards members, first responders, and military personnel with valid ID; children aged 5 and under are free. Upcoming Movie Lineup: • June 9: Harry Potter & The Sorcerer’s Stone • June 16: Wicked • June 23: The Goonies • June 30: Top Gun • July 4th: Top Gun: Maverick • July 7: Despicable Me • July 14: Inside Out 2 • July 21: Happy Gilmore • July 28: Elf • August 4: Lilo & Stitch • August 11: Twilight • August 18: Mean Girls • August 25: Legally Blonde • September 1: Good Burger  For those seeking a more luxurious experience, cabana and daybed reservations are available, which include a food and beverage minimum and complimentary admission to Dive-In Movies. Reservations can be made by calling 702.698.6797. Whether you're a hotel guest or a local resident, Dive-In Movies at The Cosmopolitan offer a memorable way to enjoy a night out under the stars with the Las Vegas Strip as your backdrop. The above info is subject to change, stay up to date on The Cosmopolitans website. https://cosmopolitanlasvegas.mgmresorts.com/en/entertainment/dive-in-movies.html

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!
More Posts