Las Vegas Housing Market Update - March 2023

Dwindling Inventory and a Spike in Leasing Activity

At the end of March, rental market inventory was at 2,913 rental properties. This is the third month showing a continuous decrease in rental inventory, and marks the first time since September of 2022 that market inventory was under 3,000 properties. While this kind of continuous decline has not been seen since February-May of 2021, it does match similar annual market patterns from before the pandemic. The return of a continual decrease in inventory during Q1 and early Q2 of the year could be a sign of a return to form for the rental industry in the upcoming busy season of rentals (spring-summer). In March of 2023, 2,537 rental properties were leased across the Las Vegas Valley. This is an 17.6% increase from March of 2022 (2,157 properties). The number of rental properties listed in March of 2023 was 1,769. This is a 40.3% increase from March of 2022 (1,261 properties). The median price of rental properties across the valley in March of 2023 was $1,900/mo. The median price has remained unchanged at $1,900/mo. since December of 2022, and is a 2.8% decrease from March 2022. The average price of rental properties in March of 2023 was $2,107/mo. This is a 3.2% decrease from March of 2022 ($2,177).

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


A) Market-wide vacancy rates may decline significantly, with the most notable effect being on the DOM, due to decreased inventory and significant increases in leasing/listing activity. Over the last two months, the DOM average for the entire Las Vegas Metropolitan Area has declined by nearly a week from 43 to 38 days. While still a far cry from the DOM we were seeing at the peak of the market (between 3 and 4 weeks), this decrease should allow investors and property owners to breathe slightly easier as their properties will not be vacant for nearly as long, increasing their annual rental income and ROI. 


B) Although rent amounts have plateaued over the last couple months, rental income may be able to be increased during the next quarter due to the bottoming out of the rental inventory and a significant increase in the demand for rental properties. As demand increases and supply slowly dwindles, it provides the opportunity for rental amounts to increase. This being said, stagnant rental amounts are not necessarily a bad thing either. The last couple of years saw unprecedented increases for both rental listing prices and lease renewal prices. This stagnation may just be the market catching up with itself before returning to a typical growth pattern.


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!
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