Las Vegas Housing Market Update - April 2022

All of these numbers aside, there are two key takeaways:

A) With rental inventory increasing, you may begin to see less applicants on a given property. However, we are about to enter the summer, which is typically the busiest time of year in the rental industry. Inventory numbers should come down, while demand increases. This seasonal increase in demand will more than likely counter the increased supply.

B) Rental rates are continuing to increase and owners still have time to take advantage of the hot market. If a rental property is due for a renewal or is going vacant in the next few months, owners have the opportunity to be more aggressive with rent increases. If you pair the busy season, summer, with a market in these conditions, you have a recipe for a more profitable rental. Please be advised, due to Nevada State Law, if the lease has not yet expired, owners cannot make any changes to the current rental rate.

If you are an owner and you have questions about where your property fits into the current market situation, please feel free to reach out to us in-person or via phone or email. While the numbers look good, every property is unique and needs a proper market analysis to determine what the current fair market rent would be.