Updated March 2023:

Rents of single family residences in Las Vegas increased almost 40% from 2019 to 2022. Now the Las Vegas rental market is undergoing a post pandemic change. As of today there are 2650 single family homes on the market for rent.

Over the last 30 days 1150 single family homes were leased. This decline can be attributed to the holidays from the 30 days prior of about 1400 leased. TBD if leased properties increase in Jan/Feb and if inventory continues to rise.

Las Vegas Rental Market

The rental market is still active and good properties priced right are continuing to rent within 14 -21 days. Rentals that are overpriced and/or not in move-in ready condition sit on the market for 30-60+ days.

If a property is on the market for longer than 21 days there is a reason…is it dirty? over-priced? outdated? is the landscaping clean? is the paint fresh and are the carpets clean?

Clean and move-in ready houses in Las Vegas rent quickly to qualified applicants.

Tenant retention, efficient tenant turnover and effective tenant screening are items that greatly impact a landlords profits and they won’t show on a financial statement. Having the right property manger will boost long term profits for a landlord. Selecting a property manager based solely on the lowest management fees can end up hurting your bottom line more than you think. Or going with the biggest property manager managing hundreds or thousands of units and getting lost in the shuffle.

Here are four primary ways to find a Tenant and keep Tenants longer:

1. Stay on top of Maintenance

Keep your tenant happy by being proactive with property maintenance and routinely performing property inspections. Few things are more frustrating for a tenant than having unaddressed maintenance requests. Being proactive with maintenance helps keep your tenant happy (no one wants to live with a clogged sink), and shows them that you want to give them a nice place to live. This can be a big deciding factor when your tenant is considering a renewal.

Additionally, keeping up with maintenance and addressing issues quickly will help you spend less time on repairs when you do have to turn over the unit. Regularly inspecting the unit’s condition will help you stay on top of maintenance items that need to be addressed (that the tenant may not have noticed) and can help keep smaller maintenance tasks from turning into larger issues.

2. Be a good landlord

You shouldn’t underestimate the importance of the human factor when it comes to tenants. Your renters will be more likely to want to stay if you’re a good landlord. Be timely with your responses and make it easy for the tenant to contact you. Maintain open communication to reduce misunderstandings and create a better overall tenant-landlord relationship. Being courteous and respectful goes a long way to make a tenant feel comfortable in the unit.

3. Know what tenants wants most

It’s important to know what factors tenants look for in a rental property so you can cater to their needs. For many tenants, especially younger Americans, lifestyle quality is a major factor in whether they decide to stay or go. You may own the property, but the tenant should be able to consider it their home. There are ways you can promote this atmosphere, and in doing so, encourage your tenants to stay longer.

Offering features that tenants care about most will help you attract better long-term tenants and serve as an incentive for them to renew their lease. Strategic upgrades like stainless steel appliances, hardwood flooring, and a covered patio and/or grass are features that can make a house feel like home. These upgrades can potentially be good investments if you want to encourage tenants to stay longer.

You may also want to consider renovations in the kitchen and bathroom, which are especially appealing to tenants. Even simple upgrades like a new kitchen backsplash or updated cabinet hardware can make a big impact. While there is an upfront cost to new appliances and renovations, it may be worthwhile when you consider the expense of tenant turnover.

4. Be proactive with renewals

Maintaining residency of current quality tenants is key. If you haven’t heard, NRS 118A.300 was amended this past legislative session enlarging the notice requirement for increases in rent from 45 days to 60 days. Nevada law now requires a 60 day notice for rent increases. The better your communication with a tenant the more likely they are going to renew their lease and stay for many years.