If a Las Vegas rental property remains on the market for more than 30 days, there is usually a specific reason.

Rent-ready homes in Las Vegas should attract and find a Tenant in 21-28 days. If your investment property is not renting, consider the following potential issues:

Is the advertised rent rate too high?
Is the property dirty or poorly maintained?
Is the property outdated?
Is the landscaping trimmed and maintained?
Is it furnished? Furnished rentals tend to not rent well in Las Vegas with all the competition from hotels (along with significant HOA and local restrictions)
How does the interior smell when a prospective applicant enters?
Is your property manager using professional advertising photos?
Is your property manager advertising on the local MLS, Zillow, YouTube, and other online sites like Realtor.com and HotPads?

An overpriced, outdated, or unclean rental home can be a significant deterrent for potential applicants.

Given our current rental market conditions (slowly becoming more saturated), a rental home must be priced at market or slightly below to attract a qualified Tenant. A saturated rental market occurs when the supply of available rental properties exceeds the demand.

New rental trend: Applicants in Las Vegas are also starting their search earlier than in years past. Qualified applicants are searching for the perfect rental 30-45 days before their preferred move-in date.

If a Las Vegas rental property is overpriced, it will sit on the market for 30, 60, or 90+ days. Many Las Vegas landlords try to push advertised rent rates above market comps, eventually dropping the price or placing underqualified tenants to get them leased.

Given all the online rental market websites like Zillow.com, Realtor.com, and Apartments.com, applicants are often well-informed about rental market values and may avoid rentals that seem too expensive.

Items to think about…

How was turnover handled? Is the property outdated? Old, dirty, or rusty fixtures, appliances, or decor can make a home less appealing.
Don’t forget to examine the landscaping. Is it neat and well-kept? Curb appeal is crucial, as it creates the first impression for prospective Tenants.
Assess the interior condition. Is the paint fresh? Are the carpets clean or new? Are the baseboards dusty? Does the doorbell work? Are there any burnt-out light bulbs?
Is your property manager offering a virtual tour for applicants who prefer to view the rental home online before scheduling an in-person viewing?

These details may seem minor, but they can impact an applicant’s perception of the rental property. Ensuring these items have been addressed can help attract more interest and reduce your property’s time on the rental market.

It should take 21-28 days to find a Tenant in Las Vegas.

Considering a change?

Rice Real Estate & Property Management

Considering a change?

…it’s easy to transfer management to us.

Considering a change in Las Vegas property managers? We've successfully helped many Owners smoothly transition from other management companies. We make the process easy and seamless for Owners and Tenants.

Advice is Always Free

Pricing a rental correctly in Las Vegas is important.

As our market slowly becomes more saturated, pricing a rental property is key. Even if your rental is priced at $50 over market comps, it could impact how long it takes you to find a Tenant. For example, here are common search thresholds online:

$2,000 rental
$2, 500 rental
$3,000 rental

Say the market rent for the rental is $2,000, but you have it listed for $2,100. The home may not rent and could sit on the market for 60 days until you advertise it at or under the $2,000 “search threshold”.

The next max “search threshold” is $2,500/mo. If you’re listed at $2,595 or above, you could be missing out on all applicants searching for a rental online priced under $2,500.

The same concept can be applied to $3,000 rentals and above.

How applicants use search criteria from online rental sites could impact how long it takes to rent your home! If comps don’t validate your pricing strategy, ensure you aren’t trying to push rent rates above market search thresholds.

Think about it: If your $2,000 rental is listed for $2,100 and sits vacant for 60 days, that is equal to $4,000 in lost rent income or $333/mo. If you had just priced it at $2,000 (or $1,995) originally, you could have found a tenant faster to offset your vacancy costs, improving your long-term profits.

Days on the market won’t show up on a financial statement, but they do impact a landlord’s long-term profit. A proactive property manager will closely monitor interest levels to minimize days on the market (DOM).

A great property manager will boost a landlord's long-term profits.

Pricing a rental property correctly impacts the type of applicant who is attracted to it. Overpricing a rental could lead to underqualified applicants who are “willing to pay more” because they’ve recently been declined for other rental properties.

Tenant screening, Tenant retention, and minimizing tenant turnover greatly impact a landlord’s profits, but these items don’t typically appear on a financial statement.

A great Las Vegas property manager will boost a landlord’s long-term profits.

Here are some tips when interviewing or switching property managers:

Don’t hire based on the fees. Selecting a property manager based solely on the lowest management fees can end up hurting your bottom line more than you think.
Don’t hire the largest property management company managing hundreds or thousands of units; you’ll get lost in the shuffle (ask how many remote team members, otherwise known as RTMs, in the Philippines or Mexico they have on staff). Rice Real Estate & Property Management has *no* remote team members. The company’s principles are involved in every management aspect.
Don’t hire simply because a property management company appeared on Google’s first page. Read reviews from Yelp and Google!

Find a Tenant in Las Vegas in 21-28 days

8% monthly management fee.

Advice is always free

Once you find a Tenant, keep them…

1. Stay on top of Maintenance

OK, so now you found a quality Tenant. How do you keep them longer?

Keep your tenant happy by proactively maintaining the property and routinely performing Quality Assurance visits. Few things are more frustrating for a tenant than having unaddressed maintenance requests.

Being proactive with maintenance helps keep tenants happy (no one wants to live with a clogged sink) and reiterates the importance of a clean, well-maintained home. This can be a big deciding factor when a tenant is considering a renewal.

Additionally, keeping up with maintenance and addressing issues quickly will help decrease turnover time when a Tenant inevitably moves out of the rental.

Track the following items for long-term rentals:

how old are the smoke detectors? make sure the property manager is date-tracking the smoke detectors and replacing them every 10 years
does the house have carbon monoxide detectors? it’s not required by Nevada law, but it is an easy addition to improve safety and reduce liability of a rental home
when was the dryer vent last cleaned? most professionals recommend cleaning a dryer vent every 7-10 years.

Regularly inspecting the home’s condition will help all parties stay on top of maintenance items that need to be addressed (even ones 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. If you’re a good landlord, your renters will be more likely to want to stay. Ensure the property management company responds timely and makes it easy for the tenant to contact them.

A courteous and respectful property management company goes a long way toward making a tenant feel comfortable in the home.

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, 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.

Strategic upgrades like stainless steel appliances, luxury vinyl plank flooring, and updated lighting or a covered patio can make a house feel like home. These upgrades can potentially be good investments if you want to encourage tenants to stay longer.

4. Be proactive with renewals

Keeping quality tenants in place is the key to a better return on investment (ROI). The Nevada Revised Statutes NRS 118A.300 was amended in the 2023 legislative session, enlarging the notice requirement for rent increases from 45 days to 60 days. Nevada law now requires a 60-day notice for rent increases.

Ensuring a property manager has seamless communication with a tenant about lease renewals increases the likelihood of their renewing the lease and staying for many years.