Single Family Rentals in Las Vegas
Las Vegas Rental Market Statistics September 2024:
The single-family rental (SFR) inventory has increased by approximately 150 units, or 6%, over the past 30 days. Currently, there are around 2,550 active single-family homes available for rent, compared to 2,400 units a month ago.
In the last 30 days, approximately 1,215 units were leased, down from 1,320 in the previous 30-day period. As a result, we now have about two months of inventory on the market, up from 1.8 months in the prior month.
Las Vegas Rental Trends September 2024:
Rental applicants in Las Vegas are starting their search earlier than in years past. Qualified applicants are looking for the perfect rental 30-45 days before their preferred move-in date. With increased rental supply, applicants have many rental homes from which to select.
During the pandemic, the opposite was true. Rental supply was minimal, and rental demand was through the roof, so applicants were willing to pay rent on a property within 10-14 days of viewing the home.
Now? Qualified applicants of class A type rental homes are asking for a rental property to be held for 3, 4, or even 5+ weeks! “The Times They Are A Changin'” (to quote Bob Dylan) …qualified applicants are searching earlier than before and, based on rental inventory available, are not in a rush!
The Las Vegas rental market is still active but slowly becoming more saturated. Applicants have more choices and are not simply applying to the first home they tour.
Furthermore, over 70% of Landlords have reported a surge in rental application fraud in the last 12 months (fake paystubs or altered bank statements). In addition, many applications don’t meet the minimum rental criteria for A-class rental homes.
Our rental market is still active but not chaotic like during the pandemic.
Pandemic Exodus? Are People who migrated here during the pandemic now starting to leave?
Early data shows that some renters who moved to Las Vegas, NV during the pandemic are leaving.
Why?
- People are moving out of Las Vegas because of the heat…they simply can’t handle it! In the summer of 2024, Las Vegas experienced a historic heat wave that broke multiple records, including the all-time high temperature of 120°F. The triple-digit “summer” temps last from May through September; by the end of summer, some renters can’t handle the heat and the high air conditioning bill (the average bill is $300+/mo for a single-family home) and decide to move.
- Others who migrated here during the pandemic (starting in late Summer of 2020) are moving out of Las Vegas because they are being called back to the office or want to be closer to family.
Supply vs. Demand: Rental Days on Market (DOM)
Local property managers are seeing an uptick in available rental inventory and rental homes taking longer to rent (days on market). This is due to multiple factors:
- Some renter’s are moving out of state due to the heat
- Some renters are moving back to their hometowns to be closer to family
- Some renters are moving out of state because their employers have requested that they return to the office or due to job transfers.
At the same time, rental inventory is increasing because investors keep purchasing housing stock and turning them into rentals (including new homes).
of this is due to renter’s moving out of state along with too many new investors purchasing rentals.
Many Las Vegas landlords are trying to push advertised rent rates above market comps, and those rental homes are sitting on the market for 30-60-90+ days with eventual price drops or placement of underqualified tenants to get them leased.
Although supply is creeping up and demand is slowing, when Las Vegas rental homes are priced correctly and in move-in-ready condition, they still rent in 14-21 days.
The vacancy cost of not pricing and preparing a rental property correctly can cost thousands. These costs never show on an income statement but significantly impact a rental property’s bottom-line success. Rice Real Estate & Property Management gets this concept, stays abreast of rental market trends, and pivots as needed.
The Las Vegas rental market is moving toward a supply and demand imbalance.
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The COVID-19 pandemic caused significant disruptions in the Las Vegas housing market.
The increasing supply of single-family rentals is projected to put downward pressure on rent rates in 2025 and 2026.
Rent in Las Vegas has skyrocketed by 40-50% over the years 2020, 2021, 2022, and 2023.
Such rapid rent increases are unlikely to be sustainable in 2025 and 2026.
Institutional Investors in Rental Housing (Wall Street)
We are in unprecedented times with the billions and billions of dollars Wall Street has pumped into the residential real estate market.
If you’re unfamiliar with institutional investors in the sunbelt region like Las Vegas, google it or read an article like this one from Multi-Housing News or this article about Las Vegas Housing Trends in 2024 and 2025.
Some Wall Street investors are even funding purpose built rental neighborhoods (Build To Rent or BTR)….think apartment building living but all detached single family residences.
Every neighbor is a homes …….
Thinking about investing in Las Vegas rental properties?
Westwood Village neighborhood:
3 bedroom Green Valley, Henderson 89074
Market rent – $1,995/mo
Market value – $400k
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Las Vegas Rental Statistics # 2
Green Valley Ranch:
4 bedroom Green Valley Ranch, Henderson 89012
Market rent – $2500/mo
Market value – $500k
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Las Vegas Rental Market Statistics Example # 3
Summerlin West **new home**:
3 bedroom West Summerlin, Las Vegas 89138
Market Value – $1,000,000
Market rent – $3500/mo
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Las Vegas Rental Market Statistics Example # 4
Red Rock Country Club
(guard gated)
4 bedroom Summerlin South 89135
Market Value – $1,400,000
Market rent – $6000/mo
Click to view more examples of market value and rent rates.
Low Property Taxes
Low property taxes are one of the main reasons Las Vegas investment properties are so attractive.
As a general rule of thumb, annual estimated property taxes can be calculated at roughly .5%-.75% of the purchase price. For example, a property purchased for $400k would have annual property taxes of around $2,000 annually. Here’s a more detailed article we have written about Las Vegas Property Taxes.
This public search page can be used to determine current property taxes for any property in Las Vegas and Henderson: Clark County Treasurer.
The Future of Las Vegas...our city continues to grow.
Las Vegas is expected to grow its portfolio of pro sports teams to include MLB and NBA in the near future.
Investing in Residential Real Estate is what we do.
Rice Real Estate & Property Management understands the Las Vegas real estate rental market. Compared to other major markets, Las Vegas investment properties have low operating costs: low maintenance costs, low property taxes, and reasonable insurance.
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