Single-Family Rentals: Inventory Increases, Demand Decreases
January 2025:
Las Vegas Rental Market Insights: Single-Family Homes
The Las Vegas rental housing market for single-family residences (SFR) remained relatively stable overall, with seasonal shifts impacting activity levels. Below is a snapshot of the key trends:
Stable SFR Rental Market
The rental inventory for single-family homes held steady over the past 30 days, with approximately 2,600 units available for rent.
Decline in Leased Properties
The number of leased SFR properties declined during this period, dropping from 1,200 units to roughly 1,000 units. This decrease reflects typical seasonal slowdowns in rental activity during the holiday season.
Increase in Months of Inventory
With fewer properties leased, the months of inventory rose slightly, moving from 2.15 to 2.5 months. This change indicates a more balanced market and additional options for prospective renters.
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*Prior month data for reference:
December 2024:
SFR rental inventory decreased slightly over the past 30 days to around 2600 units from 2700 and the number of leased properties dropped slightly from 1260 units to 1200 units. We are currently sitting at about 2.15 months of inventory, up slightly from 2 months of inventory during the 30 days prior. Â Â
November 2024:
SFR rental inventory increased slightly over the past 30 days to around 2700 units from 2650, while the number of leased properties remained the same at about 1260 units. We are currently sitting at about 2 months of inventory, which is the same as the 30 days prior. Â Â
October 2024:
SFR rental inventory continues to increase, but leased properties increased slightly. Inventory increased by about 100 units or 4% over the past 30 days. Around 2650 active single-family homes are currently for rent, up from 2550 units 30 days ago. Leased properties increased slightly over the past 30 days. Around 1260 units were leased in the last 30 days, compared to 1215 in the previous 30 days. We are currently sitting at about 2 months of inventory, which is the same as the 30 days prior. Â Â
September 2024:
Single-family rental inventory continues to increase, increasing by about 150 units or roughly 6% over the past 30 days. About 2550 active single-family homes are currently for rent, up from 2400 units 30 days ago. Around 1215 units were leased in the last 30 days, compared to 1320 leased in the previous 30 days. We are currently sitting at about 2 months of inventory. Â
August 2024:
The single-family rental inventory has continued to increase over the last 30 days, rising by about 300 units or roughly 14%. There are currently about 2400 active single-family homes for rent, up from 2100 units 30 days ago. About 1320 units were rented in the previous 30 days. We are currently sitting at about 1.8 months of inventory, up from 1.5 months 30 days ago. Â Â
July 2024:
The single-family rental inventory is around 2100 active units, which is up about 10% over the last couple of months. There have been 1350 SFRs leased in the last 30 days, equating to about 1.5 months of inventory.
Supply vs. Demand: Rental Days on Market (DOM)
Why Are Las Vegas Rentals Taking Longer to Rent? A Look at the Changing Market
Local property managers are seeing a noticeable shift in the Las Vegas rental market. It’s now taking 21-28 days to rent a house vs. 7-14 days. Available inventory is climbing, and rental homes are taking longer to rent. So, what’s behind the growing “days on market”?
Some landlords, oblivious to the influx of competition, are trying to push rental prices higher than market value. The result? Those homes are sitting—sometimes for 30, 60, even 90+ days—before landlords either drop the price or settle for less qualified tenants just to get the lease signed.
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In the Las Vegas rental market, the game has shifted.
Applicants are beginning their search earlier—30 to 45 days ahead of their ideal move-in date, a far cry from the pandemic when houses would rent within 2-3 days of being listed on the rental market.
Back then, with low rental supply and sky-high demand, renters were ready to move quickly. But today? It’s a different story. With more rental homes hitting the market, qualified applicants are browsing a little longer, taking their time to find the right fit.
As Bob Dylan said, “The Times They Are A-Changin'”. Las Vegas is still a busy rental market, but with increased inventory, applicants aren’t in such a rush. Applicants have options, and they’re shopping smart—no longer applying for the first rental home they tour.
Pandemic Exodus? Are some people who migrated here during the pandemic now starting to leave?
Recent data suggests that some renters who flocked to Las Vegas during the pandemic are now packing their bags. But what’s causing them to leave?
Heat Wave Fatigue
Las Vegas summers are not for the faint-hearted. The record-breaking heat of 2024 saw temperatures soar to 120°F, with triple digits lasting from May through October. For many renters, enduring months of sweltering heat—combined with air conditioning bills hitting $300 or more for single-family homes—has proven too much. The physical and financial toll of the desert’s relentless heat has renters seeking cooler pastures.
Pandemic-Driven Moves Are Reversing
During the pandemic, many people moved to Sunbelt states like Las Vegas, drawn by remote work and a lower cost of living. But now, as companies push employees back into offices and the pull of family grows stronger, some renters are returning to their pre-pandemic roots.
The Shifting Rental Landscape
While Las Vegas remains a hot destination (in more ways than one), the extreme heat and post-pandemic lifestyle shifts are prompting some renters to rethink their living situation in this desert city.
The Rise of Rental Application Fraud
Over 70% of Landlords have reported a surge in rental application fraud in the last 12 months (fake paystubs or altered bank statements).Â
Tech Advancements Are a Double-Edged Sword
While technology has revolutionized the property management industry, it has also made it easier for fraudsters to manipulate the system.
With tech tools that can generate or alter documents in minutes, it’s now simple for applicants to forge bank statements, pay stubs, and even references.
These high-quality fakes often slip through standard screening methods, making it essential for property managers to stay ahead with advanced fraud detection technologies.
The Challenge of Synthetic Fraud
Synthetic fraud is one of the toughest scams to catch. Fraudsters blend real and fake information to create false identities that can be hard to spot.
They might use a legitimate Social Security number but pair it with a fake name or fabricated employment history.
Unlike traditional identity theft, synthetic fraud doesn’t always trigger immediate red flags, allowing these fraudulent applications to sneak past standard checks.
The Real Impact on Landlords
Fraudulent rental applications can have a serious impact on your bottom line.
When a bad actor secures a lease, you’re not just missing out on rent payments—you’re also looking at costly legal battles and extended vacancy periods as you work to reclaim the property.
This growing trend makes it essential to adopt more rigorous screening processes to identify potential fraud before it causes damage.
Rental application fraud isn’t a rare anomaly anymore—it’s a widespread issue.Â
The COVID-19 pandemic caused significant disruptions in the Las Vegas housing market.
Las Vegas Rental Market: A Natural Shift Toward Balance
The Las Vegas rental market is undergoing a natural correction as supply and demand start to level off, a reversion to the mean in economic terms.
With more rental properties available and demand stabilizing, the market is finding its new equilibrium.
But don’t count Las Vegas out—this city is still a powerhouse rental market. Strategically located as a key hub in the Southwest, it connects major markets while continuing to grow.
And with relative affordability compared to other big metro areas, Las Vegas remains an attractive option for renters and investors alike.
The long-term potential here is solid, making it a market to watch even as conditions normalize.
Rent in Las Vegas has skyrocketed by 40-50% between 2020 and 2024.
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 about Las Vegas Housing Trends.
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.Â
Every neighbor is a homes …….
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