Las Vegas Rental Market Trends Favor Landlords as Rental Inventory Dips Slightly
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April 2025: (updated 4/19/2025)
SFR rental inventory decreased over the past 30 days from 2150 to just under 2000 units available for rent. The number of leased properties decreased slightly from 1500 to just over 1400 units leased. Months of available rental inventory decreased slightly from 1.5 months to 1.4 months.
Las Vegas is still a Landlord’s Market.
1.4 months of inventory signals strong demand, benefiting landlords with higher rents and faster leasing.
The chart illustrates the trends in the Las Vegas single-family rental (SFR) market from July 2024 to April 2025. Here’s a summary:
SFR Inventory: The number of active rental properties steadily decreased over this period. In July 2024, there were about 2,100 units, and by April 2025, this had dropped to just under 2,000 units.
Leased Properties: The number of leased properties initially fluctuated. It rose from 1,350 units in July 2024 to 1,500 units in March 2025, but then decreased to 1,400 units by April 2025.
- Note: The sharp increase in “months of inventory” in December and January is slightly skewed as the holiday season is historically slow for rentals.Â
This indicates that the market is tightening, with fewer rental units available while the number of leased properties remains relatively steady
Months of Inventory for Detached Single-Family Rentals: A Key Market Indicator
 In the rental market, months of inventory measures how long it would take for all available single-family rental homes to be leased if no new properties were listed, based on the current leasing pace. It’s calculated by dividing the number of active rental listings by the number of homes rented in a given period (typically one month).
For example, if there are 300 detached single-family rentals available and 100 are being leased per month, the market has 3 months of inventory (300 ÷ 100 = 3).
Why It Matters for Investors & Landlords:
- Landlord’s Market (Low Inventory, < 3 Months) – High demand and limited supply drive faster leasing times and potential rent increases.
- Balanced Market (3-6 Months) – Supply and demand are relatively even, leading to stable rent prices and normal leasing times.
- Renter’s Market (High Inventory, > 6 Months) – Excess supply can lead to longer vacancies and potential rent concessions to attract tenants.
Understanding months of inventory helps landlords adjust rental pricing, anticipate vacancy risks, and plan investment strategies effectively. In low-inventory markets, well-positioned rentals move quickly, while high-inventory conditions require a more competitive leasing approach.
*Detail Prior months of inventory single-family rental (SFR) data for reference:
March 2025:
SFR rental inventory continued to decrease over the past 30 days from around 2400 units to 2150 units available for rent. The number of leased properties increased from about 1400 units to 1500 leased. Months of available rental inventory decreased from around 1.7 months to 1.5.
February 2025:Â
SFR rental inventory decreased slightly over the past 30 days from around 2600 units to 2400 units available for rent. The number of leased properties increased from about 1000 units to 1400 units. This increase is slightly skewed as we are coming off the holiday season which is historically slow for rentals. We are currently sitting at about 1.7 months of inventory.
January 2025:
SFR rental inventory remained flat over the past 30 days, hovering around 2600 units available for rent. The number of leased properties dropped from 1200 units to about 1000 units. Seasonality impacted the number of leased units over the past 30 days. We are currently sitting at about 2.5 months of inventory.
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. 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.
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.
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. 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. SFR rental inventory continued to decrease over the past 30 days from around 2400 units to 2150 units available for rent. The number of leased properties increased from about 1400 units to 1500 leased. Months of available rental inventory decreased from around 1.7 months to 1.5.
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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 from the pandemic rental frenzy.
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 Impact? Are some people who moved here during the pandemic now starting to leave?
Yes, some 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. In addition, some new residents of Las Vegas are leaving because they simply can’t handle the summer heat…
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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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Las Vegas Rental Example # 3
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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.
Hollywood 2.0
Nevada has always been known for its entertainment scene, but with Warner Bros. announcing an $8.5 billion film studio expansion and Sony’s $1.8 billion Summerlin movie studio getting the green light (backed by Mark Wahlberg, no less), the state is about to experience a serious upgrade. This isn’t just a big win for the film industry—it’s a major shift for Southern Nevada’s economy and a golden opportunity for property investors.
The Numbers Don’t Lie: 16,000 Jobs and $1.2 Billion in Economic Impact
What do new film studios mean for the local economy? We’re talking 16,000 new jobs and a projected $1.2 billion boost to Nevada’s economy from just one studio project. But for property owners and investors, the big question is: how does this affect Summerlin South? The answer: massively.
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.
Rice Real Estate & Property Management isn’t just another property management company; we’re your dedicated partner in navigating the Las Vegas investment landscape. From pinpointing and acquiring lucrative investment properties to providing comprehensive property management services, we’ve got your back.
