[Created with Gemini]
This report tracks the Las Vegas market for the type of rental properties we help clients buy. It is not a summary of the entire housing market.
- Rents: Took a breather from the continued rapid increase since January. However, YoY is up 4%.
- Leasing speed: Days to rent unchanged MoM, still at a very healthy 20 days.
- Rental supply: Rental months of supply continued to decrease MoM. YoY is down 30%!
- Prices: Marginally up MoM. YoY is flat.
- Sales supply: Months of supply unchanged MoM, still near the lowest level in the last 13 months.
- Investor takeaway: A continued lukewarm but resilient spring sales season despite interest rate hikes, while the rental market remains heated.
Market Scope and Methodology
This report reflects the Las Vegas market for the type of properties we typically recommend to clients, not all homes in the valley. The data applies only to properties that conform to our investment property profile and is based on data from the Greater Las Vegas Association of REALTORS (GLVAR) MLS. For all charts, please see this page.
The property data in this report only includes the following:
- Type: Single-family
- Configuration: 3+ bedrooms, 2+ baths, 2+ car garages, 1,100 to 2,400 SF, one or two stories, lot size >3,000 SF.
- Rent range: $1,900/Mo to $2,400/Mo
- Price range: $350,000 to $475,000
- Location: All zip codes marked in green below that have one or more of our clients’ investment properties.
Unless noted otherwise, the charts compare the most recent month against the prior 12 months.
Rental Market
Median Rent by Month
Median rent remains at the highest level in the last 13 months (~$2,250/Mo), up about 5% YoY.
Rent $/SF by Month
Rent per square foot dropped slightly MoM, taking a breather from the continued rapid rise since January. YoY is up 4% though.
Time to Rent
Median days to rent is unchanged MoM, remains at just above 20 days. This shows rental demand remains strong.
Rental Supply
Inventory continued to decrease MoM, after plummeting from November 2025, now at only 0.9 months (less than a 30-day supply), the lowest in the last 13 months, and down 30% YoY! This indicates a strong landlord’s market, and rents are likely to keep rising.
Sales Market
Median Sale Price
The median sale price increased slightly month over month and is virtually unchanged year over year. This points to a stable sales market, even with pressure from higher mortgage rates, geopolitical uncertainty, and broader economic concerns.
Price per Square Foot
Median price per square foot increased slightly month over month, even though mortgage rates were higher than in April. It is also virtually flat year over year.
Mortgage rates were considerably higher in May than in April. Even so, prices held. This suggests buyer demand hasn’t disappeared. Higher rates are creating pressure, but they haven’t been enough to push prices down.
Source: CNBC
Months of Supply
Inventory remains unchanged MoM, at about 1.8 months. Note that this is down 25% YoY. The number of homes for sale continues to decrease MoM (fewer sellers), as did the number of transactions. This again points to a “stalemate” in the market with lower transaction volume.
However, a balanced market is about 6 months of supply, where prices can be expected to remain stable. A 1.8 months of supply is firmly in the seller’s market, and puts upward pressure on prices. It also signals strong buyer demand.
Days on Market
Median days to sell increased slightly month over month, but remains very healthy at 23 days.
This points to a high-demand sales market. Well-priced homes are still selling quickly, often within days of hitting the market.
What This Means for Investors
This month’s data shows a resilient market (amid higher rates and economic uncertainty).
Even with mortgage rates higher than they were in April, the sales market remains stable. Prices are holding, and homes are still selling quickly. That points to persistent buyer demand and suggests home values are likely to remain supported.
The rental market is even stronger. Rental supply is shrinking, rents are at or near a 13-month high, and time to rent is at a 13-month low. That combination signals strong tenant demand and limited rental competition.
For long-term investors, we still believe this is an attractive time to buy. Higher interest rates continue to keep many buyers on the sidelines, which reduces competition and creates more opportunities to buy good properties at better prices.
Investors who buy now may be well positioned for the next appreciation and rent-growth cycle. In the meantime, the current rental market remains strong, which means newly acquired properties are likely to rent quickly and at healthy rents.
Buy into softness and rent into strength.
Related Resources
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…Eric
Eric Fernwood
1-702-358-8884
We help investors build wealth through strategic, data-driven real estate investments in Las Vegas.
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