Las Vegas Real Estate News

LAS VEGAS, NV – A homeowner is suing a former tenant he claims had listed his property without his permission on Airbnb back in 2021, and in doing so incurred a whopping $180,000 fine imposed upon him by the city of Las Vegas for operating an unlicensed short-term rental within their borders.

Homeowner Xin Tao, who lives full-time in Oregon, originally bought the five-bedroom, two-bathroom property in the Glen Heather Estates neighborhood in June 2021 for $378,000 as a long-term rental investment property, and went on to lease it to Ryan Murphy in November 2021.

Murphy proceeded to list the home himself on Airbnb; Tao maintains this was done without his knowledge, although Murphy insists that he told his landlord about his short-term rental business, claiming at the time he was renting seven houses in Las Vegas for that purpose.

Following multiple complaints by neighbors over regular disturbances and other issues, Las Vegas authorities conducted over 10 inspections and ultimately Tao was hit with an initial fine of $2,132 in August 2021 for violating Las Vegas’ strict laws governing short-terms rentals within city limits, which include homeowners staying on-site with guests and that properties be at least 650 feet away from other rentals.

Tao unsuccessfully attempted to evict Murphy when he learned of the situation; since he believed the tenant should have been the one to pay the fine, he himself refused to do so. Murphy eventually vacated the property in September of 2023, and on October 5, 2023, Tao found the $180,000 fine notice taped to the home’s front door.

Unfortunately for Tao, Las Vegas’s short-term rental code imposes a $500 per day late fee penalty, by that point causing the fine to swell to $180,000, leading to the very real threat that Tao’s home could auctioned off to satisfy the debt, although Las Vegas officials have yet to go in that direction.

In response, Tao filed a lawsuit against the city of Las Vegas, with the lawyer representing him claiming the city never informed his client that he was accruing $500 per day in late fees for two whole years, denying him of his right to due process under the Nevada Constitution.

Now, this week, Tao has taken legal matters a step further, filing a lawsuit against Murphy himself, demanding he pay the $180,000 fine in addition to $15,000 in damages; the former tenant claims he didn’t know there were any issues.

Tao is also insisting on compensation from Airbnb, with his lawsuit contending that the platform neglected to properly vet Murphy to ensure he was the rightful person to rent out the home on their service.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Brownstone Apartments, a 143-unit luxury apartment community located in the Las Vegas neighborhood of Centennial Hills, has been purchased by Irvine, California-based SB Real Estate Partners (SBREP) for $42 million in an off-market transaction.

As a result of the purchase, SBREP has officially re-branded Brownstone Apartments as Portola Centennial Hills. The acquisition of the property now brings SBREP’s holdings in the Las Vegas Valley to a total of 640 apartment units.

The newly-christened Portola Centennial Hills, originally constructed in 2022, is located at 7531 Tule Springs Road, approximately 15 miles northwest of The Strip, and is situated within walking distance of numerous lifestyle amenities, including coffee shops, restaurants, Sprouts Farmers Market, and Pop Squires public park.

The complex offers deluxe luxury finishes for all of its apartment homes, with one, two, and three-bedroom layouts available; the 143 units are spread out amongst nine low-rise buildings, and amenities include a clubhouse, a resort style pool, barbecue areas, a 24-hour fitness center and tuck-under garages.

In addition, SBREP is planning on making several improvements for tenants, including offering a Smart Home tech package and minor upgrades to common areas.

SBREP Founder & Managing Principal, Srijin Bandyopadhyay, noted that the Las Vegas market has become a high-priority location for his firm’s investments, with plans to continue to acquire real estate there persisting into the near the future.

The Las Vegas metro has one of the lowest supply pipelines in the country when compared to other high-octane growth markets across the Sunbelt, with the Centennial Hills submarket having virtually no future supply over the next few years,” Bandyopadhyay said. “Given that backdrop of favorable supply/demand balance, along with other supportive multifamily fundamentals, SBREP plans to remain an active buyer in the Las Vegas [Metropolitan Statistical Area].”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Thinking of heading to Las Vegas to enjoy some rowdy Spring Break partying in the coming weeks? If that’s the case, you might want to engage in a more subdued affair when you visit Sin City, because a major local area short-term rental advocacy group is teaming up with authorities to prevent such gatherings from getting out of control.

Greater Las Vegas Short-Term Rental Association (GLVSTRA) founder Jacqueline Flores notes that the Las Vegas valley is home to literally thousands of short-term rental properties, and she wants the neighborhoods they are in to know there’s no need to be worried about crazy keggers next door this Spring Break season.

A lot of these property owners, the last thing they want is to have something like that in their property,” Flores said. “They spend thousands of dollars renovating their houses and getting them ready to rent, so the last thing they want is to have damage to their property.”

GLVSTRA will be requesting that their approximately 2,000 members pay special attention to rental units across the valley to make sure things aren’t getting out of hand.

Also, the group is reiterating the policies that their members are expected to adhere to, such as properly vetting their guests, displaying strict house rules – including the prohibition of large gatherings – and to have security and noise monitoring measures in-place on each property.

In addition, the Las Vegas Police Department will also be ramping up enforcement during Spring Break season, with officers actively patrolling their respective beats for disturbances at known short-term rental “party locations.” Communities are also being urged to report any instances of large parties or anything else out of the ordinary during Spring Break season.

We take these calls seriously and will respond appropriately when resources are available,” a Las Vegas Metro Police spokesperson said.

Airbnb – which operates approximately 70 percent of all short-term rentals in the valley – will also be pitching in, using AI-based reservation tech to single out reservations that are considered “high risk” to stop wild parties before they happen.

Airbnb prohibits disruptive and unauthorized parties, and we use machine learning to try to identify and block potentially high-risk bookings before they happen,” an Airbnb rep said. “This technology is in effect year-round, globally, and will continue to be in place for the Las Vegas area over Spring break. While issues are rare, we offer multiple ways to reach us to report a concern–like our 24-hour Neighborhood Support Line–and take swift action against users and listings that violate our policies, including so-called ‘party houses’.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report released by Redfin, the Las Vegas Valley currently has one of the highest instances of pending real estate deals falling through in the entire country.

In January 2025, the valley placed third in the nation in terms of the number of pending home sales being cancelled, with about 17.9 percent of them failing; this also represented a year-over-year increase, as the rate for the valley in January 2024 was 16.4 percent.

The top spot was taken by Atlanta, Georgia, which placed first at 19.8 percent, and followed by Orlando, Florida in second place, with 18.2 percent, as per Redfin.

Realtor Mike Roland said there are a lot of potential roadblocks that can get in the way of a real estate transaction these days, and that Las Vegas is currently feeling the effects of those issues more than most areas.

It doesn’t take much to blow up a deal these days. Even the smallest issue can lead to a cancellation, especially with the lingering uncertainty surrounding the economy,” Roland said. “On top of that, with inventory increasing, buyers have more choices and are becoming more selective. If there’s a rough inspection or appraisal issue, buyers aren’t sticking around like they would a couple years ago. In today’s slowing market, growing inventory means buyers have options, and they’re taking their time to choose wisely.”

However, the amount of real estate transactions falling through is up pretty much throughout the entire country; in January 2025, the failure rate was 14.3 percent, the highest number since 2017 and a noteworthy year-over-year bump from 13.4 percent.

Redfin cited several reasons for the rising number of cancellations nationally, including economic uncertainty, supply rising while demand is falling, and sticker shock on the part of buyers as it relates to current elevated home prices. For example, Las Vegas home prices reached their all-time high in January, hitting $485,000, with that number remaining the same in February as well.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As the housing crisis continues in Southern Nevada, state officials announced this week that ground will soon be broken on two new affordable housing apartment complexes in Las Vegas, bringing a total of 201 much-needed units to the city’s residents.

The Southern Nevada Regional Housing Authority (SNRHA) confirmed that one of the new affordable housing communities will be located at the intersection of Duncan and Edwards, whereas the other will be at 28th and Sunrise.

The combined total of 201 units will be made available to lower-income Las Vegas residents; the main requirement for consideration is that the applying household as a whole is earning between 30 and 80 percent of the area’s median income.

According to the National Low Income Housing Coalition’s data, Nevada is currently lacking in terms of affordable housing units, with more than 78,000 needed; Las Vegas accounts for the majority of that shortfall, with the city in need of at least 60,000 units – which comes out to 14 units available for every 100 needed – if not more.

In addition, as per research provided by the Lied Center for Real Estate at the University of Nevada, Las Vegas (UNLV), Nevada ranks in the top three of states where renters are especially feeling financially burdened by their housing expenses; currently, UNLV estimates that approximately 45 to 50 percent of tenants are spending over 30 percent of their monthly income on keeping a roof over their heads.

However, Nancy Brune – City of Las Vegas Councilwoman and Vice Chair of the SNRHA – is hopeful that the two new affordable housing complexes that are now in the works will go some way to addressing the city’s housing crisis, but also acknowledged that much more needs to be done in order to make a real impact.

During the great recession, Nevada was hit by a couple of big economic fallouts and back in 2008 we just stopped building because there was a lot of uncertainty,” Brune said. “I think we are just catching up to meet the demand we are seeing. We are one of the fastest growing states in terms of people coming here, and we just haven’t caught up yet to the demand.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Formerly a quiet neighborhood free of the hustle and bustle of the Las Vegas Strip, the city’s Arts District is now seeing an uptick in foot traffic and activity as two new apartment complexes are currently under construction, with both slated to open next year.

A 337-unit apartment building is currently in the works, courtesy of developer Southern Land Company of Nashville, Tennessee. Located at the intersection of California Avenue and Third Street, the currently-unnamed project will be comprised of three seven-story buildings upon completion, and will offer a two-story fitness center and rooftop deck, in addition to ground-floor commercial and retail space.

According to Alex Woodin, Southern Land Company’s Development Manager, the complex is scheduled to open its doors for business early in 2026.

The second apartment building project that is currently under construction in the Arts District is situated at the corner of Commerce Street and Imperial Avenue, and upon completion will offer 311 apartment units and ground-floor commercial space, as well as tenant amenities such as a large fitness center and resort-style spa facilities that will include saunas.

According to co-developers Cedar Street Companies out of Chicago, Illinois and Bridge Investment Group of Salt Lake City, Utah, the project – which is also currently unnamed – is anticipated to open in the middle of next year.

For a number of years, the Arts District was one of the quieter areas of Las Vegas, with numerous vacant storefronts, empty plots of land, and a general lack of foot traffic; however, recently the neighborhood has seen an influx of businesses – including restaurants, coffee shops, and retail shops – that have attracted more and more people.

And with the Arts District’s growing popularity have come higher rents, not to mention the need for more housing options, which these two in-development projects should help to address.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Federal Trade Commission (FTC) announced in December 2024 that they would be instituting a ban on so-called “junk fees,” which is a term used to describe bait-and-switch pricing and other tactics used to hide total prices and misrepresent fees in the short-term lodging and live-event ticketing industries.

The Junk Fees Rule requires full up-front disclosure of pricing information “in a timely, transparent, and truthful way” as it pertains to consumers of short-term lodging and live-event tickets; the FTC says that the rule will level the competitive playing field and make it easier for consumers to engage in comparison shopping and ultimately, save money.

As far as the short-term rental industry is concerned, this includes hotels as well as all online booking platforms and websites such as Airbnb and Vrbo. And this rule regarding fee transparency, according to Mark Tremblay, an assistant professor of economics at University of Nevada, Las Vegas (UNLV), is likely to influence host pricing behavior within the industry going forward.

Typically, hosts set the prices for their rentals by comparing them to the prices others on the platform charge for similar properties; however, Tremblay notes, previously hidden fees – such as for cleaning services – may have “tricked” both hosts and renters alike, resulting in “artificially competitive” lower prices.

But now that the new FTC rule has come into effect, these hidden fees have been laid bare, and hosts have started raising their prices after being made aware that they’ve been “under-charging” for their rentals.

What we found is that the reaction on the host side is a bit different depending on the type of host,” Tremblay said. “So, some hosts are reducing their cleaning fees, as you would expect, but we’re seeing other hosts actually increasing their prices by a lot.”

Since the Junk Fee rule went into effect, the average in cleaning fees has been 4 percent, while in-turn other hosts have increased their rental prices by an average of 6 percent to compensate, which Tremblay said was an out-of-left-field discrepancy. This is especially true considering consumers have historically gravitated towards listings with lower cleaning fees.

This was a result we weren’t expecting. And it differs from how we think about how certain other large firms might react to hidden fees,” Tremblay said. “So, if you think of the Las Vegas Strip, how they’re reacting to resort-fee transparency, they probably know what prices to set. A random host in a small neighborhood – they have a couple bookings a month. They’re not a big corporation, and so they might be a little bit less aware of what prices they should set, and this impacts them as well.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After several months of prices fluctuating and slowly rising, Las Vegas homes in January finally set a new all-time record for the region, and as of February that record has remained firmly in-place, with prices remaining flat month-to-month.

According to a new report by industry group Las Vegas Realtors (LVR), the median price of an existing single-family home in Las Vegas was $485,000 in February; this is the same exact amount as last month, which was a historic record high for Southern Nevada.

The previous all-time record home price in Vegas was $482,000, set back in May 2022.

George Kypreos, LVR President, said in a statement that the median home price holding steady from last month that represented a degree of stability and balance potentially returning to the region following an extended degree of time in which it had remained a “seller’s market.”

We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”

The rising home inventory in Vegas shows that this may indeed be the case; there were 5,229 single-family homes listed for sale without any type of offer by the end of February, which is a jump of 50.6 percent year-over-year, LVR says. There were also 2,025 condominiums and townhomes listed without offers in February, a 74.6 percent increase from the same period of time one year prior.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates – Redfin notes that the average rate for a 30-year-fixed term mortgage is 6.6 percent – as well as home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The new year ushers in many things, but prime among them is that it’s a time when people are looking for a fresh start on life, and to that end many find themselves searching for the best deals on a new place to call home. With that being said, a new report is highlighting the most popular cities in the nation for prospective transplants, and Las Vegas ranks highly in a variety of eye-opening metrics.

RentCafe – an apartment search marketplace that, according to their website, reports “relevant stats about the pulse of the local markets as well as the national and state level dynamics” – has released their quarterly Rental Activity Report, which is a snapshot of the rental dynamic in 150 largest U.S. cities based on online engagement on RentCafe.com (page views, favorited listings and saved searches) as well as fluctuations of apartment availability.

According to the findings of RentCafe’s Rental Activity Report, Las Vegas ranked in January as the 11th most sought-after major metropolitan area by renters, having skyrocketed an astonishing 69 spots from the position they held just one month prior.

Another factor cementing Vegas’ ranking arises from the devastation brought by the recent wildfires in Nevada’s neighboring state of California, and many Los Angeles residents who have lost their homes due to the disaster are currently looking to relocate to Southern Nevada, on either a temporary or permanent basis. This is evidenced by a whopping 76 percent month-over-month increase in Los Angeles-based searches for Las Vegas apartments on RentCafe.com.

Also, the Rental Activity Report notes that listings in Vegas ranked 9th for most saved searches on RentCafe.com, demonstrating clear intent on the part of renters.  

That Vegas is considered very desirable by renters is solidified by the fact that unit availability in the city increased only 7 percent year-over-year, which is far below the national average; this means that renters have fewer options to choose from, which serves to underscore the strong demand for rental properties within its confines.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A new and innovative real estate platform – TheMLS.AI – is seeking to transform and revolutionize the industry with a cutting-edge combination of artificial intelligence (AI) and augmented reality (AR), with the developer claiming that the ripple effects for both buyers and sellers are anticipated to be felt the world over.

The key elements of TheMLS.AI are its use of AI and AG to create a “seamless experience” that will make the process of buying and selling homes more streamlined, efficient, and cost-effective, according to the platform’s Founder and CEO, Simon Wilby.

TheMLS.AI is designed to improve accessibility in real estate by breaking down language barriers. By integrating AI and AR, we aim to create a more seamless experience for buyers, sellers, and agents around the world,” he said. “Our goal is to redefine the real estate industry and make it more accessible and efficient for everyone involved.”

TheMLS.AI will be able to provide accurate and real-time information on properties, market trends, and pricing to users by utilizing AI. In addition, the use of AR will enable buyer to partake of virtual walkthroughs of prospective properties and create visual representations of potential renovations or design alterations, as per the following bullet points pulled from the platform’s website:

• Virtually tour properties in real-time, exploring interiors, layouts, and surroundings with lifelike precision.
• Customize spaces in AR, experimenting with different furniture, finishes, and designs before making a purchase decision.
• Access interactive neighborhood insights, visualizing schools, parks, transit routes, and local amenities through an augmented lens.

In addition, AI will be able to provide real-time translations of 165 languages during the AG tours, ensuring that language barriers are never an issue to closing on a deal.

Whether reviewing contracts, negotiating deals, or exploring property details, buyers and investors can seamlessly communicate across borders without missing any critical information,” TheMLS.AI’s website states. “This ensures clarity, transparency, and confidence in every transaction.”

Slated to launch in April 2025, TheMLS.AI has the potential to radically transform how real estate transactions are carried out globally; however, time will tell if this truly will be the case.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new study released by Construction Coverage, a company that specializes in researching construction software, insurance, and related services, Nevada, Georgia, Michigan and Arizona rank among the least stable states for real estate, and Las Vegas is currently the most volatile large housing market in the nation.

In order to gauge housing market stability in the long-term, the study utilized data obtained from Zillow to analyze home price trends across major metropolitan areas across the country. The markets in question were then ranked based on the likelihood that a random buyer would have experienced a price drop of over 5 percent following a purchase.

Based on that criteria, eight major metros displayed a greater than 40 percent chance of a 5 percent or more price drop, with Las Vegas ranking at the top of that list as being the most volatile.

Las Vegas has been the most volatile large metro, with a 48.5 percent probability of a 5 percent or greater price drop and a 63.9 percent peak-to-trough decline, amounting to a staggering $210,860 loss in home value,” the report reads. “While home prices in Las Vegas have increased 182 percent since 2000, reaching a median value of $428,434, this growth has come with severe price fluctuations, particularly during the housing crash of 2008 and the rapid price corrections following the pandemic-era boom.”

The city’s high volatility can be attributed to speculative investment, a tourism-dependent economy, and a rapid influx of new housing supply, which amplifies both booms and busts,” Construction Coverage adds.

In contrast, the reports names South Dakota, Oklahoma, Alaska, Iowa, and Vermont as the states being the most stable, and Buffalo, New York as being the least volatile city.

When asked about his thoughts regarding Construction Coverage’s study, Chairman and CEO of Coldwell Banker Premier Bob Hamrick said that two events shaped the current real estate market in Las Vegas – the Great Recession and the COVID-19 pandemic; however, he noted that the market in Southern Nevada is showing signs of returning to stability.

I’m hearing that we have a balanced market now,” Hamrick said. “We do have a balanced market when you look at the period of time. It’s over a 25-year period of time. When you look at that period, there were two monumental events that took place then— both of which had significant impact on Las Vegas.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report by Redfin, as of the end of January rents in Las Vegas have dropped year-over-year, indicating they are potentially on a trajectory to becoming more affordable in a market that is currently still seen as very competitive and pricey.

As of January 31, the median rent for all apartment types – regardless of the number of bedrooms – is $1,470, which represents a 1.3 percent decrease from the same period of time one year ago. However, January’s median rent did increase from December 2024 by 1.7 percent.

Redfin notes that Las Vegas’ rent nonetheless remains below the national median price, which is currently $1,599; it is also lower than Phoenix, Arizona’s price of $1,475, but higher than Dallas, Texas’s price of $1,464.

As for the city that experienced the largest year-over-year median rent price decrease, that honor would go to Austin, Texas, whose 16 percent drop was bigger – by a very wide margin – than the second-place city in that regard, which was Tampa, Florida, with 8.2 percent.

Redfin Chief Economist Daryl Fairweather said that there are several factors that are potentially contributing to rent growth in the Las Vegas Valley showing signs of slowing down.

New construction that started during the pandemic is still coming online,” he said. “But demand for rentals is not as high as it was during the pandemic. That has relieved pressure on rents.”

Redfin Senior Economist Sheharyar Bokhari said that this situation is not exclusive to Vegas; indeed, rental supply and demand essentially being in sync with one another is a phenomenon that is taking place in many major metropolitan areas throughout the nation.

This is keeping rent growth at bay, but that may not last long,” he said. “Apartment construction could be further hampered by new tariffs on building materials. At the same time, demand for apartments continues to grow as high mortgage rates and housing prices push homeownership out of reach for many Americans. Rents will tick up if demand starts to outpace supply in a meaningful way.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.