Las Vegas Real Estate News

LAS VEGAS, NV – Enforcement action and penalties against illegal short-terms rentals being operated within the Las Vegas Valley are being ramped up significantly going forward, according to an announcement by Clark County officials this week.

At a council meeting on Tuesday, Code Enforcement Manager Jim Andersen confirmed to the Clark County Commission that efforts to seek out and crack down on violators of short-term rental rules will now be a main focus of his department.

We’ve been reactive in our enforcement up to this point,” Andersen said. “We want to start doing proactive enforcement.”

Among the new aspects of enforcement implemented by the county include recovering fines levied against illegal rentals by means of a lien system.

In addition, the county will be hiring a company whose responsibility it will be to regularly comb through listings on platforms such as Airbnb, VRBO and others in order to root out short-term rentals that are operating without a license; Andersen referred to this as “a significant tool to gaining compliance.”

The county currently employs the Short-Term Rental Education Enforcement Team (STREET), a division originally founded in 2018 to identify and investigate illegal rentals; their goal, Andersen said, is to get homeowners to voluntarily comply with regulations via education. To date, STREET has investigated 5,724 cases, with 93 percent of them eventually closing without fines being levied; currently, the number of cases pending is 590.

Those who are found to be continuing to operate illegal short-term rentals following the initial STREET intervention face fines amounting to anywhere between $1,000 to $10,000 per day; as per the new rules introduced this week, those fines can be recovered by the county with liens on the property in question.

This news comes as Clark County is attempting to improve and speed up their oft-maligned process of approving short-term rental licenses, which critics have said has been far too slow. The county has only issued 174 licenses since August, with 515 still pending.

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 – Following months of delays and mounting frustration from homeowners missing out on income opportunities, Clark County officials have announced they are looking into ways to increase the speed of their short-term rental licensing process.

Assembly Bill 363 was signed into law by the Nevada legislature in 2021, requiring municipalities to draw up regulations governing the short -term rental industries within their borders.

After approving a short-term rental ordinance in June 2022, Clark County had started a pre-application process for short term rentals in September 2022, with the deadline for submission having been August 2023. 1,169 of the pre-applications they received were deemed eligible and the homeowners that submitted them were subsequently allowed to submit a short-term rental license application.

However, the process of approving these applications has been a slow and arduous one that has found itself ensnared in red tape; as of March 2025, a mere 175 licenses have been approved and 141 denied; 515 are still pending, drawing the ire of homeowners who say they are losing money every day they are forced to wait.

As a result, many homeowners are operating rentals with Clark County illegally; at current count, there are approximately 10,000 short-term rentals currently operating in Las Vegas, with the majority of them doing so without the benefit of a license.

Vince Queano, Clark County’s Director of Business Licensing, said that – in addition to several laws that are currently on the books that serve to hamstring the process – it takes county officials an average of one week to approve six rental units.

With over 500 [pending], just doing basic math, it would take about a year and a half [to process the backlog],” Queano said. “But then again, as we license each short-term rental unit, it creates that 1,000-foot buffer so there may be several hundred that may be denied in the future, which would make the licensing [process] overall shorter.”

Queano is proposing several changes to the process to potentially help make the approval process go faster and smoother, such as introducing a first-come, first-served system for applicants – as opposed to the previously-used random number generator – in addition to pushing back requirements that homeowners have wastewater connections and $500,000 in liability insurance at the time their application is approved, as opposed to when they first apply.

And finally, Queano suggests that the process could be sped up if short-term rental platforms got business licenses, although he did not name which companies he was referring to.

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 – In a move to address the housing crisis in Southern Nevada, the Las Vegas City Council will be reviewing potential zoning changes this week that, if approved, will convert the Desert Pines Golf Club into the largest affordable housing project in the history of the state of Nevada.

In November 2024, a $25 million loan was approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club to convert the property into a master-planned community dubbed “Desert Pines,” which will be comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The city of Las Vegas owns the 100-acre property that the golf club currently occupies. The Las Vegas City Council announced they will allow the club – located at East Bonanza Road and North Pecos Road along Interstate 11 in the east valley – to continue to operate as normal until the Desert Pines Redevelopment Project is ready to commence construction.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust and the Southern Nevada Building Trades Unions.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction.

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 impact of the tariffs instituted by upon Mexico, Canada, and China have already been experienced by the real estate industry in the Las Vegas Valley, causing difficulties for some developers who are now encountering elevated building costs.

Nigro Construction – which has operated in Southern Nevada for four decades, focusing mainly on health care, retail and industrial projects – is one such company, with the commercial contractor’s Vice President of Business Development and Project Management, Cory Frank, noting that they are currently paying more for various building supplies than before.

However, Frank said that costs are rising and falling depending on the circumstances of each project, causing a sense of uncertainty in the industry.

In the Las Vegas commercial construction industry, we’re directly feeling the impact of tariffs on steel and aluminum, both of which come from Mexico and Canada,” he said. “While this is a dynamic situation that continues to change, our subcontractors are currently seeing anywhere from 10-15 percent increases in material costs, with some projections reaching 20-25 percent in the next few weeks.”

Two of the United States’ primary trading partners, Canada and Mexico, have had tariffs on various materials and goods as high as 25 percent imposed upon them by the Trump Admin, with China currently having 10 percent tariffs on certain goods.

Two of the industries in the U.S. that are expected to experience the impact of the tariffs the most are automotive and construction, due to the fact that their main supply chains emanate from the nation’s immediate neighbors to the north and south.

However, Frank said that the construction industry is attempting to roll with the punches and adapt to the increasing costs of doing business by working smarter, not harder.

These increases are impacting budgeting and project timelines, but as a contractor, our priority is making financially responsible choices that help our clients save as much as possible while keeping projects on track,” Frank said. “While tariffs are pushing costs higher, we and our subcontractors are doing our best to stay ahead of them by planning purchases in advance and making smart sourcing decisions.”

Experts note that the tariffs may have a greater impact upon multifamily projects in Las Vegas – as opposed to commercial ones – due to the different materials required, potentially resulting in higher price increases and/or cancellation of projects, which could put a strain on a market already dealing with insufficient housing supply.

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 large hedge fund based out of New York is the single-largest owner of homes in Clark County at nearly 3,200 units, according to the county’s property records.

Pretium Partners, a hedge fund that manages over $55 billion in assets, is the owner of Progress Residential, a home rental property management company that – as of the end of February, 2025 – owns 3,190 homes in the county, as per officially-confirmed data.

But that number could, in fact, potentially be higher, as typically real estate investors make it difficult to track their dealings by buying properties under the guise of various limited liability companies (LLCs), often with different-yet-similar names. For example, according to Clark County records, at least five of LLCs that have purchased property contain the word “Progress” in their name.

When contacted by local media about the true scope of their stake in Clark County, representatives for Pretium refrained from giving an exact number of the homes it owns, but claimed that it is fewer than 4,500.

U.S. Rep. Steven Horsford (D-NEV) said that corporate and Wall Street-backed investors have snatched up thousands of homes in both Southern Nevada and throughout the nation – mainly targeting starter homes and low-income communities – thereby reducing overall affordable stock and making the dream of homeownership harder for average people to obtain.

Studies indicate that, by the end of 2023, approximately 15 percent of Clark County’s housing stock – and nearly 25 percent in North Las Vegas – was owned by investors.

These predatory practices led by these Wall Street-backed hedge funds are acquiring more properties, pricing out Nevadans and their ability to own their own home,” Horsford said.

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 Otonomus Hotel – which will be opening their doors for business this upcoming June for both short-term reservations and long-term leases – will be offering guests a unique way to ensure a memorable stay each and every time they come: utilizing artificial intelligence (AI) to customize and enhance their experience to their exact needs and wants.

The AI-powered hotel and apartment complex – located off the Las Vegas Strip in the vicinity of Allegiant Stadium at the intersection of West Russell Road and South Decatur Boulevard – has started taking bookings for their June 1 opening date.

For those looking to book a short-term stay, prices begin at $329 for a double queen, one-bedroom, fully-furnished residence, with each unit coming with a full kitchen and living space; a 30 percent discount is available for a limited time.

And for those who are looking to become tenants, they will be able to sign a standard 12-month lease for a one bedroom, one bath, 872 square-foot apartment with a starting price of $1,950 per month; two- and three-bedroom apartments are up for grabs as well if a tenant needs more living space.

The “Class A” Otonomus Hotel has 303 units and approximately 1,100 beds – all situated on a 13-acre plot of land – and is comprised of 60 percent hotel rooms and 40 percent apartments. All rooms will boast interconnectivity via a series of doors that can be locked or unlocked by the hotel’s AI algorithm, allowing guests to book the exact number and configuration of rooms they want for their stay, from just one single room all the way up to a six-bedroom penthouse.

The AI – via a downloadable mobile app – will also function as a “personal assistant” that can be used to request cleaning, as well as ordering food, extra towels or toiletries to your room; the requested items will be delivered via a two-way cabinet by the main door of your room, known as an “E-Butler.”

In addition, the AI will keep a permanent record of the guest’s preferences, so if they return even years later, their room will automatically remember the same exact temperature and language preferences, how they take their coffee, food likes/dislikes, and other settings as before, as well as being able to offer personalized entertainment and even the ability to check in and out through their phone.

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 – Amid an uptick in overall real estate sales in Southern Nevada as of late, a large apartment complex in Las Vegas was recently sold by its developer for almost $120 million.

Elysian at Sunset, a 384-unit complex in the southwest valley, was sold by the Calida Group for $118 million, with the transaction closing in late January of this year. The buyer, according to property records, was Faring, a real estate firm located in West Hollywood, California specializing in pedestrian-oriented commercial and residential properties.

Based on the $118 million sale price for Elysian at Sunset, the price per unit equates to $307,000, which is considerably higher than average for the Las Vegas market; as per Calida co-founder Eric Cohen, the luxury apartment complex was over 90 percent occupied at the time of the sale.

Situated at 8150 Rafael Rivera Way between Buffalo and Durango drives just north along the 215 Beltway, Elysian at Sunset boasts numerous high-end amenities for tenants, including poolside cabanas, an outdoor volleyball court and a 9,000-square-foot clubhouse with arcade machines, billiards, and massage and tanning rooms.

Jason Illoulian, Faring Founder and CEO, said that his firm made purchasing Elysian at Sunset a high priority for his firm due to numerous factors, such as its prime location in a hot market, as well as the affluence of its many tenants.

Las Vegas continues to demonstrate resilient population growth and demand for quality rental housing, making this an attractive acquisition for our portfolio,” he said.

While apartment sales in Las Vegas have decreased in recent years due to high loan interest rates, the subsequent lowering of prices have recently enticed investors to dip their toes back into the city’s real estate waters, so to speak.

For example, only seven apartment complexes were sold in Vegas in 2023, whereas that number jumped to 22 in 2024; while a very distinct improvement, that is still much lower than the 45 sold in 2022, but experts note that such purchasing activity is anticipated to continue to increase going forward as investors adjust to the market.

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 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.