Just a few years ago, Las Vegas’s rental market was described as “red-hot”. With inbound migration, relatively affordable housing compared with major coastal cities, and strong demand, rents climbed rapidly. Now in 2025, signs point to a shift. The escalation of rents appears to be tempering, and even reversing in some segments.
It’s no secret: Nevada has been booming. With building and development, and a growing population. Residential construction can’t keep up with population influx. Industrial real estate has gone through cycles of too much inventory to periods where development authorities are begging for spec buildings. Retail building is ramping up in the wake of COVID, shoppers returning to everything from grocery-anchored centers to experiential centers, where entertainment is half the fun of shopping.
The Tropicana Las Vegas, one of the last surviving icons of the Strip’s mid-century glamour, officially closed its doors on April 2, 2024, after 67 years of operation. The resort’s demolition marked the end of a chapter in Las Vegas history — and the beginning of a massive redevelopment project that will soon bring a Major League Baseball stadium for the Oakland Athletics to the site.
