Corporate and LLC buyers held 28.3% of the 9,408 tracked single-family properties in the Las Vegas metro between January 1 and May 31, 2026, a total of 2,666 homes, one of the lower corporate rates this report series has recorded. The capital behind the market tells a different story: 26.0% of tracked purchases came from out-of-state buyers, the highest external-capital share in the series, and the top of the buyer table is stacked with national institutional names, led by Star 2022 SFR3 Borrower LP at 106 properties.
Las Vegas is the mirror image of the older Midwest markets in this series. Its tracked stock is the newest recorded, with a median build year of 2000 and just 7.4% of properties predating 1970, and its buying concentrates harder in one price band than any market yet: 41.6% of all activity landed in the $400k-$600k tier. This report breaks down where investors bought, what they paid, who led the market, and what five months of sustained data signal for sellers, realtors, and buyers heading into summer.
Data sourced and verified by the iBuyer.com Market Insights Team. Coverage period: January 1 through May 31, 2026.
28.3%
Corporate / LLCOwnership Rate
9,408
PropertiesAnalyzed
$454,000
MedianMarket Value
59.1%
CashBuyer Rate
26.0%
Out-of-StateInvestor Share
7,844
Unique InvestorEntities
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Corporate Ownership Rate: 28.3%, With Institutions at the Top
Of the 9,408 single-family properties tracked across the Las Vegas metro from January 1 through May 31, 2026, corporate entities held 2,666, a 28.3% ownership rate. Among the five-month markets in this series, only Austin (26.8%) has come in lower; Las Vegas sits far from the near-majority rates of Atlanta (52.8%) and Kansas City (48.7%). For a metro with this much institutional attention, the headline rate is surprisingly restrained.
The structure beneath it is two-layered. The dataset records 4,366 unique corporate owners behind 2,666 corporate-held properties, more entities than properties, the fragmentation signature this series first observed in Cincinnati, Denver, Houston, and Indianapolis. Most corporate buyers here hold a single home. But the top of the table is unmistakably institutional: Star 2022 SFR3 Borrower LP (106 properties), Opendoor Property Trust I (58), FirstKey-linked FKH SFR Q LP (55), and KL LB Propco IV C LLC (48), four national-scale entities of a kind entirely absent from the Kansas City report published alongside this one.
Geographically, the corporate share runs counter to the series’ usual pattern. There is no cheap urban core for entities to dominate; instead, per this dataset’s zip-level figures, the heaviest corporate concentration sits in Southern Highlands’ 89141 at 43.1% of tracked properties, a suburb averaging $547,500, while the luxury Summerlin zip 89135 ($845,000 average) and Henderson’s 89052 and 89044 stay below 25%.
“What we’re seeing here is a tale of two Las Vegas markets: while institutional investors dominate the headlines, the real story is in the fragmentation. Despite corporate ownership hitting 28.3% across 9,408 properties, we have 7,844 unique owners, meaning most investors are still operating at small scale. Star 2022 SFR3 Borrower LP’s 106-property portfolio and Opendoor’s 58 units represent the institutionalization everyone talks about, but the math reveals thousands of mom-and-pop landlords chasing the same 6-7% gross yields in that sweet spot $400k-$600k tier that comprises 41.6% of all transactions. The 74.8% high-equity rate suggests most of these smaller players are stretching thin on leverage, which means any meaningful interest rate relief or new supply hitting those middle-tier neighborhoods could quickly cool this buying frenzy.”
The 26.0% out-of-state share is the highest recorded in this report series.
Where Investors Are Buying: Henderson and Summerlin Lead a Flat Map
Tracked activity spans 25 zip codes, and it spreads more evenly across premium suburbs than any market this series has covered. The leader, Henderson’s 89052 in the Green Valley area, holds just 3.8% of the dataset (360 properties), and the gap down to tenth place is barely a percentage point. Compare that with Kansas City, where the top zip alone absorbed 7.1%: Las Vegas investors are buying everywhere at once.
What unites the top ten is price. Every single zip averages $440,000 or more, the first time this series has recorded a top-ten table without a sub-$400k entry. Henderson (89052, 89011, 89044), Summerlin (89134, 89138, 89135), and the southwest growth corridor (89141, 89148, 89113) dominate the list, with Summerlin South’s 89135 averaging $845,000, the priciest top-ten zip average the series has recorded.
| # | Zip Code | Area | Properties | Share | Avg Value |
|---|---|---|---|---|---|
| 1 | 89052 | Henderson / Green Valley South | 360 | 3.8% | $632,500 |
| 2 | 89011 | Henderson / Lake Las Vegas | 346 | 3.7% | $504,000 |
| 3 | 89141 | Southern Highlands | 318 | 3.4% | $547,500 |
| 4 | 89148 | Southwest / Spring Valley West | 310 | 3.3% | $482,000 |
| 5 | 89134 | Summerlin / Sun City | 297 | 3.2% | $499,000 |
| 6 | 89138 | Summerlin West | 291 | 3.1% | $655,000 |
| 7 | 89135 | Summerlin South / The Ridges | 281 | 3.0% | $845,000 |
| 8 | 89113 | Southwest Las Vegas / Enterprise | 275 | 2.9% | $550,500 |
| 9 | 89044 | Henderson / Inspirada | 271 | 2.9% | $532,000 |
| 10 | 89123 | Silverado Ranch / South Las Vegas | 255 | 2.7% | $440,000 |
The corporate overlay follows yield, not price floor. Southern Highlands’ 89141 carries the heaviest corporate concentration at 43.1% of its tracked properties, master-planned rental stock at a $547,500 average, while the highest-priced zips lean toward individual investors: 89135’s corporate share is 24.5% per this dataset’s zip-level figures, and Henderson’s 89052 and 89044 stay below 25% as well.
The absences are as telling as the entries. None of the metro’s older, cheaper central zips makes the top ten. Where Jacksonville and Kansas City investors swarmed sub-$140k urban cores, Las Vegas investor capital lives almost entirely in master-planned suburbia built after 1990.
Price Tiers: A 41.6% Single-Tier Record in the $400k-$600k Band
No market in this series has bet so heavily on one price band. The $400k-$600k tier absorbed 3,908 properties, 41.6% of all tracked activity, surpassing Dallas’s $250k-$400k tier (39.3%) as the heaviest single-tier concentration recorded, and the $250k-$600k range combined captured 69.3%. The wager rests on the metro’s tenant base: Bureau of Labor Statistics metro employment data tracks roughly 1.18 million nonfarm jobs across the Las Vegas metro, still growing year over year, the demand engine behind mid-market single-family rentals.
The $454,000 median against a $580,404 average leaves a 28% mean-to-median spread, fed by a quarter of the dataset sitting above $600k. For the listing-side benchmark, median listing price data for the Las Vegas metro tracked by the St. Louis Fed shows where the open market’s asking midpoint sits; investor-held values clustering at $454,000 indicate buyers operating near the heart of the market rather than below it, a sharp contrast with the deep-discount profiles of Kansas City or Birmingham.
Housing Stock: The Newest Portfolio in the Series
Las Vegas takes the series record for youth. Only 7.4% of tracked stock predates 1970, less than a ninth of Kansas City’s 66.9%, and the median build year of 2000 is the newest any five-month market has posted. The 1990s and 2000s together supply 52.2% of the dataset, with the 2000s alone peaking at 29.4% (2,615 properties), and roughly three quarters of the stock postdates 1990. The strategy this profile supports is turnkey and light value-add: modern homes with low maintenance loads, rented quickly, not gutted and rebuilt.
Market value in this dataset reflects assessed market value from public records at the time of export, and Nevada’s method differs from most states in the series: the Clark County Assessor’s annual property valuations price land at market value but value improvements at replacement cost minus depreciation under state code, so recorded values for these relatively new homes track construction economics as much as sales comps and can sit below open-market prices in hot submarkets.
Median year built: 2000. Share of tracked stock built before 1970: 7.4%. Decade shares reflect properties with a recorded build year.
Full Market Snapshot: Las Vegas at a Glance
| Metric | Value | Signal | Notes |
|---|---|---|---|
| Properties analyzed | 9,408 | Baseline | All matched on filters, Las Vegas metro; third largest in series |
| Corporate ownership rate | 28.3% | Moderate | 2,666 of 9,408 via LLC / trust / entity; second lowest among five-month markets |
| Out-of-state investor share | 26.0% | Active | 2,449 properties; highest in series |
| Median market value | $454,000 | Premium | Second highest in series after Denver |
| Average market value | $580,404 | Reference | Mean across matched properties |
| Cash buyers | 59.1% | High | 5,560 of 9,408; lower end of five-month series |
| Median property size | 1,804 sq ft | Reference | Second largest footprint in series after Dallas |
| Built pre-1970 | 7.4% | Newest stock | Median year built 2000; newest in series |
| Unique corporate entities | 7,844 | Fragmented | Includes 4,366 distinct corporate owners |
| Active zip codes | 25 | Broad | Activity spans entire metro |
Who Is Buying: An All-Institutional Top Table
The buyer table is the most institutional this series has produced. All four top positions belong to national-scale entities: Star 2022 SFR3 Borrower LP leads with 106 properties in its first series appearance, Opendoor Property Trust I takes second with 58, FKH SFR Q LP, the FirstKey Homes entity last seen holding 49 properties in Charlotte, posts 55 here in its second market, and KL LB Propco IV C LLC rounds out the table with 48. Not one local family LLC or private trust cracks the top four, the exact inverse of Kansas City’s all-local roster.
| Rank | Entity | Properties | Profile |
|---|---|---|---|
| 1 | Star 2022 SFR3 Borrower LP | 106 | Institutional SFR borrower entity; first appearance in series |
| 2 | Opendoor Property Trust I | 58 | iBuyer platform holding entity |
| 3 | FKH SFR Q LP | 55 | FirstKey Homes entity; second market in series after Charlotte |
| 4 | KL LB Propco IV C LLC | 48 | Institutional property company entity |
Opendoor’s 58 properties continue its rebound through the recent reports: after sliding to mid-table in Houston, it placed third in Jacksonville (53) and now second here, consistent with the iBuyer model favoring exactly this kind of newer, homogeneous, mid-premium stock. Star 2022 SFR3 Borrower LP’s 106-property lead is the third largest single position recorded in the series, behind only PR Borrower 27 LLC’s Atlanta stake (224) and Tricon’s Atlanta position (187).
Even so, fragmentation still rules the aggregate. The top four hold 267 properties between them, 2.8% of the dataset, while 7,844 unique entities populate the buyer pool. Las Vegas manages to be simultaneously the series’ most institutional market at the top and one of its most fragmented underneath.
Institutional Buyers Are Active Across the Valley
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Market Implications: What 9,408 Transactions Mean for You
- In 89135’s $845k tier, corporate share is just 24.5%; price confidently.
- In 89141, 43.1% of tracked homes are corporate-owned; expect entity bids.
- Stage for fast closes; 59.1% of tracked buyers paid cash.
- Star 2022 SFR3’s 106-property pace signals steady institutional rental demand.
- Steer sellers to 89052 and 89044; corporate share stays below 25%.
- Note that 74.8% of tracked properties show high equity positions.
- Focus marketing on the $400k-$600k tier; 41.6% of activity lands there.
- Track Opendoor’s 58-property portfolio for potential off-market opportunities.
- Expect entity competition in 89141: 43.1% corporate at a $547,500 average.
- 89135’s luxury tier faces lighter corporate pressure despite $845k averages.
- Bring cash or strong pre-approval; 59.1% of tracked purchases closed cash.
- 2000s-era homes are plentiful at 29.4%; institutional interest spreads thinner there.
Reading the Signals: Five Months of Las Vegas Data
Q1 Through Q2: The $400k-$600k Machine Ran All Five Months
The January 1 to May 31 window covers the full first quarter plus April and May, the first stretch of Q2, which is what makes the tier data meaningful. A single price band absorbing 41.6% of all investor activity, the heaviest single-tier concentration this series has recorded, did not spike in one hot month; it held through the slow winter quarter and into the spring ramp, with the broader $250k-$600k range carrying 69.3% throughout. That is structural behavior: Las Vegas investor capital is a machine tuned to one product, the post-1990 suburban single-family home at a mid-premium price, bought for rental yield in the 6-7% gross range the analyst commentary describes. Because the dataset does not break out by quarter, no sub-period figures can be claimed; persistence is the evidence. Heading into summer, sellers holding exactly that product, in Henderson, Summerlin, or the southwest corridor, are selling into the deepest and most reliable demand pool in the metro.
The Most Institutional Top Table in the Series
Published alongside Kansas City’s all-local buyer roster, Las Vegas reads like its photographic negative. All four top buyers are national-scale entities: Star 2022 SFR3 Borrower LP debuts at number one with 106 properties, the third largest single position the series has recorded; Opendoor Property Trust I continues its recovery arc, from mid-table in Houston to third in Jacksonville to second here; FKH SFR Q LP makes FirstKey Homes a confirmed multi-market presence after Charlotte; and KL LB Propco IV C LLC adds a fourth institutional name. Yet the same dataset shows 4,366 corporate owners behind just 2,666 corporate properties, more entities than holdings, the fragmentation signature of the series’ Midwest markets appearing in the Sunbelt’s most institutional table. The two facts coexist: a handful of platforms operating at scale, atop thousands of single-property LLCs. For sellers the practical meaning is choice; for the consolidation scenario in the analyst commentary, Las Vegas is where the platforms already have their beachhead.
A Quarter of the Capital Is External, and It Wants New Houses
The 26.0% out-of-state share is the highest this series has recorded, taking the record Kansas City set in the report published just before this one, and it pairs with the series’ newest housing stock: a 2000 median build year and just 7.4% of properties predating 1970. The dataset’s trend commentary attributes much of the external flow to California-adjacent capital, a plausible read for a metro one state line from the country’s most expensive coastal markets. What the capital is buying is unambiguous: master-planned suburban product in Henderson and Summerlin, where every top-ten zip averages above $440,000 and the priciest, 89135, posts the highest top-ten zip average the series has seen at $845,000. There is no distressed-core renovation play here because there is barely a distressed core to play; the sub-$250k tiers together hold under 6% of the dataset. Heading into summer, Las Vegas’s signal is that external money keeps choosing the newest, most standardized inventory in the series, exactly the stock that competes most directly with ordinary move-up buyers.
Frequently Asked Questions
Methodology
Data sourced and verified by the iBuyer.com Market Insights Team. Coverage period: January 1 through May 31, 2026.
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Reilly Dzurick is a licensed real estate agent with over six years of experience and a member of the iBuyer.com Market Insights Team, covering national trends in home selling and the evolving iBuyer landscape. Her firsthand experience working with buyers and sellers gives her a practical perspective on how these platforms impact real homeowners. She holds a degree in Public Relations, Advertising, and Applied Communication.
