Is STR in Las Vegas a good idea?

Question

Hi all,

Looking to diversify my portfolio and invest in STR. I was wondering if Las Vegas was a good market for that...

Any thoughts?

Thank you BP community!

Michael Baum · Answer

Yeah, STRs are a bit spotty on what is allowed in Vegas. It can work, but make sure you can do it in the properties you find.

I am with @Bruce Woodruff, I would want to be close to the strip. No way I would want to drive to it and park.

Bruce Woodruff · Answer

I would rent a STR there....I dislike staying in those huge hotels. But I would want to be pretty close to the Strip (Walk or short Lyft)....

If the numbers work, go for it, Vegas is one of the most visited cities in the world, I think...

Henry T. · Answer

Near the strip your occupants will have to pay that Tourist occupation hotel tax, (it's pretty steep if I recall). It is removed once you get away from the strip zone, Henderson area, etc.

Andrew Weiler · Answer

STR's in Las Vegas have heavier restrictions that make it dang near impossible to do one, such as they need to be owner occupied, not be within 600 ft of another STR and they must be 2500 ft from any resort or hotel.

In henderson and any unincorporated parts of "Las Vegas" the restrictions aren't as firm, such as non owner occupied (which makes everything easier) same restrictions between STR's but no restrictions according to resorts & hotels since there aren't a ton compared to city of las vegas. Hope this helps!

P.S. they started giving out STR licenses you just need to sign up and get in line for them to do them "legally" pretty sure it can be done on the clark county website.

Ryan Moyer · Answer

I'm pretty sure they're banned in LV proper, but legal in Henderson, right?

Allan C. · Answer

@Benjamin Papet if viable to have STR, I’d would underwrite with more wear and tear and get good cleaners.

Paul Sandhu · Answer

I may be wrong, but I'm pretty sure the hotel industry has successfully lobbied for the ban of STRs in LV.

Stephen DeThample · Answer

As long as you find a deal that makes sense for you, then yes.  There is more income with STRs, so you can be flexible even with high rates.  The key to every investment is the same, deal analysis!

If you have questions, feel free to reach out.  Best Wishes!

Benjamin Papet · Answer

Thanks!

Luke Carl · Answer

It’s a name that comes up often as being not STR friendly but why not roll the dice! See what I did there?

Is STR in Las Vegas a good idea?

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