I know you can do an STR in parts of Vegas. Does anyone think this is a particularly good spot for a short term rental on Airbnb? Housing prices are still fairly low right now.
Wow, interesting question. Going head to head with hotels in Vegas is quite a David and Goliath story. That city has more hotel rooms than any US city (almost 170,000 of them) and is home to two of the three largest hotels in the US (which also happen to be in the top five largest in the world). Travel there is dominated by entertainment and conference/trade show business which is centered around the strip and the large off-strip resorts. I just don’t think I’d want to be a competitor with that level of disadvantage.
If there are any STR owners on BP I'd be interested to hear how well it's working. If there aren't any, that's probably telling you the answer.
I don't do STR rentals, but I live here and I've heard about the difficulties.
@Brian Burke is right. The hotels don't want it, and they make it hard. You can try to compete with them, but I won't even buy rentals here I can't imagine the prices are good enough to make it viable AND have to compete with the hotel lobby.
again - I don't know the STR numbers, I don't want to dissuade you. Just be diligent as you're taking the path of most resistance.
Vegas is a tough market! Vegas is one of the markets that I've done test runs on and it didn't give me great returns. I agree with what everyone else has said. The hotels have already monopolized that market. I'm pretty sure you can find a few hosts that are doing great there but I personally wouldn't invest with STR intentions in Vegas unless you are aiming for more corporate rentals.
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