Las Vegas STR market context
Las Vegas is one of the stronger short-term-rental markets in the U.S., with consistent traveler demand and meaningful pricing power above its long-term-rental baseline.
Vegas works for diversified buy-and-hold investors. Avoid heavy STR concentration on the Strip corridor due to permit volatility.
Underwriting cautions
- Verify STR permit availability at the parcel level before closing.
- Apply a 75% haircut to top-quartile AirDNA comps when projecting revenue.
- Budget 35–45% expense ratio (cleaning, supplies, management, channel fees, utilities).
- Model a long-term-rental fallback scenario in case STR rules tighten.