Short Term Rentals, rentals under 30 days. Are they Good or Bad?
The STR business is a $30 billion annual industry in the USA.
An estimated 500,000 of Las Vegas' 42 million annual
tourists choose STR's instead of
hotels for their
lower cost and accessibility away from crowded casino's.
Of the 5,800 STR properties listed on VRBO and AirBnb,
there are only 162 with legal permits or permission.
Las Vegas is the only jurisdiction in the Valley to permit
short-term rentals.
N Las Vegas, Henderson and unincorporated
Clark County do not allow the rentals.
So that means over 5,500 of these STR's are illegal and unregulated.
Licenses cost $500 per year, and does not include the Conditional Use Verification (CUV)
or a Special Use Permit (SUP) from the Planning Department.
They also need to adhere to any rules set by your HOA, condo board or co-op.
Permitted STR owners must provide proof of liability insurance coverage of $500,000
Owners must also collect and remit between 10.5 percent and 13.38 percent transient lodging tax.
Weddings, birthday parties, bachelor/bachelorette parties and other special events are not allowed.
On Wednesday December 5th 2018, the Las Vegas City Council
voted 4-3 to limit the number of new STR in Las Vegas.
People opposed to STR claim neighbors have to deal with
party's, prostitution, drugs use, parking, loud music, and garbage in yards.
People for STR claim they are revitalizing the distressed areas near the strip.
Claim it helps the economy and gives more options to tourists.
702-229-3500
24-hour hotline to register a complaint about a STR in your neighborhood.
Offending homeowners can be fined $1,000 a day.
Website to Apply for a Short Term Rental License HERE
Personally, our family enjoys using STR instead of Hotels when we vacation.
We enjoy the common areas that Hotels don't have like the Kitchen, Living Area and Yard.
Having a kitchen makes keeping drinks cold, breakfast and snacking easier and cheaper.
Las Vegas is a lot different. People come here for the Late Night Scene,
24 Hour Gambling and Bars and now we have legalized marijuana.
That's not what we do on vacation and not what I want in my neighborhood.
I'm sure the Casinos don't like loosing any revenue and had an influence on the Dec 5th vote.
For my Investor Clients considering buying a home to be used as a STR,
You would be taking a risk that soon there will be new rules and regulations to deal with.
It doesn't seem that at this point anybody is enforcing the existing Laws, but might be soon.
