STR - Short Term Rentals
One of the largest growing trends for Investors in Real Estate
are STR's or Vacation Rentals.
A quick disclosure, Elaine and I own a STR here in Henderson.
Currently, it is estimated that there are over 8,000 in Clark County.
It is impossible to know exactly because there are so many
operating illegally on the several different hosting sites. This is adding to the existing Housing Shortage that is pushing up are Home Values.
Investors are very Intrigued by STR's because of the potential of higher
monthly revenue than with traditional home rentals.
A typical 4 bedroom 2 1/2 bath 2,500 sq ft might rent for $2,000 a month.
STR's can get $300 - $500 a night, adding up to near $6,000 a month.
There are a lot of extra expenses and responsibilities with the STR,
but for the Investor who doesn't mind the extra work, there is a lot of extra Income.
Why are STR's so popular? Several reasons.
Family Friendly Homes
There's a Kitchen and a Garage
No need to split-up a larger group.
Better location, closer to family, the lake or ...
For many families that might need more than one Hotel room,
a vacation home is often less expensive.
Especially if you need to feed a bunch of kids.
A majority of the STR's in Clark County are operating illegally.
Meaning they are Not registered with any township and they are not paying
the 13% transient lodging tax.
Currently STR's are only legal in Henderson, North Las Vegas and
in Las Vegas. Las Vegas only allows as a "shared room" meaning a home owner
Can rent out a room in their home.
The Nevada Legislature Approved Bill AB363 in June 2021.
This Bill requires counties with 700,000+ population to
Adopt a Transient Lodging Ordinance. Or simply put,
They have to allow STR's with certain guidelines.
This ordinance will be in place on July 2022.
With the passing of AB363 Clark County now has to legalize STR's.
If you are interested in acquiring a STR as an Investment.
Please give us a call and we can discuss your options.
Click the links below for more information about STR's.
