Airbnb in Vegas

[Joseph Waitkevich]

Hi All, 

Had an idea (very beginning stages) and wanted to throw it in here and see what others think of it. Would a condo or apartment in vegas be a good location for an airbnb property? Would it be worth it to invest in a less expensive unit just outside of the strip or is having a place within walking distance the biggest appeal? I understand there is a lot more that goes into this process but I'm just curious if it makes sense from the most basic viewpoint for starters, thanks for your input! 

[Eric Fernwood]

Hello @Joseph Waitkevich,

AirBnBs are not illegal in Las Vegas. Here is a link to the Las Vegas short-term rental page: https://tinyurl.com/2fcsjj32

Whether you can offer a short-term rental out of a condo or apartment depends on the individual property. I have not looked at apartments, but the condos I have researched have a minimum 30-day lease requirement, so be aware of that.

One concern I have with short-term rentals is that they are dependent upon tourism. In times of economic stress, people may not choose to vacation in Las Vegas. Many of the short-term rentals in Las Vegas were sold during COVID because they were vacant most of the time.

Another option to consider is mid-term rentals (MTRs). The target demographic for MTRs is traveling nurses. Unlike short-term rentals, MTRs are not dependent upon tourism. There is a nursing shortage, and traveling nurses receive a large stipend for housing. We recently completed a study on MTRs, which revealed that MTRs are likely to generate more than $1/SF above long-term rentals. If anyone wants a copy of the study, DM me.

Traveling nurses generally get a 13-week contract with renewals, so you should not run afoul of HOAs. However, I cannot speak to apartments, as this depends on the individual complex.

Additionally, we are finding a small number of properties for sale where the seller is willing to contribute to the buyer's closing costs. Typically, clients are using this to buy down their interest rate to 6% or less.

Reach out for more information.