Here at Robinson Realty and Management, we received numerous calls from property owners interested in short-term rentals or sometimes referred to as corporate rentals. While this investment vehicle works in many parts of the country, the Las Vegas rental market as both local laws to contend with, along with a higher risks then most markets.
After managing over 4000 homes, and probably 20,000+ tenants, plus being a lifelong resident of Las Vegss. I feel very confident in advising future Las Vegas investors. There are three reasons why I strongly suggest against short-term rentals as a investment vehicle in Southern Nevada.
#1 Las Vegas is the party capital of the world. Do you want to open your house up for short periods of time while perspective partygoers enjoy your home, and typically treat it like a bachelor suite at one of the hotels.
#2 Many of the homeowner association's throughout Las Vegas require a six-month to one-year lease agreement. If you are found in violation of this, the fines are excessive. This day and age it is very easy to track properties on short-term rental websites. Whether it is your neighbor, or your association, they will find you.
#3 There are various city ordinances and laws against them! Just think about it, we have the largest hotels in the world, our industry is based on tour just think about it, we have the largest hotels in the world, our industry is based on tourism, and why was the hotels allow for competition? I have attached a recent article in the Las Vegas Review Journal referencing this point.
This is just many of the reasons why investors should rely on local property management experts so they avoid additional pitfalls that come with owning and managing rental properties. If you have any concerns or additional questions, please feel free to contact me or email me directly at Michael@rarealty.net.