Las Vegas update short term rental ban

[Zacharias0]

If anyone is consdering investing in las vegas and turning it into a STR think twice. The ban passed last week that all short term rentals have to be owner occupied, 3 bedrooms or less and also must be at least a block or 660 ft from another licensed person. If you can satisfy all three then by all means invest in Las Vegas, but for the rest of the people the bottom and pricing has fell out  of the short term rental market. There is plenty of ppportunity left as only about 200 of the 900 operating rentals in the city of LV are even legal.  Everyone else has switched to just listing their place for 31 days. You can get a room in a house for $550 a month which includes all utilities and you dont have to put down a deposit. Thats the best deal I've ever seen!

In regards to pricing AirBnB rolled out Early Bird pricing and if youre not watching your rate and other discounts you'll get robbed. They dont mention that a monthly discount is in addition to the early bird discount. Its not until I book a mock reservation that Id realized I was offering my space for 65% off! Why AirBnB allows a double discount is beyond me, but it reminds me to double check my work.

[Pete28]

@Zacharias0

I hear you.

Better still since last month Airbnb is only showing base price on the web and map - so everything is shown as under $60 night until you go over each property. I'm amazed that Airbnb has a business.

In theory some limits on Airbnb should be good for business, but it does start to feel like a race to the bottom, especially off season.

I'm glad I rent out part of house and do the cleaning so have low / no fixed costs. A stand alone property with property tax, mortgage, utilities, cleaner etc on Airbnb would be a nightmare - huge cost monthly with very uncertain revenue and high risk. 

[Zoe34]

Agreed - I had so many nights booked that had been blocked, nights booked at a lower rate than I had changed it to, that I just recently unlisted my property for a bit. It’s not worth it sometimes to get $130 for an entire weekend of my time cleaning, hosting, being quiet, etc. If I hadn’t had so many issues that weren’t in my control, it may be different.

[Pete28]

@Zoe34

This time of year $65-70 a night is where it's at if you want occupancy. 

If you use the Airbnb web site you'll see that if you set nightly price over $50-60 you get 400+ results since they no longer include cleaning fee etc in the pricing. It's completely unusable and isn't helping bookings. 

[Ashley500]

PLEASE HELP!!!! I can not find any insurance company that will offer $500,000 liability "owner occupied" insurance... 

[Pete28]

Try proper - but they will want $2k for a policy...

[Ashley500]

THESE AIRBNB CITY INSPECTIONS ARE KILLLIINNNNGGGGGGGG MY WHOLE MOOD AND VIBE LOL!!!!! Like LEAVE ME ALONE, at least I am paying for the business license and doing it all legit!!!!!!!!! This new ban is ridiculous! I could scream!

[Laura2716]

Ashley I have loads of questions for you. Do you mind getting a hold of me? ldudley@me.com

[Beth3473]

I could not agree more with you... and it's against the constitution!!!

This is all about the government violating the 4th amendment and sticking its nose into citizen's homes and pandering to the real bosses of Las Vegas - the casinos.