Short-term Rentals in Las Vegas could your wallet
Could owning a short-term rental property in Las Vegas raid your wallet? Las Vegas area Realtors are noting an increased volume of inquiries from clients who need assistance with locating and purchasing investment real estate. What’s new is the intended investor use! The intention is to operate a Vacation Rental business. Because of do it yourself vacation websites, the trend now is to establish a Vacation Rental business for the newly acquired investment home or condominium. These potential investors see an opportunity to cash in on the Las Vegas housing market from a rental income perspective. This interest has been fueled by the National Football League’s “NFL” approval to allow the Oakland Raiders to relocate to Las Vegas, Nevada in 2020. Joined by other #VegasBorn professional sports teams such as; NHL’s Las Vegas Golden Knights, WNBA’s Las Vegas Aces, and American Soccer League’s Las Vegas Lights FC.
As a result Las Vegas Realtors are having to educate would be real estate investors about the legalities for short-term residential rental businesses in many Las Vegas communities.
What is a short-term residential rental?
Short-term rentals are generally defined as the renting of residential property such as a house, townhome, condominium, spare room, or casita on a weekly or nightly basis. Typically for a period of less than thirty (30) consecutive days. Investors often advertise their rentals on vacation websites such as Airbnb.com and Homeaway.com which can be the dead giveaway to uninformed investors.
Are short-term rentals legal in Las Vegas, Nevada?
The answer may surprise you because Las Vegas is one of the most recognized tourism cities in the world! Leasing residential property known as “short-term rentals” for a period less than thirty (30) consecutive calendar days has been prohibited in Clark County, Nevada since 1998. The City of Las Vegas may grant a Special Use Permit provided the property meets specific guidelines required by city. Furthermore the property cannot be located in a Home Owner’s Association. Contact the City of Las Vegas to clarify any questions you may have. The City of Henderson prohibits short-term rentals altogether.
Neighbors arguably have safety and privacy concerns and therefore report their suspicions to respective municipalities. City officials are imposing penalties on homeowners who illegally operate short-term rentals “aka” vacation rentals. An uninformed investor can be fined up to $1,000 per day in Clark County, Nevada.
Feel free to contact the applicable City office listed below to obtain more detailed information regarding rules that pertain to short-term rentals:
- Boulder City – (702) 293-9202
- City of Henderson – (702) 267-2323
- City of Las Vegas – (702) 229-6011
- City of Mesquite – (702) 346-5295
- City of North Las Vegas (702) 633-1000
Contact Teresa today to inquire about Homes Listed for Sale in Las Vegas.
Open House, Green Valley Homes for sale, 1492 Rancho Navarro on Thursday, November 9, 2017 afternoon between 2:00 pm to 5:00 pm.
1492 Rancho Navarro is a two story, three bedroom home located inside the master-planned community of Green Valley Ranch of Henderson, Nevada. Homes in Green Valley Ranch are well sought after due to high academic standards from preschool to high school. A host of restaurants! My experience residents rarely cook on weekends. The District parking lot on Friday and Saturday evenings at dinner time supports my theory!
View the famous Las Vegas Strip from master bedroom balcony! Imagine enjoying your favorite wine down beverage while you relax and gaze upon this multi-billion dollar view. An expansive bonus room is located on the second level. This space can be used in numerous ways such as yoga, study area, craft room, or game room. An additional bedroom can be remedied by installing a trendy barn door on a trolley system.
Floors are the foundation of any home. The carpet in the high traffic areas can be removed post sale. What’s trending now are wood surfaces, real or man-made the options are unlimited in color and style. Next the kitchen, the countertop is solid surface corian which can stay as corian is made to last a lifetime. Perhaps remove the mobile island on wheels and install a built in island that is larger in scale with an alternate butcher block surface. A baker’s dream! Then add a tile back splash feature between the countertop and cabinets. The next area of focus would be the master bedroom en-suite. Again flooring is step one, after that the options are unlimited.
1492 Rancho Navarro is move-in ready. The suggested cosmetic improvements can be done overtime during home ownership.
Green Valley Homes for Sale online? Search more homes within 1 mile of 1492 Rancho Navarro, Henderson, NV
Nevada Real Estate market update. Economic Housing Market for Greater Las Vegas, Nevada authored by Matthew Gardner, Chief Economist for Windermere Real Estate. Separate from the economic overview the report offers a glimpse into recent home sales activity for 2017. Annual change in home sales by comparison of Q3-2016 to Q32017 by community. Highest change experienced by The Lakes of 20.2% and lowest change experienced by a community is Queensridge which had -9.8%. Click on the picture to access the complete report.
The take away is that inventory remains low throughout the Greater Las Vegas area. This means if you are an investor demand will lesson as we enter the holiday season. Home buyers may reveal in less competition as not so many buyers stay focused to purchase their dream home at the end of the year.
Owners and tenants are not as eager to show occupied property during the holidays because of holiday entertaining demands. On the other hand an inviting home decorated for the holidays may put any buyer in a festive move as one envisions her family living in such a home
How Much Equity Do I Have? Interested in how your neighborhood is performing by zip code or property type contact Teresa today for an appointment to schedule a private equity position appointment.
Open House at 1492 Rancho Navarro, Henderson, NV on Sunday, November 5, 2017 between 11:00 am – 1:00 pm.
Neighborhood: 1492 Rancho Navarro is a two story three bedroom home located within the master-planned community of Green Valley Ranch in Henderson, Nevada. Green Valley Ranch is a community with high performing schools, shopping, and retail accessible less than 15 minute drive.
Home Highlights: The view of famous Las Vegas Strip from balcony!!! Today the sky is smog free and this Las Vegas Strip skyline is pure splendor. Imagine relaxing and enjoying your favorite wine down beverage while gazing at this multi-billion dollar view. An expansive bonus room is located on the second level. This space can be used in numerous ways; yoga, exercise, study area, craft room, even convert to a bedroom just install a trending barn style door on a trolley.
Remodel Ideas: Flooring. For me the floors in any home set the stage. I always say I should have been an interior designer. The carpet in the high traffic areas can be removed post sale. What’s trending now are wood surfaces, real or man-made the options are unlimited in color and style. For example stressed woods at present makes me think of a pair of designer jeans which also have unlimited possibilities. Next the kitchen, the countertop is solid surface corian which can stay as corian is made to last a lifetime. Perhaps remove the mobile island on wheels and install a built in island that is larger in scale with an alternate butcher block surface. A baker’s dream! Then add a tile back splash feature between the countertop and cabinets. The next area of focus would be the master bedroom en-suite. Again flooring is step one, after that the options are unlimited.
Overall Impression: Home is move in ready. Any cosmetic improvements can be done overtime.
Neighborhood: Tuscany Village is a master planned community that features the Chimura Golf Club and a 35,000 square foot Recreational Community Center exclusive to the residents of Tuscany. The recreational facility is located near the entrance of Tuscany. The facility features an outdoor Olympic size swimming pool, tennis courts, and social activities organized the by club director. Inside there are multiple fitness rooms and racquetball courts. A variety of classes are offered in the areas of dance, cooking, and crafts. There is a lounge area for board games and cards as well as a full size kitchen for community social gatherings or reserve for a private event.
The guard gate Community of Tuscany Village is impressive. Nestled within the eastern corridor of Henderson just minutes away from Lake Mead National Recreation Area and the Clark County Wetlands Park. These are some of the hidden facts about Henderson and the Greater Las Vegas Valley.
Opportunity: Tuscany village is nearly sold out as an entire community. The opportunity here is the opportunity to purchase this home built in 2015 for less than the home builder’s costs to build as new construction at today’s costs.
Teresa’s take away: I was pleasantly surprised to discover a distant view of the Las Vegas Strip from the upstairs master en-suite bedroom.
Feel free to share this page about my upcoming Open House to any friends or family who are looking to purchase a new home.
How do I qualify to rent a house in Las Vegas or Henderson, Nevada? The requirements to qualify for a rental property is not necessarily dependent upon a tenant applicant’s credit score. A landlord or property manager typically wants to know that the future tenant does not have any prior evictions from a previous residence. The next benchmark that a tenant applicant must meet upon crossing the tenant eviction hurdle is income. At a minimum the prospective tenant’s gross monthly salary must be three times the requested rent payment. For example; if the landlord is requesting $1,000 per month in rent, then your gross income per month needs to be at least $3,000 per month. Expect to provide your most recent last two paycheck stubs for income verification purposes. If you are retired or disabled a letter of benefits from the source of payment along with bank statements should suffice. You may be requested to provide a copy of your state issued identification such as a driver’s license. These are the general requirements for a tenant applicant. Additional information may be requested by the landlord or property manager.
To search available rental homes in the Las Vegas or Henderson, Nevada area click Homes for Rent in Las Vegas or Henderson, Nevada.
Southern Highlands is a Master Planned Community located in the Southwest corridar of Las Vegas, Nevada. The graph below dipicts median original list price vs. median sale price for homes sold year to date, May, 17, 2016. January clearly illustrates homes sold above list price, whereas the following months have a lessor margin of list price to sold price. Click here to view homes available for sale within Southern Highlands
New Homes are also under construction at Southern Highlands. Below are a few pictures I took while previewing a one story home that features an integrated multi-generational suite with its own separate entry, living area space, bedroom and bathroom en suite, walk in closet, and single bay garage. For floorplan, pricing and availablity contact Teresa for more information.