Las Vegas, NV.

In-depth analysis

Should you buy an STR in Las Vegas in 2026?

Only if you can secure a permit — and that’s the hard part. Las Vegas is a destination market with no peer for convention and event-driven demand: 40+ million annual visitors, the Sphere, Formula 1, year-round conventions, and a Strip that never closes. ADR sits at $169 with 55% occupancy and a market score of 52/100. The score is held down by the most regulation-limiting factor on this list: Clark County’s 2022 ordinance caps permits, requires lottery-style entry in saturated zones, and excludes most HOA-controlled neighborhoods entirely.

Regulation: where the city stands

The Clark County STR ordinance (and parallel City of Las Vegas, City of Henderson, and City of North Las Vegas rules) require:

• Permit required. A capped, often lottery-allocated permit. Most existing inventory does not have one and cannot legally operate.
• 1,000-foot separation rule in Clark County — STRs must be 1,000 feet apart, dramatically thinning eligible parcels.
• Owner liability + 24/7 contact requirements — non-resident owners must designate a local property contact.
• HOA prohibitions are common — most master-planned communities (Summerlin, Inspirada, Cadence, Mountain’s Edge, etc.) ban STRs in their CC&Rs. The HOA can — and does — enforce.

In short: the legal-STR map of Clark County is a fraction of the residential map. Buy a property with a transferable permit, or be prepared to enter a lottery with no guarantee.

The market by the numbers

Source: AirDNA-comparable industry averages. The Nevada no-state-income-tax advantage is real, but only if the property can legally operate.

Submarkets that matter

• Strip-adjacent (off-Strip resort area, near MGM/Mandalay) — highest ADR; event-driven; permit-scarce.
• Downtown / Fremont East — secondary tourist district; emerging design-forward STR product.
• Spring Valley / Paradise (unincorporated Clark) — most STR permits issued here; the 1,000-foot rule applies.
• Summerlin / Henderson HOA neighborhoods — almost universally banned by HOA; avoid for STR.

The 3 mistakes buyers make here

1. Buying without verifying the permit transfers. Clark County permits are tied to property + operator. Confirm with Business Licensing that the existing permit is transferable, not just “active.”
2. Ignoring HOA STR bans. Most master-planned-community CC&Rs prohibit rentals under 30 days. A perfect Clark County permit doesn’t override the HOA.
3. Underwriting Strip-adjacent ADR for a Summerlin property. Event-weekend pricing power lives within ~10 minutes of the Strip. Suburban inventory does not capture it.

What to do next

• Verify permit status with Clark County Business License before any offer.
• Pull the HOA CC&Rs and confirm STR allowance in writing.
• Run a Market Score and submarket-matched Comp Analyzer on three event-corridor listings.
• Model financing with the DSCR Loan Calculator; reserves with Year 1 Cash Needs.
• Read Reading an STR Ordinance Before You Buy.

Not investment advice. Verify all regulatory and tax information with local authorities and licensed professionals before committing capital.

Related

• Is Airbnb profitable in Reno, NV? 2026 buyer’s guide
• Is Airbnb profitable in Atlantic City, NJ? 2026 buyer’s guide
• Is Airbnb profitable in Palm Springs, CA? 2026 buyer’s guide
• Is Airbnb profitable in Naples, FL? 2026 buyer’s guide
• Is Airbnb profitable in New Orleans, LA? 2026 buyer’s guide