There are approximately 160 current Special Use Permits in the City of Las Vegas for Short Term Rentals. The City of Las Vegas has voted on what is really a ban on short term rentals. Current permitted vacation rental homes will be grandfathered in under their original rules.
City of Las Vegas – New Rules
The new law requires any new permits to be limited to owner-occupied homes. In other words, a maximum three bedroom home could apply for and potentially be approved for a special use permit. The home would have to be owner occupied and with the permit the owner could rent out a bedroom or more in their home on a short term basis. If the property is located in a homeowner association, the HOA rules would apply. It is likely that under these new rules, fewer people will apply for the permits. Currently only 1% of the short term rentals in the City of Las Vegas are owner occupied.
Short term rentals are properties that are rented for fewer than 30 days. The owner occupied short term approved rentals must have no more than 3 bedrooms and be at least 666 feet from the nearest other short term living unit.
Real Options for Investors looking to participate in the Vacation Rental market
If you are considering investing in Vacation Rental type properties in the Las Vegas area, we recommend sticking with the approved high rise developments that are zoned hotel/condo and have licensed hotel http://www.lakelasvegasvacation.com operators on site to manage the booking and guest processes. Contact your Windermere Real Estate agent to find out more about this legal option.