Las Vegas STR Market 2026: Occupancy, Revenue, and Where the Data Points Investors

Las Vegas short-term rentals averaged $252 per night over the last twelve months while maintaining a 55.6% occupancy rate. That combination produced $3,239 in monthly revenue for the typical listing. I’ve spent forty years working with numbers, and what strikes me about Vegas isn’t the size of those figures. It’s how steady they are, month after month, in a city most people associate with wild swings.

Think of the Las Vegas Airbnb market in 2026 like a blackjack table where the house (baseline demand from 40+ million annual visitors) always has a slight edge. The event spikes everyone talks about? Those are the occasional hot streaks. Nice when they happen, but the real money is in showing up every night.

StaySTRA’s Las Vegas market data paints a picture that should make investors pay close attention to the fundamentals rather than the headlines.

What the Las Vegas STR Numbers Actually Show

Let me walk through the core metrics, because they tell a more interesting story than you might expect.

StaySTRA data shows the Las Vegas STR market currently tracks at a $242.61 average daily rate with 53% occupancy for the most recent month. Over the full trailing twelve months, those numbers settle at $252 ADR and 55.6% occupancy. The difference matters. A single month snapshot can mislead you, especially in a market with as much seasonal movement as Vegas.

The last-twelve-month average revenue per listing sits at $3,239 per month, which annualizes to roughly $38,868. That puts Las Vegas comfortably above many secondary markets but below some coastal resort destinations. It’s a solid middle ground, and I’d argue that consistency is worth more than a higher average propped up by a short peak season.

There are 21,673 active short-term rental listings in the Las Vegas market. That’s a big number. To put it in perspective, the market has grown approximately 435% since Q2 2016, when there were about 4,040 listings. Supply has grown fast, but so has demand. The city welcomed over 40 million visitors in recent years, and that visitor count supports the kind of baseline occupancy that keeps the market from collapsing under its own supply growth.

The Seasonal Curve (and Why It Surprises People)

Here’s where Las Vegas breaks from what most people expect. If I asked you to guess the best month for STR revenue in Vegas, you’d probably say something like New Year’s Eve (December) or maybe March (March Madness, spring break). You wouldn’t be totally wrong, but you’d miss the real winner.

StaySTRA’s month-by-month data tells the story:

October takes the crown at $3,599 in revenue, driven by a combination of fall convention season, the start of the NFL Raiders schedule, pleasant weather (finally cool enough to walk the Strip without melting), and the lead-up to major event bookings. April comes in second at $3,536, and December rounds out the top three at $3,496.

The surprise is at the bottom. August ($2,880) and June ($2,826) are the weakest months. Stay with me here, because this makes sense once you think about it. Vegas summers are brutal. Daytime highs regularly push past 110 degrees. Convention traffic slows. Leisure travelers choose cooler destinations. Occupancy drops to 48.4% in August, the lowest point of the year.

The gap between the best month (October, $3,599) and the worst (June, $2,826) is $773. That’s a 27% swing, which is actually modest compared to beach markets where the seasonal gap can reach 60-70%. This relatively flat seasonal curve is one of Las Vegas’s most underrated qualities for STR investors. You’re not white-knuckling through a four-month dead season the way you might in a pure summer-vacation market.

Where in Las Vegas Matters More Than You Think

Here’s something that catches new investors off guard: Las Vegas is not one market. It’s at least four distinct jurisdictions with completely different rules about short-term rentals.

City of Las Vegas. The city proper requires owner-occupancy for STR permits. That means you need to live on the property. Listings must be at least 1,000 feet from other licensed STRs and 2,500 feet from resort hotels and casinos. The annual license fee is $500, you’ll need $500,000 in liability insurance, and the permitting process takes 4-8 weeks. This isn’t a “buy and fly” market for the city itself.

Henderson. This is the submarket that keeps drawing investor attention, and for good reason. Henderson allows short-term rentals in residential areas. It’s a well-established suburb with strong property values (median around $380,000) and proximity to the Strip. Henderson represents one of the more accessible entry points for investors who want Las Vegas demand without the owner-occupancy requirement.

Summerlin. Short-term rentals are prohibited here. Full stop. Don’t let anyone talk you into a deal with “it’ll work out” optimism. Summerlin (including Sun City Summerlin) does not permit STRs.

Unincorporated Clark County. There is currently a moratorium on new short-term rental licenses for properties in unincorporated Clark County. If you’re looking at a property outside city limits, verify the jurisdiction carefully before assuming you can list it.

This regulatory patchwork means your investment thesis in Las Vegas depends almost entirely on where, not just whether, you buy. A property five minutes from the Strip could be in any of these four jurisdictions with dramatically different rules. Do your homework on parcel jurisdiction before you write an offer. I cannot emphasize this enough.

What’s Driving Demand (Beyond the Obvious)

Everyone knows about the big events. The Formula 1 Las Vegas Grand Prix returns November 19-21, 2026, sending ADR through the roof for that weekend. The Raiders play eight home games at Allegiant Stadium between September and January, each one a mini demand spike. Boxing matches, residency concerts, EDC, CES in January. The events calendar is relentless.

But here’s what the data actually shows: events are the cherry on top, not the sundae itself.

Look at the monthly numbers again. October’s $3,599 revenue isn’t just one big event weekend averaged across the month. It’s 58.6% occupancy sustained across 31 days. That’s convention traffic (Las Vegas hosts roughly 22,000 meetings and events annually), business travelers, weekend leisure visitors, and yes, the occasional mega-event all layered together.

The real demand floor comes from three sources that don’t get enough credit:

Convention and trade show traffic. The Las Vegas Convention Center, Mandalay Bay Convention Center, Venetian Expo, and Wynn Conference Center collectively host millions of attendees. These visitors need accommodations midweek, not just weekends, which smooths out the occupancy curve.

Drive-market leisure visitors. Southern California (18 million people within a four-hour drive) feeds Vegas a steady stream of weekend visitors year-round. These aren’t event-dependent travelers. They come for pools, restaurants, and a change of scenery.

Extended-stay and relocation demand. Las Vegas has become a popular relocation destination from high-cost states. Nevada has no state income tax, and the cost of living remains below California and many Northeast metros. Some of that relocation demand flows through STRs as people test neighborhoods before buying.

The Property Type Breakdown

StaySTRA data shows the Las Vegas market skews heavily toward smaller units. One-bedroom properties make up the largest segment at 4,396 listings, followed by two-bedroom (3,101) and three-bedroom (1,905). Studios account for 1,029 listings, while four-bedroom and five-plus-bedroom properties combine for 2,945 listings.

Think of it like a pyramid. The base is dominated by one and two-bedroom units, many of them condos and apartments near the Strip. As you move up in bedroom count, supply thins out. That thinning supply at the three and four-bedroom level often means less competition and stronger pricing power, especially for properties that can accommodate groups.

For investors evaluating Las Vegas, the 2-3 bedroom range tends to hit the sweet spot between acquisition cost and revenue potential. You’re competing with fewer listings while still accessing the broad pool of travelers (couples, small groups, convention attendees splitting a house) who make up the majority of Las Vegas visitors.

What Kind of Investor Does Well in Las Vegas

After forty years with data, I’ve learned that the best investment markets aren’t the ones with the highest peaks. They’re the ones with the highest floors. Las Vegas has a high floor.

The city’s 55.6% trailing occupancy and $252 ADR create a baseline revenue profile that doesn’t depend on any single event going well. If the F1 race gets rained out or a major convention cancels, you still have 40 million annual visitors providing steady demand. That’s a different risk profile than a market like Park City, where a bad snow year can crater your numbers.

The investors I see doing well in Las Vegas share a few characteristics:

They buy in the right jurisdiction. Henderson and properly permitted City of Las Vegas properties. Not Summerlin. Not unincorporated Clark County unless they already hold a license.

They target midweek occupancy, not just weekends. Convention travelers book Tuesday through Thursday. Properties positioned for business and convention visitors (good wifi, a desk, proximity to convention centers) fill nights that pure leisure listings leave empty.

They don’t over-leverage based on event revenue. The F1 weekend might bring $800 per night. Your January Tuesday brings $180. Build your financial model around the $180 nights and treat the spikes as bonus cash flow.

They keep properties between 2-4 bedrooms. This range balances acquisition cost, operating expenses, and revenue potential. Larger properties can work, but the five-plus-bedroom luxury segment is more volatile and more dependent on event-driven demand.

The Numbers in Context

With typical home values at $445,046 (down 2.4% year over year according to the latest data), Las Vegas entry prices remain accessible compared to coastal STR markets. A $445,000 property generating $38,868 in annual gross revenue gives you a gross yield of roughly 8.7% before expenses. That’s before you factor in mortgage payments, property management, maintenance, and the various fees and insurance requirements.

Run your own numbers through StaySTRA’s Las Vegas Airbnb calculator to see how specific properties pencil out. The calculator uses actual booking data from comparable properties, not theoretical projections, so the estimates reflect what real hosts are actually earning.

For broader context on how Las Vegas compares to other Nevada STR markets, StaySTRA’s Nevada market overview provides state-level data alongside individual city breakdowns.

We do our best to keep our data accurate and up to date, but markets move fast and we are only human. Always verify current figures directly with local sources before making investment decisions.

Run the Numbers for Las Vegas

The data points in one direction: Las Vegas rewards patient, well-located investors who understand the regulatory landscape and build their expectations around baseline demand rather than event-night highs. The seasonal curve is forgiving. The demand drivers are diversified. The entry prices are accessible.

If you’re serious about evaluating a Las Vegas STR investment, start with the actual numbers. StaySTRA’s Las Vegas Airbnb calculator lets you plug in a specific property and see projected revenue based on real booking data from comparable listings. Pair that with the full Las Vegas market dashboard for occupancy trends, ADR history, and listing composition data.

The numbers are right there. No hype required.