Las Vegas STR market holds $226 median ADR across 4,191 active listings with strong October and July revenue peaks.
Market Overview
Las Vegas is one of the largest short-term rental markets in the United States, with 4,191 active listings recorded in February 2026. The market draws from a base of 42.9 million annual visitors, which provides a large and consistent demand pool. The average daily rate reached $282 in February 2026, up from $243 in the same month of 2025, reflecting a clear upward ADR trend even as occupancy has softened.
Over the past five years, supply has grown sharply. Active listings averaged 2,428 in 2021 and climbed to 3,463 in 2025, with early 2026 data showing the market tracking above 4,100. This supply growth is the primary driver behind declining occupancy rates: the annual average occupancy was 65.3% in 2021 and fell to 43.4% in 2025. As of February 2026, monthly occupancy stood at 36%, which is the seasonal low for the market.
RevPAR (revenue per available room) averaged $98.20 in February 2026, with a median of $65.10, indicating meaningful spread between high and low performers. Average revenue in February 2026 was $2,749, below the trailing 12-month market average of approximately $3,500. Investors entering this market in 2026 face a more competitive supply environment than existed two to three years ago, and performance differentiation by property quality and management has become a larger factor in outcomes.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 45% | $243 | $3,389 | 3,252 |
| Feb | 46% | $232 | $2,967 | 3,244 |
| Mar | 56% | $216 | $4,097 | 2,820 |
| Apr | 55% | $219 | $4,003 | 2,814 |
| May | 51% | $243 | $4,198 | 2,629 |
| Jun | 56% | $223 | $4,234 | 3,008 |
| Jul | 55% | $226 | $4,424 | 3,215 |
| Aug | 51% | $222 | $4,070 | 3,224 |
| Sep | 53% | $230 | $3,990 | 3,244 |
| Oct | 56% | $242 | $4,438 | 3,035 |
| Nov | 50% | $248 | $3,937 | 3,067 |
| Dec | 48% | $250 | $3,899 | 3,226 |
Las Vegas STR performance follows a distinct seasonal pattern tied closely to major events, weather, and the convention calendar. October is the strongest month by average revenue ($4,438) and ties with March for the highest occupancy average (56.2%). This reflects Formula 1 Las Vegas Grand Prix, major UFC events, and the fall convention season.
July is the second-strongest revenue month ($4,424 average) despite desert heat, likely driven by domestic leisure travel and summer events. June ($4,234) and May ($4,198) are also solid performers. The spring peak runs March through May, with occupancy averaging 51-56% and ADR holding in the $216-$243 range.
The weakest period is the late winter trough. February averages 45.8% occupancy and $232 ADR in normal years, and February 2026 underperformed even that baseline at 36% occupancy. January also dips, though ADR stays elevated due to New Year’s proximity. December ($3,899 average revenue) benefits from holiday visitation but is weaker than the fall peak.
The practical takeaway for operators: price aggressively for October and July, prepare for 35-45% occupancy in January and February, and treat March through October as the core revenue window. The October peak month averages nearly 1.5 times the revenue of February, so dynamic pricing calibrated to the event calendar is essential.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $773 | $1,822 | $3,699 | $5,993 |
| ADR | $127 | $226 | $343 | $516 |
| Occupancy | 16% | 33% | 52% | 70% |
In February 2026, the latest data month, revenue distribution across Las Vegas STR properties was:
– Bottom quartile (p25): $773 per month
– Median (p50): $1,822 per month
– Top quartile (p75): $3,699 per month
– Top decile (p90): $5,993 per month
The average revenue was $2,749, pulled above the median by strong performers. The ADR spread is equally wide: p25 ADR was $127, p50 was $226, p75 was $343, and p90 was $516. This range reflects significant property-type variation, from budget studio condos near the Strip to large luxury homes with private pools.
For annual projections, multiply the monthly figures by a seasonality factor. October and July average roughly 30-35% above the annual monthly mean, while January and February run 20-30% below. A median property should be modeled at approximately $38,000 to $44,000 gross annually. A p75 property projects to $55,000 to $65,000 gross. These are pre-expense figures; operating costs including the 13% transient occupancy tax, platform fees, and management typically consume 45-55% of gross revenue.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $4,906 | $158 | $183 |
| Apr 2021 | $5,060 | $169 | $191 |
| May 2021 | $5,218 | $168 | $199 |
| Jun 2021 | $5,243 | $175 | $198 |
| Jul 2021 | $5,435 | $175 | $202 |
| Aug 2021 | $5,207 | $168 | $201 |
| Sep 2021 | $4,812 | $160 | $195 |
| Oct 2021 | $5,181 | $167 | $217 |
| Nov 2021 | $4,525 | $151 | $203 |
| Dec 2021 | $4,063 | $131 | $205 |
| Jan 2022 | $3,404 | $110 | $199 |
| Feb 2022 | $3,319 | $119 | $188 |
| Mar 2022 | $4,403 | $142 | $191 |
| Apr 2022 | $4,472 | $149 | $204 |
| May 2022 | $4,841 | $156 | $239 |
| Jun 2022 | $5,034 | $168 | $210 |
| Jul 2022 | $5,190 | $167 | $219 |
| Aug 2022 | $4,423 | $143 | $200 |
| Sep 2022 | $4,744 | $158 | $219 |
| Oct 2022 | $5,243 | $169 | $223 |
| Nov 2022 | $4,558 | $152 | $216 |
| Dec 2022 | $4,370 | $141 | $224 |
| Jan 2023 | $3,505 | $113 | $215 |
| Feb 2023 | $3,013 | $108 | $200 |
| Mar 2023 | $4,567 | $147 | $223 |
| Apr 2023 | $3,989 | $133 | $208 |
| May 2023 | $4,217 | $136 | $230 |
| Jun 2023 | $4,056 | $135 | $203 |
| Jul 2023 | $4,599 | $148 | $219 |
| Aug 2023 | $4,165 | $134 | $207 |
| Sep 2023 | $4,238 | $141 | $233 |
| Oct 2023 | $3,839 | $124 | $228 |
| Nov 2023 | $3,372 | $112 | $254 |
| Dec 2023 | $3,209 | $104 | $264 |
| Jan 2024 | $3,174 | $102 | $250 |
| Feb 2024 | $2,926 | $101 | $246 |
| Mar 2024 | $3,023 | $98 | $234 |
| Apr 2024 | $3,044 | $102 | $237 |
| May 2024 | $3,659 | $118 | $266 |
| Jun 2024 | $3,283 | $109 | $247 |
| Jul 2024 | $3,469 | $112 | $242 |
| Aug 2024 | $3,379 | $109 | $252 |
| Sep 2024 | $3,166 | $106 | $248 |
| Oct 2024 | $3,940 | $127 | $256 |
| Nov 2024 | $3,251 | $108 | $272 |
| Dec 2024 | $3,855 | $124 | $268 |
| Jan 2025 | $3,347 | $108 | $257 |
| Feb 2025 | $2,828 | $101 | $243 |
| Mar 2025 | $3,588 | $116 | $249 |
| Apr 2025 | $3,450 | $115 | $253 |
| May 2025 | $3,056 | $99 | $278 |
| Jun 2025 | $3,555 | $119 | $256 |
| Jul 2025 | $3,428 | $111 | $248 |
| Aug 2025 | $3,176 | $103 | $252 |
| Sep 2025 | $2,989 | $100 | $253 |
| Oct 2025 | $3,988 | $129 | $287 |
| Nov 2025 | $3,976 | $133 | $294 |
| Dec 2025 | $3,999 | $129 | $291 |
| Jan 2026 | $3,515 | $113 | $291 |
| Feb 2026 | $2,749 | $98 | $282 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 62% | 2,154 |
| Jun 2021 | 69% | 2,394 |
| Sep 2021 | 69% | 2,517 |
| Dec 2021 | 57% | 2,586 |
| Mar 2022 | 66% | 2,676 |
| Jun 2022 | 62% | 3,788 |
| Sep 2022 | 58% | 3,814 |
| Dec 2022 | 52% | 3,729 |
| Mar 2023 | 62% | 3,688 |
| Jun 2023 | 58% | 3,560 |
| Sep 2023 | 53% | 3,577 |
| Dec 2023 | 42% | 2,868 |
| Mar 2024 | 43% | 2,566 |
| Jun 2024 | 43% | 1,550 |
| Sep 2024 | 43% | 2,460 |
| Dec 2024 | 47% | 2,859 |
| Mar 2025 | 48% | 3,014 |
| Jun 2025 | 46% | 3,748 |
| Sep 2025 | 40% | 3,851 |
| Dec 2025 | 44% | 4,090 |
The Las Vegas STR market offers potential returns that vary significantly by property tier. In February 2026, the p25 revenue was $773, the median was $1,822, the p75 was $3,699, and the p90 was $5,993. Top-quartile properties are generating roughly five times what bottom-quartile properties earn in a slow month. Annually, p50 properties track toward $35,000 to $45,000 in gross revenue based on seasonal patterns, while p90 performers can exceed $70,000.
The median home sale price in Las Vegas is $421,666, and the typical home value sits at $420,894. At a purchase price near the median, a p50-performing property generating approximately $3,500 per month in peak season would yield a gross revenue of roughly $38,000 to $42,000 annually before expenses. After platform fees (15-20%), property management (20-30%), supplies, maintenance, and the 13% transient occupancy tax, net cash flow margins are tight for median performers.
A key risk factor is the supply trajectory. Listings grew from 2,358 in July 2024 to 4,191 in February 2026, a 78% increase in under two years. If supply continues at this pace while occupancy is already compressing, downward pressure on both occupancy and ADR is possible. Investors should underwrite to 2025 performance levels (43.4% average occupancy, $263 ADR) rather than 2021 or 2022 figures. The housing market is not overheated: the sale-to-list ratio is 98.5% and median days to pending is 55, suggesting reasonable acquisition conditions without bidding-war pressure.
Unlock Revenue & Investment Data
Get full revenue percentiles, ROI analysis, and market trend charts for every STR market.
Start Free TrialHome Value Trends
| Date | Typical Home Value |
|---|---|
| Mar 2021 | $337,415 |
| Dec 2021 | $400,167 |
| Sep 2022 | $458,170 |
| Jun 2023 | $419,228 |
| Mar 2024 | $439,548 |
| Dec 2024 | $458,828 |
| Sep 2025 | $451,298 |
Booking Insights
In February 2026, the average booking lead time in Las Vegas was 36 days, with a median of 23 days. This means half of all bookings were made within three weeks of the stay date, and the average guest is booking about five weeks out. This is a relatively short booking window compared to destination vacation markets, which often see 60-90 day lead times.
The average length of stay was 7 days, but the median was just 3 days. This wide gap indicates that a small number of extended stays pull the average up substantially, while the typical guest stays 2 to 4 nights. Las Vegas is primarily a short-stay market driven by events, conventions, and weekend leisure trips.
For operators, these patterns suggest that last-minute pricing adjustments are impactful: nearly half of bookings arrive in the final three weeks. A rigid pricing calendar will miss revenue on both sides. Gap-filling strategies for 1-2 night windows between longer stays are also relevant given the 3-night median stay.
For high-demand event weekends (Formula 1, major fights, New Year’s Eve), earlier minimum stay requirements and higher rate floors are justified, as demand characteristics shift significantly from the baseline.
Short-Term Rental Regulations
Las Vegas operates one of the more restrictive STR regulatory frameworks in Nevada. The City of Las Vegas requires all short-term rental operators to obtain both a Conditional Use Verification (CUV) and a business license before accepting guests. The process involves three sequential steps: a planning land use review for the CUV, a home inspection for safety and building compliance, and a final business license review.
The annual permit fee is $500. Critically, only owner-occupied properties are eligible for STR operation under the current rules. This means the property must be the operator’s primary residence, which effectively prohibits pure investor-owned non-owner-occupied STR properties within Las Vegas city limits. This is a major constraint for investors who do not intend to live on-site.
All STRs are subject to a 13% combined transient occupancy tax, which must be collected from guests and remitted to local authorities. Failure to comply with permit requirements or tax remittance can result in penalties and revocation of operating privileges.
Note that Las Vegas is a fragmented jurisdiction. Properties in unincorporated Clark County, Henderson, North Las Vegas, or the Strip resort corridor fall under different governing bodies with their own rules. Investors should verify the specific jurisdiction of any target property before assuming the City of Las Vegas rules apply. Always consult with a local attorney or permit specialist before purchasing with STR intent, as regulations in this market have been subject to revision.
Market Comparison
Las Vegas is an outlier among U.S. STR markets due to the scale and nature of its tourism base. With 42.9 million annual visitors, demand volume is among the highest of any U.S. city. However, the STR market competes directly with one of the largest hotel inventories in the world, which caps the ceiling on achievable nightly rates for most properties.
The $226 median ADR is competitive with major urban markets like Phoenix ($180-$210 median) and above many secondary Sun Belt cities, but trails luxury mountain or beach destinations where $300-$400 median ADRs are common. Las Vegas’s strength is occupancy consistency driven by the event and convention calendar, not premium rate capture.
The 4,191-listing supply figure as of February 2026 is large in absolute terms, but relative to 42.9 million annual visitors, the demand-to-supply ratio remains workable for well-positioned properties. The 78% supply growth since mid-2024 is the primary concern; markets like Nashville and Austin went through similar supply surges and experienced multi-year occupancy compression before stabilizing.
The owner-occupancy requirement for City of Las Vegas permits distinguishes this market from most other major STR destinations, where non-owner-occupied investment properties are permitted. This regulatory constraint limits the investor universe but also provides a structural ceiling on future supply growth within city limits.
Frequently Asked Questions About Las Vegas, Nevada
How many short-term rental listings are active in Las Vegas?
What is the average revenue for a Las Vegas short-term rental?
What is the average daily rate (ADR) for Las Vegas Airbnb properties?
What are the short-term rental regulations in Las Vegas?
What is the occupancy rate for Las Vegas short-term rentals?
What are the best and worst months to own a Las Vegas short-term rental?
How does the Las Vegas STR market compare to other major cities?
Analyze Las Vegas Rentals
Use our free calculator to estimate Airbnb revenue for any property in Las Vegas.
Free Las Vegas STR Calculator →
