The greater Las Vegas area, one of the most exciting places on earth, is packed into a land area of only 135 square miles yet in 2016 hosted a record number of tourists (for a third straight year), welcoming 42.9 million people to our exhilarating city. According to the Associated Press, in 2016 more than 340,000 of those visitors decided not to use Las Vegas or Nevada hotel rooms and instead opted to use home-sharing “host” services to book a place to stay.
This growth in the short term rental “host” market presents a great opportunity for homeowners, or potential property owners/investors, to increase their income and the revenue from their residences, which increases their long-term net worth. That host market in the state generated over $47 million for the home-owner hosts, with most of that revenue coming from Las Vegas area homes and apartments.
The number of visitors using these private services in 2016 represents a 115% rise in these types of rentals over the previous year, and the projections are that this rental model will continue to grow in Las Vegas for the foreseeable future. Each year those millions of visitors come to Las Vegas for a vacation, for conventions, for bachelorette/bachelor parties, to gamble, or just to have fun. Our company targets, for our rentals, a fair amount of people coming to Las Vegas for Corporate relocations, longer term family trips or for sports tournaments, for business retreats, and those needing housing due to insurance needs.
By taking advantage of the “host” market, JHE is able to generate higher incomes on its properties during the time they are being rented, creating a more lubricated cash flow business along with stronger holding power. This means better sleep for our investors.
