Location is las vegas…Both units are a 10 minute walk to the strip…and priced at 1150/month…The first choid is a 2 bedroom condominum with strip view, balcony 8th floor, very nice place and spacious…or a 3 bedroom that is the same location but a small, 2 story, older, typical apartment. Which would be more profitable? I will be living in the apartment in the beginning but if it becomes profitable eventually i want to expand and could rent out the unit entirely.
from my perspective please don’t take housing off the rental market just to line your pockets. I personally have no issue with you renting out a spare room in the place you live… but I get rather irritated when you talk about renting another one if it’s profitable. With that in mind would you normally rent a three bedroom property ? Two bedrooms seems fine to me as a spare room is reasonable but why do you need 2 spare rooms?
I rent myself (I rent a one bed flat and sleep in the living room when I’m hosting) so I’m not going to judge you for being a renter, but I really don’t have patience with you taking housing off the market for no reason other than to make a load of cash.
I would be very hesitant to rent an apartment larger than you need and/or more expensive than you can really afford on your own solely for short term rentals. The regulations are constantly changing with a number of communities restricting (or completely outlawing) them. Also, if you are renting yourself it very well may be a violation of your lease with your landlord. Las Vegas already has restrictions on which zones allow short term rentals and are considering additional regulations to restrict them further. Full disclaimer:not a Vegas expert, just curious (I’m new myself) and pretty good with google searches…
The price is well within my budget and they are both the same exact price like i stated. Im aware of all the regulations but thanks for the concern. Nobody seems to be able to answer the question
It’s difficult to answer the question without more information.
I agree with what the other posters have said, but out of respect I’ll give you some opinions as to your question.
How many people can you tolerate in your home? Would you rent both bedrooms to one group, or two different groups?
In my experience, the larger the group you can take, the less competition you have. It’s easy to stick a queen bed in a spare room and list it for ‘2’, and many people do. Investing in a space that can accommodate ‘5’ is a bit harder. In my situation juggling two different sets of guests coming and going would be prohibitive, and, as a mom with 3 kids, my ‘mission’ is to provide a nice place for larger groups. So I have a two bedroom space but I rent it out to just one group at a time. However, if you’re cool with people coming and going and have the time to clean between guests when different groups are checking-in and out at different times, and your market isn’t saturated with single bedroom listings, that may be more profitable. But you’ll have to research your particular market to know who you’re competing against.
See, there’s just a bit more research to be done to know. And, ask yourself “If I’m stuck in this apartment and am not able to do STR, which apartment will make ME more happy?”
I would think that the nicer apartment will sell easier. Personally I would pay a bit more for a view, and a balcony, and the 8th floor. But that’s just my opinion.
Have you shopped the other listings to see what they are asking for at the time? Are you planning on upgrading the space, investing in decent bedding, etc? Have you hosted before in your home? It’s about much more than making cash when it’s in your home. Depending on your personality and your life style it can be…very interesting.
I think he is talking about whether he should get a two or a three bedroom. Just one unit if I am understanding correctly. Let’s hope he has his landlord’s express written permission to do this, as it is a violation of the lease he’s signing and getting caught could get him evicted from his own place.
It’s I get he’s thinking of 2 vs 3 rooms. I just can’t see why a single person needs a three bedroom flat (unless of course you’re looking to Airbnb it). Just saying that’s taking housing away from families that need it which I kinda don’t like.
I think we all have our triggers… this one is mine. Early on I contemplated getting a much bigger place to earn more… and I decided it wasn’t right because it would add to the housing problems already noticeable in London. I know this guy isn’t in London but housing is an issue in most places and is the reason so many govts crack down on Airbnb.
The larger the unit, the larger the problems !
Not in Las Vegas, but I rent a 2 br apartment (for 4 guests) and so far I have hosted very good, reasonable guests.
In a destination like Las Vegas, where people come to play and drink, well… I think it is better to target smaller groups with a smaller unit.
Do you live out of the 2BR rental then @Barthelemy?
Thanks for the concern everyone. I DO have the landlords permission on BOTH Units. There is not an apartment scarcity in las vegas, so there are plenty of units to go around for everyone. As far as to why I would need a 3 bedroom over a 2 bedroom…why does it matter what i need? It matters what the most economical decision would be…most 3 bedrooms are only 200 extra per month so it would definitly make sense.
the questions i was looking to have answered were things such as : would guests be less willing to live with other guests in the space. Are guests likely to spend more than $60 on a shared living space when the typical hotels are going for 80 a night in the area.
What you are asking requires knowledge of current rental trends/pricing in your specific area. Finding the right price point and what guests will pay for a shared room versus a hotel takes research and/or trial and error on the hosts part to find what the market will bear. Before I listed my place I spent a lot of time browsing similar listings in my neighborhood on AirBnB. I looked at their pricing and calendars to see who was getting booked, what amenities they offered and how their place compared to mine. I also ask guests for feedback on why they booked my place versus other AirBnB listings and/or a hotel. I tweak my listing and amenities based on feedback I get from my guests. There is no one size fits all solution…
I’d go with the modern condo, guests prefer new and shiny.
I often see 2-3 br units in my area come down as low as the price of a 1 br unit when it’s low season. I technically have a 2 br apt but 89% of the time, I rent it as a 1 br apt to one couple. (I lock off the 2ND bedroom).
Many times people ask if I will be renting out the 2nd br to someone else (in which case they don’t want my unit). I only rent to one group at a time so it’s never an issue and they book. So in my case (which isn’t that useful to you because we are in different markets & I rent an entire unit in my basement) I find my most common booking consists of one traveling couple that wants a 1 br unit. In the rare times I rent both bedrooms, I charge an additional $35-40/night.
I would guess that Vegas is a market with larger groups and even families. Are you close to the strip or are you trying to attract a different kind of guest?
Please don’t place the burden of housing supply on airbnb hosts, or landlords or anyone else other than the local governments who restrict housing construction. Developers would love to build to meet demand, and in so doing they could bring prices down, but citizens object, mostly because of auto transportation (it would help to stop subsidizing autos so more development didn’t mean more cars). I can see shaming someone who kept a seldom used pied-a-terre, but shaming an airbnb host for this is something we must push back on.
If you want more housing construction, go to local zoning meetings and speak in favor of projects that your neighbors are speaking against and push your local elected officials to adopt less restrictive zoning.
Can’t speak to London market, but it would also help if landlord-tenant laws didn’t make renting to long term tenants such an unfairly risky endeavor comparatively.