STR Potential: Lake Village vs. Tahoe Village Condos

Thinking about buying a condo to use as a short-term rental in the Lakeside Village area of Las Vegas? With strong visitor demand and event-driven travel, the right unit can perform well. The challenge is that small differences between communities can make a big difference in revenue, ease of hosting, and risk. In this guide, you’ll learn how to compare STR potential at Lake Village and Tahoe Village step by step, from legal checks to financial modeling, so you can move forward with confidence. Let’s dive in.

Start with legality and permits

Short-term rentals in Clark County are governed at multiple levels. You need alignment across all of them before you count on income.

HOA rules come first

Condo associations control what you can do with your unit. Review these documents for both Lake Village and Tahoe Village:

• CC&Rs to see if STRs are allowed or restricted, and whether a minimum rental duration applies.
• Bylaws and Rules and Regulations for guest conduct rules, quiet hours, amenity use, and registration requirements.
• Any rental or STR addendum that outlines permits, insurance minimums, guest forms, or caps on rental units.
• Fines and enforcement policies, plus recent meeting minutes that might hint at evolving positions.

If a single document blocks transient occupancy, your plan stalls there. Confirm in writing with the association or property manager.

County, city, and state compliance

Even if the HOA allows STRs, you still need to comply with local and state requirements in Clark County and the City of Las Vegas. Typical items include transient lodging taxes, business licensing, and registration for tax remittance. Nevada has no state personal income tax, which affects after-tax returns for individual owners, but you should still factor in lodging tax collection and filing. Verify current requirements with the appropriate agencies and keep copies of approvals in your records.

Insurance and liability

Standard condo policies often exclude short-term rental activity. Ask for quotes on a policy or endorsement designed for STRs, and check whether your HOA requires specific coverage or proof of insurance. Higher liability limits are common for hosts. Confirm that your insurer covers your specific community and intended use.

Measure Las Vegas demand the right way

Las Vegas demand is strong, but it is not uniform. Your pricing power and occupancy depend on where a condo sits, how it is configured, and how you operate it.

What to track for each community

For both Lake Village and Tahoe Village, gather the following from STR analytics tools and live listing audits:

• Average daily rate, average occupancy, and RevPAR.
• Listing count and review volume as a proxy for demand and listing maturity.
• Typical minimum night stays and cancellation policies.
• Guest mix indicators, such as unit size and amenities that appeal to event-goers versus leisure travelers.

Seasonality and event calendar

Las Vegas is event-driven. Conventions, holidays, and major shows create demand spikes, while shoulder periods can soften. Map pricing and booking strategies to the calendar, then test scenarios in your model to reflect peaks and troughs. This will help you manage cash flow and avoid overestimating occupancy during slower weeks.

Proximity to demand drivers

Units with convenient access to the Strip, convention centers, UNLV, or quick airport routes can justify higher ADR and steadier occupancy. If one community is closer to these demand engines, it may outperform—provided the HOA and local rules allow STRs and operations are managed well.

Condo factors that influence bookings

Beyond location, the physical product and guest experience shape revenue and reviews.

Unit-level design

Consider the features that travelers value and that influence pricing:

• Bedroom and bathroom count, plus layout that supports privacy and comfort.
• Full kitchen, in-unit washer and dryer, and balcony or patio.
• Private entrance versus shared corridor and whether smart locks are allowed.
• Furnishing quality that aligns with your target ADR.

Community amenities and policies

Amenities can attract bookings and justify higher rates, but they can also add rules and cost.

• Pools, fitness centers, security, and on-site management can enhance guest experience and reviews.
• HOA fees may be higher when communities support extensive amenities, which affects your net.
• Amenity access rules, guest registration, and quiet hours affect operations and satisfaction.

Access, parking, and noise

Operational convenience reduces friction and complaints.

• Elevator availability, parking allocation, and luggage access matter for turnover and guest comfort.
• Check-in logistics, including whether lockboxes or keyless entry are permitted.
• Exposure to street noise or nightlife can raise ADR but increase complaint risk. Align house rules with HOA policies to minimize issues.

Build a clear revenue model

A simple, disciplined model helps you compare Lake Village and Tahoe Village with apples-to-apples clarity. Avoid assumptions you cannot verify.

Core formulas to use

• Gross annual revenue = ADR × occupancy rate × 365. Adjust for minimum stay requirements and blocked dates.
• Net operating income (NOI) = gross revenue − operating expenses.
• Cap rate = NOI ÷ purchase price.
• Cash-on-cash return = annual pre-tax cash flow ÷ total cash invested.

Expense lines to include

Budget for these common STR costs:

• Platform and processing fees.
• Property management fees if you outsource (often a material percentage for full service).
• Cleaning and turnover per stay, plus linen and supply restocking.
• Utilities, internet, and any streaming services.
• HOA dues and any special assessments.
• STR-specific insurance premiums.
• Property taxes and transient lodging tax remittance.
• Repairs, maintenance, and reserves for capital items like HVAC and appliances.
• Marketing or dynamic pricing tools if used.

Stress test your plan

Run three scenarios—conservative, expected, and optimistic—by varying ADR and occupancy. Include a low-occupancy case for unforeseen events and a case where HOA rules tighten. This gives you a realistic range for NOI and cash flow.

Break-even occupancy

Calculate the occupancy you need to cover fixed costs:

• Break-even occupancy = fixed annual costs ÷ (ADR × 365 − variable cost per occupied night).

This helps set minimum pricing and booking strategies.

Side-by-side comparison: Lake Village vs Tahoe Village

Use this checklist to compare the communities fairly and thoroughly:

• Legality
  • Do CC&Rs allow STRs, and is there any minimum stay requirement?
  • Are there rental caps, guest registration, or insurance minimums?
  • What are the fines for violations, and how are they enforced?
• Licensing and taxes
  • What county or city licenses are required, and how often are filings due?
  • What transient lodging taxes apply, and who remits them?
• Market performance
  • ADR, occupancy, RevPAR, listing count, and review volume for comparable units.
  • Seasonality patterns during major events and conventions.
• Physical product
  • Typical floor plans, bedroom-bathroom mix, and kitchens.
  • Parking availability and access flow for guests and cleaners.
  • Amenity set that supports your target guest profile.
• Operations
  • Check-in method allowed by the HOA, including smart locks or lockboxes.
  • Cleaning vendor access and elevator or loading options.
  • Noise exposure and neighbor density that could trigger complaints.
• Financials
  • HOA dues and what they cover.
  • Insurance quotes specific to STR use in each community.
  • Property management quotes and cleaning costs per turnover.

Document each item for both communities, then review where one has a clear edge. If performance data is comparable, focus on operational simplicity and regulatory certainty.

Risks and red flags to watch

You protect your investment by avoiding surprises. Watch for these issues:

• HOA bans or pending changes. Meeting minutes that discuss STR limits, new fines, or minimum stays are important signals.
• High HOA fees without corresponding ADR upside. Amenities are only helpful if guests value them enough to support higher rates.
• Insurance limitations. Confirm that your STR policy applies to the property and covers your intended operations.
• Design or access constraints. Limited parking, difficult luggage routes, or a single bathroom serving larger parties can hurt reviews and revenue.
• Active enforcement trends. Look for municipal or HOA enforcement actions that suggest heightened scrutiny or moratoria.

Action plan for a confident decision

Follow this step-by-step path to compare Lake Village and Tahoe Village with clarity.

1. Legal and licensing

• Obtain CC&Rs, bylaws, rules, any STR policy, and recent HOA minutes for both communities.
• Confirm local licensing and transient lodging tax registration requirements for Clark County and the City of Las Vegas.

2. Market analytics

• Pull ADR, occupancy, RevPAR, and listing counts from reputable STR analytics tools for the geofenced area around each community.
• Manually review live listings to validate rates, minimum stays, and review cadence.

3. Financial inputs

• Collect HOA dues, insurance quotes for STR coverage, property management fee quotes, and typical cleaning costs.
• Estimate utilities and set reserves for maintenance and capital items.

4. Model and stress test

• Build conservative, expected, and optimistic scenarios using the same assumptions for both communities.
• Calculate break-even occupancy and check that peak event dates cover slower periods.

5. On-site review

• Tour representative units, test access flow and parking, and listen for noise at different times of day.
• Confirm check-in logistics that comply with HOA policies.

6. Professional advice

• Consult a real estate attorney to interpret CC&Rs and any gray areas.
• Speak with a CPA about tax filing, business licensing, and the impact of different ownership structures.

When your legal, market, and financial boxes are checked, you can move forward with confidence or pivot before you commit capital.

How to choose between the two

If both communities allow STRs and show similar ADR and occupancy, focus on operational ease and risk.

• Favor the community with clearer HOA rules, consistent enforcement, and cooperative management.
• Prefer units with better access, simpler check-ins, and reliable parking.
• Choose the floor plan and amenity mix that best matches your target guest profile and supports stronger pricing.
• Weigh any difference in HOA dues against the ADR premium you can realistically achieve.

A clear, side-by-side view makes the choice more objective and less speculative.

Ready to compare options or pressure test a model for Lake Village or Tahoe Village? If you want a private, investor-minded consult on STR-capable condos in Clark County and guidance on due diligence, reach out to the team led by Craig Zager. We will help you form a clear plan, connect you with trusted local resources, and move forward when the numbers make sense.

FAQs

Are short-term rentals legal in Lake Village or Tahoe Village condos?

• It depends on each HOA’s CC&Rs and rules, plus Clark County and City of Las Vegas licensing and tax requirements. Confirm all three layers before you buy.

How do HOA rules affect STR returns in Las Vegas?

• Minimum stays, guest registration, amenity access, and fines can change occupancy and costs, which directly impact ADR, net operating income, and guest reviews.

What licenses and taxes apply to STRs in Clark County?

• Expect transient lodging tax collection and business licensing or registration, along with state-level tax filing through the Nevada Department of Taxation.

How should I price around Las Vegas seasonality and events?

• Use market analytics to identify peaks and troughs, then apply dynamic pricing and conservative assumptions for shoulder periods to protect cash flow.

What if an HOA changes its rules after I purchase?

• Some changes may be prospective, but outcomes vary by community and legal context. Review HOA minutes, seek legal counsel, and plan for scenario risk.

What are the most common hidden costs for STR condos?

• STR-specific insurance, special assessments, higher utilities, cleaning and management fees, and penalties for noncompliance are frequent cost surprises.