fbpx

Las Vegas Short-Term Rentals Poised for Peak Performance Amidst Super Bowl LVIII Frenzy

Las Vegas Short-Term Rentals Poised for Peak Performance Amidst Super Bowl LVIII Frenzy

Share:

Facebook
Twitter
Pinterest
LinkedIn

For local inhabitants and businesses, the disaster is also economic. Florida is a big travel market. With great beaches and world-famous attractions such as Walt Disney World and Universal Studios, the state attracts many families who book a vacation rental for their stay. Cities like Orlando and Kissimmee usually rank high in market size for vacation rental revenues.

As anticipation builds for the NFL’s marquee event, Super Bowl LVIII, the consequential swell in demand for short-term rentals in Las Vegas is unmistakable. Recent Airbnb data suggests an extraordinary surge in interest for accommodations in the Las Vegas area, as listings for the upcoming week escalate by over 65 percent. 

Historical data projections, informed by an analysis of bookings currently on the record using Pricelabs’ Market Dashboard, position Las Vegas on the brink of an economic windfall. 

The allegorical ‘coin toss’ has been made, and it lands squarely in the favor of short-term rental hosts and property managers who can expect a significant transformation in demand, bookings, and pricing.

Sizing Up the Super Bowl’s Financial Boost for Arizona Economy

Reflecting on the economic stimulus created by Arizona’s Super Bowl LVII, which generated $1.3 billion in economic activity and a $726.1 million boost to the state’s GDP, the groundwork is laid to forecast a comparable, if not superior, outcome for Las Vegas. The city is no stranger to hosting large-scale events and is well-equipped to optimize the prospective boom in tourism and local commerce, particularly within the hospitality sector.

A Paradisiacal Stage for a Superlative Event

Paradise, Nevada, forms the pulse of the Las Vegas metropolitan area and is prepped to be the epicenter of this year’s Super Bowl extravaganza, taking place at the iconic Allegiant Stadium. For the uninitiated, Paradise is not merely adjacent to Vegas; it is where much of the magic happens, including the legendary Strip. This location will play host to a sports and cultural spectacle as the Kansas City Chiefs face off against the San Francisco 49ers on February 11, 2024.

Key Highlights of Paradise:

Allegiant Stadium: A marvel of modern engineering, this state-of-the-art venue is not only the home field for the NFL’s Las Vegas Raiders but also a premier destination for major events, including Super Bowl LVIII. It exemplifies the blend of sports enthusiasm and entertainment culture that characterizes Paradise.

Hospitality and Accommodations: Paradise is synonymous with luxury and opulence, hosting some of the world’s most famous hotels and resorts. From the architectural grandeur of the Bellagio and its fountains to the Venetian’s romantic canals, the township offers unparalleled hospitality experiences.

Entertainment and Nightlife: The area is the epicenter of Las Vegas nightlife and entertainment, with countless shows, concerts, clubs, and dining options. It’s where visitors can watch world-renowned performances, gamble in sprawling casinos, or dine in restaurants helmed by celebrity chefs.

Convention Centers: Paradise plays host to some of the largest convention centers in the world, such as the Las Vegas Convention Center, drawing business travelers and industry professionals from across the globe for conferences, expos, and trade shows.

Pricing Dynamics and Surge in Demand

In a market where weekend rates already command premium pricing, the arrival of the Super Bowl introduces an exceptional scenario—demand levels are forecasted to outstrip even the most optimistic estimates.

day of week trends, las vegas short-term rentals
This graph illustrates a consistent pattern within the Las Vegas market: occupancy rates experience a significant and reliable uptick on weekends year-round.

Anticipating an occupancy rate spike from 41% to 56% on February 10, and a jump to a 51% rate on game day itself—a stark contrast to 2023’s 31%—the stage is set for a potentially lucrative period for STR operators.

Superbowl LVIII short-term rental occupancy graph for Paradise, Las Vegas
This graph displays a significant occupancy increase in the Paradise, Las Vegas short-term rental sector, soaring to 51% on Game Day, compared to 31% the prior year.

Accompanying these projections is an anticipated average daily rate increase from $360 to $636 on the eve of the game, confirming the high-value impact of such a mega event on short-term rental pricing strategies.

Future prices, Average Daily Rate during Superbowl LVIII in Paradise 2024
The price trajectory also mirrors this demand, with a significant jump in the 75th percentile rate from $360 the weekend before to $636 on February 10

Week-Long Extravaganza: Beyond the Game

Las Vegas is deftly transforming the Super Bowl into a week-long festival, commencing with Opening Night festivities on February 5 and extending through various events at key venues like Mandalay Bay Convention Center:

Fan Experience: The Super Bowl Experience at Mandalay Bay Convention Center offers interactive games, player autographs, and photo opportunities with the Vince Lombardi Trophy, starting from February 7 through February 10​​.

Super Bowl Opening Night: Scheduled for February 5th at Allegiant Stadium, this event will feature player and coach interviews, live entertainment, and more​​.

Las Vegas short-term rental market Length of Stay trend during Superbowl LVIII
A view of the Las Vegas short-term rental market’s Length of Stay (LoS) trends, highlighting a pronounced surge in 3-4 night bookings coinciding with Super Bowl LVIII.

It’s no surprise then that PriceLabs reports an appetite for 3 to 4-night stays. Visitors aren’t just attending the game; they’re immersing themselves in the entire Super Bowl experience. This extended engagement creates a vibrant atmosphere, fueling increased accommodation demand throughout the week.

Leveraging Event-Driven Demand

The influential role of marquee events in shaping the short-term rental landscape cannot be overstated. As part of our commitment to empowering short-term rental professionals, our recent free online conference shed light on the topic of “Identifying and Capitalizing on Significant Events in Your Market.” Esteemed panelists—seasoned rental managers with their fingers firmly on the pulse of industry dynamics—imparted invaluable strategies for navigating event-driven markets.

Attendees gleaned expert insights on optimizing pricing strategies for high-demand periods, effective methods for tracking upcoming events, and the art of tailoring property offerings to the unique needs of event-goers. 

Conclusion

Through savvy pricing, bespoke marketing, and understanding the nuances of the event’s impact on the market, professionals in the industry stand to score big. The game may last only a few hours, but its legacy will leave a lasting impression on the rental landscape of Paradise, Nevada.

In a city where weekends reign supreme, the Super Bowl has reset the calendar, proving that with the right strategy, any day can be turned into a peak earning opportunity for the short-term rental market. Let the games—and the bookings—begin.

Table of Contents

Subscribe to get the latest news for you!

Make your Pricing smarter today, for free.

Try out PriceLabs, the leading dynamic pricing solution for Airbnb hosts and vacation rental managers.

Actionable insights

Take the Right Decisions for Your Rental Business thanks to our Weekly Industry Brief.

Exclusive newsletter for rental entrepreneurs.