Super Bowl XLVIII will be hosted at the MetLife Stadium in East Rutherford, New Jersey. Each year millions of people flood into whatever city the current Super Bowl is being hosted. Instantly, hotel prices in that city skyrocket and the home prices in that area also increase. Many people use websites like Craigslist or HomeAway to advertise and rent their home. The price tag on these homes can be hefty and bring in a nice chunk of change for the homeowner.
Many New Jersey homeowners will be renting out their homes this year to short-term tenants. In 2011, when the Green Bay Packers took on the Pittsburgh Steelers in Dallas, Texas– the average nightly rate for a home rental was $2,000. It is expected that 40,000 people will be visiting the New Jersey area for the Super Bowl this year and there is only about 90,000 hotel rooms in the New Jersey/New York area. Therefore, fans will be looking elsewhere for a place to stay.
Events alone can bring in a big payday for homeowners. If you have ever considered renting out your home, make sure you keep yourself and your home protected. You can check your local visitors bureau website to see upcoming events and then consider posting your home on vacation rental page. Many visitors would rather stay in a home with a kitchen, washer and dryer, and many other amenities that a hotel may not offer.
Here is some advice if you are renting out your home:
• Make sure you check with your local city, county, state, and/or homeowners association to see if there are any rules about short-term or long-term rentals during local events.
• Check with your insurance agent to make sure you have appropriate coverage on your home for short-term or long-term rentals.
• Talk to your tax adviser and make sure you report the rental as rental income if you are renting out your home for less than 14 days a year.
• Compare your home to other vacation rental homes and set a price that seems appropriate.
• Create an ad on craigslist or other reputable vacation rental websites.
Now that the Super Bowl is right around the corner, most houses are already rented out and homeowners can expect a big pay day. If you are considering renting your home out for a future event, just make sure you are following all rules and regulations in your area. Also, make sure to take any important possessions out of your home or in a safe before you rent out your property.