Can Home Owners Cash in on Political Conventions?
August 16, 2012
Many home owners who live near the sites of the Democratic and Republican national conventions in Charlotte, N.C., and Tampa, Fla., are seeing the events as an opportunity to earn extra cash by offering up their homes as short-term rentals to attendees.
While some convention attendees may be lured to the roominess of a home over a cramped hotel room, some real estate professionals say that many home owners may be getting too greedy with their asking prices, particularly in places where hotels are plentiful.
On Craiglist, more than 900 short-term home rentals near the Republican convention site are listed in the Tampa Bay area, the Associated Press reports. The prices vary considerably, but a three-bedroom, luxury townhome is being offered for $20,000 for a one-week stay. A one-bedroom loft downtown loft is being offered at $1,250 per night while a home about 90 minutes from the convention site is being offered at $175 per night for a seven-night stay.
Additionally, a Charlotte home owner is offering his five-bedroom home for $50,000 for the entire month.
As the conventions draw nearer, some home owners are lowering their prices trying to get more takers. The Republican National Convention is the last week of August in Tampa, and the Democratic National Convention will be held the first week of September in Charlotte.
Source: “Home Owners Try to Profit Off Conventions by Renting,” Associated Press (Aug. 14, 2012)
Updated: November 23, 2020