NY and NJ Property Owners Jacking Up Short-Term Rents for World Cup Tourists by as Much as 1,500%
According to an article in the New York Post, local property owners are scoring — as they jack up short-term rents for soccer tourists during the World Cup.
Some owners are demanding 1,500% more per night than normal as locals look to capitalize on footie fanatics flocking to the region for matches that kick off at MetLife on June 13 and finish there on July 19.
A Post review of properties on popular short-term rental websites showed nearly all listed spaces, from one-bedroom matchboxes to luxe multi-bedroom mansions, were at least doubling the cost per night on days specifically tied to match dates.
“Everybody’s trying to cash in, “ said Jonathan Miller, director of markets for StreetMatrix.“Instead of welcoming it seems like an opportunity to gouge visitors at a mass scale,” said Miller. “I’m not against people trying to seize the moment because this doesn’t happen very often, its just the degree has been somewhat shocking,” he said.
A six-bedroom rental in West New York 15 minutes from the Meadowlands surged 1,539% — to $14,185 on the night before the championship match from its usual nightly rate of $865, according to AirBnB.
One successful NYC realtor called out the gouge as the byproduct of both greedy landlords and delusional renters.
“Sure people want to make a profit, but $865 to $14,185 is absolutely an absurd travesty,” said Staten Island real estate Maven Tom Crimmins, who with his partner and wife Suzanne, employ 125 agents with Crimmins Realty.
“It’s a shame and also a sham. Greed at it’s best!” the former NYPD officer said, adding, “I truly believe that it is unethical. Landlords get completely out of control and greedy when events like the World Cup hit town, but on the other hand, the person paying the ridiculous daily rent is outright crazy and needs psychiatric help!”
A four-bedroom in West New York, NJ, 20 minutes from the stadium, is going for $12,675 for a one-night stay from July 18-19 — up 774% from its $1,450 price just three days earlier, AirBnB listings show.
Another four bedroom home in Bayonne, NJ, with amenities including a spa and wellness center, shot up more than 640% — renting for $11,100 per night during the week of the Final while listing for only $1,500 after the World Cup ends, according to Booking.com.
A luxury estate that sleeps 13 in Morris Plains, NJ, which is just a 12 minute drive from MetLife, is charging over $9,500 a night during the third week of June during the tournament. That same house normally rents for just $3,500 a night, according to Expedia.
In Manhattan, a massive luxury penthouse in Midtown that sleeps 10 is also raising their prices more than 50% on key nights — renting for $16,125 a night prior to the tournament and $24,737 per night on June 11, when matches kick off, according to Booking.com.
Demand for rental property during the World Cup dates is up 66% for every host city, which includes Seattle, Los Angeles, and Kansas City, according to an AirDNA report from April.
Expedia tells The Post that the vacation rental supply growth in host cities has been double that of non-host cities.
“Its not just supply and demand, its restricted supply and extreme demand,” Vlora Sejdi, former president of the Hudson Gateway Association of Realtors, told The Post, adding, “It's gouging, but there’s no restriction to how much you can charge.”
For New Yorkers hoping to list their places on AirBnB during the World Cup dates, short-term rentals are restricted due to a 2023 law that City Council that limited short term rentals under 30 days which NYC refused to repeal ahead of the World Cup.
“The NYC market is pretty much out, which is going to drive demand to the surrounding markets like New Jersey for this once in a lifetime event,” said Vlora.
Some experts believe that the over-eager pricing will end in empty rental units and force owners to bring demands back down to earth.
“I’m surprised at how optimistic the recalibration of pricing has been and its not clear to me if this [price raise] is going to pay off,” said Miller, adding, “I think many that were overly optimistic on pricing are going to miss out and as we approach the event will adjust their pricing.”
Editors Note: This article first appeared in the
New York Post
