Super Bowl Home Rental Is a Tempting Gamble
PORTLAND, Ore. ( TheStreet) -- The National Football League first started kicking around the idea of hosting a Super Bowl in the New York Metro Area roughly five years ago, and New York and New Jersey residents have been considering renting out their homes to Super Bowl attendees for nearly that long.
As the Feb. 2 event draws closer, vacation rental sites such as HomeAway still have properties for rent near the MetLife Stadium site in New Jersey as well as in New York City and the Hudson River Valley . While one property owner in Brigantine is hoping the more than two-hour drive to the game won't ward people off the $400 rental price , the owner of a one-bedroom apartment in Tribeca is charging $14,000 for all of Super Bowl week .
If you're living in Greater New York and can take off for a few days if it means renting your place for extra income, should you?
The answer's about as certain as the Super Bowl coin toss or the first team that's going to score. Your home isn't something you want to wager on a proposition bet, but it could be worthwhile if the only downside is maintaining the status quo. As Reuters discovered in December, local hotels aren't doing themselves any favors by jacking up rates when the big game comes to town. A Best Western hotel in West Orange, N.J. -- which is a half-hour and a whole lot of train-free hills and highways away from the stadium -- is increasing the price of a room from $100 a night to $1,000 on the off chance someone wants to stay that far away. Meanwhile, five-star hotels such as the Ritz-Carlton and Sofitel are offering three-night packages, complete with a Super Bowl ticket, access to parties and round-trip transport to the stadium starting at more than $5,600 per person, double occupancy.
By comparison, a four-bedroom house in rail-connected Montclair, N.J., right next door to West Orange goes for $1,800 a night . Why are we harping on the rail point? Because parking for the Super Bowl isn't cheap, easy or particularly fun. Parking passes went for $150 -- up from $30 for a standard Jets or Giants game -- and tailgating and limousine dropoffs have been banned .
It's a big reason New York Giants rookie safety Cooper Taylor put his apartment near the Rutherford NJ Transit station up for rent on Craigslist last month. Taylor is asking $9,000 from those who want to rent his two-bedroom apartment for the week and is clearing out for the same reason most of his neighbors would like to: Because that week is just going to be absolute madness in that area.
The problem is that Taylor is by no means alone in his bid to be a part-time landlord on Super Bowl week. The site Super_Bowl_Rentalz.com -- which is far better maintained than the "Z" in its name would suggest -- features dozens of properties ranging from a $800-a-night two-bedroom apartment in Hillsdale to a two-bedroom apartment in Hoboken charging $20,000 for four nights .