Dallas Homes Not Scoring on Super Bowl Rentals
I'm not going to lie and tell you the Dallas-Arlington-Fort Worth area is not head-over-heels thrilled to be hosting the Super Bowl on February 6. But some homeowners out here may be disappointed by what they net out of renting their Dallas homes to out-of-town visitors.
Months ago, one of Dallas's hottest party planners, who also happens to own one of the city's hottest restaurants, told me he was leasing his Dallas home, a luxury car, and a package of delicious meals for thousands during Super Bowl week. My friend Ken Maxwell has a gorgeous townhouse/loft in the Deep Ellum historic district. He wants $16,000 for the week plus a $5000 security deposit. As far as I know, still no takers.
"Most people are wanting to pay for 3 nights only, and they will pay up to $2,500 per night -- they want luxury!" says Ken. "But the seven day minimum that I am requiring is keeping a lot of folks from taking the house."
You can't even drive to the grocery store without a reminder that high rollers are coming to drop major bucks renting our homes. Garage-sale type signs, handwritten in marker, litter medians offering huge profits -- like $10K a night -- for renting your home during Superbowl.
But here we are, six weeks before kick-off, and most of the homeowners awaiting the big bucks are sitting, empty-handed.
"There are plenty of hotel rooms in Dallas, Arlington and Fort Worth," says Kaye Burkhardt, president of Fan Fares, Inc., a global planning event company working with the Superbowl Committee.
The only time you see high volume of residential rentals at a major event, says Burkhardt, is in those areas where there are not enough hotel rooms to support the influx of people -- Green Bay, Wisconsin, for example. Luxury homes are sometimes rented by a corporation for hospitality.
"In any given Super Bowl," says Burkhardt, "I may have seen that once or twice, and it was usually at an ocean-side mansion for a hospitality event."
The most common question, says Maxwell, is how close his property is to the game. Most of the
"We still have access to quite a few hotel rooms," says Burkhardt.
The Dallas Morning News interviewed one woman who has leased her aunt's house in Dallas -- which is vacant -- for $300 a day. That's hardly a windfall, and would barely cover repairs should property damage occur. Plus she will have to provide furniture, linens and other household items.
And don't forget: bedbugs.
Keith Johnson owns Phoenix-based majoreventrentalz.com and says he has only had a dozen listings this year, far fewer than past Super Bowls. A few rental properties have been snagged for $750 per day, he says, rates negotiated down from $3500 per day. Majoreventrentals.com was slammed for their work in Florida, when a homeowner was denied refunds to homeowners who listed properties with Floridasuperbowlrental.com that didn't rent.
The Better Business Bureau warns consumers who may be interested in renting their properties for sporting events to check out the company that wants to list their home at bbb.org, and refuse to pay upfront fees for listings via wire services. And always, always consider the risks of renting to strangers.You can get within walking distance of the stadium if you lease at Chelsea Park Townhomes, one of Arlington's higher end communities lagging due to the recession. Two dozen units await you for a mere $2000 per day. That might be OK in Arlington, but not in Fort Worth where a city ordinance forbids renting homes for periods shorter than a month.
One source tells me the home that are not moving are inferior two and three bedroom tract homes in Arlington and Dallas -- most you wouldn't want to rent to your worst enemy.
"I am confident that if I wait, " says Maxwell, "I will get my full asking price come January."
Want to know how to deal with other rental issues? Here are some AOL Real Estateguides that can help: