How to Price a Vacation Rental during the 2020 superbowl?

Question

Hey fellow landords and vacation rental owners,

I own a property about 20 minutes from Hard Rock Stadium.  The super bowl in 2020 is going to be hosted here in February.   For a vacation rental I normally charge $300 per night for a 3BR 2.5 Bathroom house (split up between a house and a cottage) with amazing privacy, location, and a pool.  BUT the time around the super bowl is no doubt going to sky rocket demand and I have no idea where prices should be?  It's also harder to compare with let's say  last year's super bowl in Minnesota because that is not a location that has a ton of demand in February.   Any info on pricing will help.

Warmest Regards,

Chad

Tim Swierczek · Answer

@Chad Kastel I can't give you specific pricing but what I can tell you from SB53 in Minnesota.  Many places went unrented simply due to greed.   The 2 pieces of advice I would give is to 1) black out the dates until you come up with a price.  2) Pick a price that makes you happy and be glad when you rent it and don't look back.

Nick Flint · Answer

@Chad Kastel

You could always blackout those dates at the moment, and as it gets closer start seeing what others are listed at and if they’re all sold out and match those prices.

Wayne Brooks · Answer

Just black them out for now....almost no one will be booking for super bowl until the play offs are over anyway.  If a few thousand dollars difference for that week is a make or break consideration, the deal has other issues.

Sam Shueh · Answer

Check Airbnb sites.  The last 49er Superbowl game created sensation locally. Many affluent flew in private jets to watch the game. I saw several $K per night for estates (5000 sf, castle).  But there were ample vacancies from the condition and price asked.  Those price appropriately (higher than motel) gets the juice.

Hope that helps.

Sam Shueh

John Woodrich · Answer

I agree with @Tim Swierczek I have many clients who were planning on a big payday and it didn't pan out.  Couple have literally told me it was a bust.  I don't know anything about your market but what I do know is that you won't get the best price until teams have hopes of getting there and 2020 is far out.  People aren't going to drop a ton of cash a year in advance.

I think part of the reason it didn't go as planned for some people is that they don't consider all competition.  If you are 20 mins from the stadium and charging $1,000, you will find many people would rather be 40 mins away, pay for a rental car (if they don't already have one), and rent for $400 or less per night...

Dan Maciejewski · Answer

@Wayne Brooks -- Yes, the actual fans are the ones that will drive the prices.  Also, the reporters and the corporate guests have probably had their hotels booked for the past year.  I would black it out for now until I know who's coming.

@Chad Kastel -- I would take a look at the hotels and the other short-term rentals and see their strategies.  Generally prices go up due to demand until a certain point and then they drop a bit close to the event because the demand is dropping and nobody wants to go with any vacancy.  You can also check the trends from the past years' Super Bowls and see what that looks like for short-term rentals.  Call the owners if you have to. I feel like there is a forum on here for STR, as well.  I'm sure some BP members have had STRs in SB cities!

Hai Loc · Answer

I wouldn't make it available until new years and make people bid

Robert Biggerstaff · Answer

I do agree figure out ideally  what you would like go ahead and block the dates out and then come up with a price

Tim Swierczek · Answer

@Chad Kastel what I mean by greedy is some people asked $3K per night because they overestimated the high-end demand.   In addition, there is a massive difference between your $300/night regular Winter renter and a Super Bowl renter, so your logic could still hurt you.  I'm not telling you how much to ask but if you would be happy with $1200/night with a 1-week minimum then take it and don't worry if some people rent for more.  What do you don't want is to get $300/night that would be a big loss.

How to Price a Vacation Rental during the 2020 superbowl?

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