New York and New Jersey property owners local to the MetLife Stadium area in New Jersey are taking the World Cup as an opportunity to jack up their rental prices.

What’s the Appeal?

Some rental property owners are charging 1,500% more per night than usual as locals flock to the North Jersey area during the World Cup this year, which will last from June 13-19. According to the New York Post, almost all listed spaces here were at least doubling in cost per night on these particular days. Some, such as the director of the real estate analytics index StreetMatrix, have conflicting feelings about how fair this price “gouging” really is for visitors. Some realtors view this pricing as a “byproduct of both greedy landlords and delusional renters.”

Pricing

A 6-bedroom rental in West New York, NJ, surged 1,539%, to $14,185 on the night before the match. For reference, its usual nightly rate is $865 on AirBnB.

A 4-bedroom in West New York, NJ, is now going to $12,675 for a one-night stay, up 774% from $1,450 on AirBnB.

Another 4-bedroom house in Bayonne, NJ, skyrocketed over 640% to $11,100 each night during the week of the Final, only to return to $1,500 after the game.

A luxury penthouse in Midtown, Manhattan, that sleeps 10 is renting for a whopping $24,737 per night, up from $16,125 originally, according to Booking.com.

Limitations

It seems that there is no boundary to how much these rental property owners can charge for their hot-commodity spaces during this high-demand time. Additionally, short-term rentals in New York are restricted because of a 2023 law that limited rentals under 30 days.

It will be interesting to see how this optimistic pricing will pay off in the long run, after the World Cup.

For more housing market updates and local information, do not hesitate to follow The Connolly Agency Real Estate website and social media!

Information courtesy of The New York Post