Short-Term Rentals Near Super Bowl Stadium Triple In Price Before Game
Ahead of Sunday's big game, pricing for short-term rentals in Super Bowl host city Glendale, Arizona, are more than three times higher than a week ago, according to AirDNA, a short-term rental data company.
The average short-term rental property in Glendale now costs around $740 per night but was about $225 per night last weekend. Rates are likewise up in all of metro Phoenix.
As rates balloon to meet demand, supply starts to increase as well, The Wall Street Journal reports. This time last year, there were only about 550 units on the market in Glendale. Now there are more than 1,050.
“The market swells with supply as many people that have not historically rented their homes see a quick hit opportunity to capture large bookings during a high-demand event,” Evolve Executive Vice President Eric Schueller told the WSJ.
Evolve manages short-term rentals in Glendale.
Short-term rental platforms such as Airbnb won't be the only winners in terms of pricing over the weekend. Even traditionally modestly priced hospitality chains such as Super 8 are able to command as much as $450 a night in the metro area, Bloomberg reports.
“In fact, all tiers of [hospitality] properties are seeing large spikes in ADR growth for the week of the Super Bowl,” AirDNA reports.
Although major stadiums, especially those that are capable of hosting huge events like the Super Bowl, are big attractions that draw throngs to local businesses, they often begin with controversy around financing mechanisms that can come with long-term strings attached for residents.
State Farm Stadium in Glendale is no exception. Development of the stadium dates back to the late 1980s, when the now-Arizona Cardinals moved from St. Louis. Efforts to build the new team a stadium met with resistance from community members who didn't want to foot a portion of the bill for the stadium in the form of a sales tax for 20 years, according to KPNX, the NBC affiliate in Phoenix.
After some failed attempts by various Arizona cities and multiple rounds of bidding, Glendale won the stadium contest. State Farm Stadium ultimately cost $351M, about two-thirds of which was paid by the Arizona Sports & Tourism Authority, which owns the stadium.
