A Perk for Owners Near Football Stadiums
DAILY REAL ESTATE NEWS | TUESDAY, NOVEMBER 08, 2016
For home owners who live near popular college football towns, they may be able to recoup up to 70 percent of their monthly home ownership costs by renting out their home on game days for just one night, shows a new analysis.
The median nightly listing price for renting an entire home near a popular college football town is more than doubles on game day weekend, the study shows. Landlords can earn about $410 more than they typically could get for the space, according to the analysis by personal finance website NerdWallet, which used vacation rental stats from HomeAway.
Home owners near University of Notre Dame’s campus in South Bend, Ind., stand to earn even more. Home owners there could potentially make about 144 percent of their month’s mortgage and associated costs by renting out their home for one night alone during a game. In Tuscaloosa, Ala., home to the University of Alabama’s Crimson Tides, home owners can meet up to 101 percent of their monthly home ownership obligations – more than $1,000 over the average nightly rates on non-game days, the study showed.
In Ann Arbor, Mich. – home to University of Michigan – home owners can see rental prices go from $550 to $1,665 a night on game days.
Source: “Renting Out Homes in These College Football Towns Could Help Tackle Mortgage Costs,” NerdWallet (Nov. 1, 2016)