Property Owners Ripping Off World Cup Tourists with Insane 1,500% Rent Hikes
Local property owners are cashing in big time, jacking up short-term rents for soccer tourists during the World Cup.
Some landlords are demanding a staggering 1,500% increase per night as locals scramble to exploit the influx of footie fanatics descending on the region for matches kicking off at MetLife on June 13 and wrapping up on July 19.
A review of properties on popular short-term rental platforms reveals that nearly every listed space, from cramped one-bedroom units to lavish multi-bedroom mansions, has at least doubled its nightly rate on match days.
“Everybody’s trying to cash in,” said Jonathan Miller, director of markets for StreetMatrix.
Miller criticized the trend, stating, “Instead of welcoming it seems like an opportunity to gouge visitors at a mass scale.”
He added, “I’m not against people trying to seize the moment because this doesn’t happen very often; it’s just the degree has been somewhat shocking.”
A six-bedroom rental in West New York skyrocketed 1,539% — charging $14,185 the night before the championship match compared to its usual rate of $865, according to AirBnB.
One NYC realtor slammed the gouging as a product of greedy landlords and delusional renters.
“Sure people want to make a profit, but $865 to $14,185 is absolutely an absurd travesty,” said Staten Island real estate expert Tom Crimmins, who runs Crimmins Realty with his wife Suzanne and employs 125 agents.
“It’s a shame and also a sham. Greed at its best!” the former NYPD officer exclaimed, adding, “I truly believe that it is unethical. Landlords get completely out of control and greedy when events like the World Cup hit town, but on the other hand, the person paying the ridiculous daily rent is outright crazy and needs psychiatric help!”
A four-bedroom rental in West New York, NJ, just 20 minutes from the stadium, is listed at $12,675 for a one-night stay from July 18-19 — a 774% jump from its $1,450 price just three days earlier, according to AirBnB listings.
Another four-bedroom home in Bayonne, NJ, featuring a spa and wellness center, surged over 640% — renting for $11,100 per night during the Final week while listing for only $1,500 after the World Cup ends, according to Booking.com.
A luxury estate accommodating 13 in Morris Plains, NJ, just a 12-minute drive from MetLife, is charging over $9,500 a night during the tournament's third week. That same property typically rents for just $3,500 a night, according to Expedia.
In Manhattan, a massive luxury penthouse in Midtown that sleeps 10 is also hiking prices by more than 50% on key nights — charging $16,125 a night before the tournament and $24,737 per night on June 11 when matches kick off, according to Booking.com.
Demand for rental properties during World Cup dates has surged 66% across all host cities including Seattle, Los Angeles, and Kansas City, according to an AirDNA report from April.
Expedia reports that vacation rental supply growth in host cities has outpaced non-host cities by double.
“It’s not just supply and demand; it’s restricted supply and extreme demand,” Sejdi Vlora, former president of the Hudson Gateway Association of Realtors, stated. “It’s gouging, but there’s no restriction to how much you can charge.”
New Yorkers looking to list their properties on AirBnB during World Cup dates face restrictions due to a 2023 law limiting short-term rentals under 30 days that NYC refused to repeal ahead of the event.
“The NYC market is pretty much out which is going to drive demand to surrounding markets like New Jersey for this once-in-a-lifetime event,” Vlora noted.
Some experts predict that this overzealous pricing will lead to empty rental units and force owners to lower their demands.
“I’m surprised at how optimistic the recalibration of pricing has been and it’s not clear to me if this [price raise] is going to pay off,” Miller said. “I think many that were overly optimistic on pricing are going to miss out and as we approach the event will adjust their pricing.”
