Tens of thousands of football fans will descend on the Twin Cities for the Super Bowl next February, and there’s an opportunity for homeowners to make some money.
Short-term lodging company Airbnb says it hopes to double the number of people offering rooms and houses to rent ahead of the NFL extravaganza, helping homeowners make a quick buck in the process.
Airbnb is rolling out “Project 612” that aims to grow the number of rental hosts in the Twin Cities – particularly in St. Paul and areas of Minneapolis not served by hotels.
Over the coming months, some of the 1,000 homeowners who already rent through Airbnb in the cities will be providing training sessions to first-timers to help them share best practices and get acclimated to hosting well in advance of the game.
It is also trying to strike a deal with the cities of Minneapolis and St. Paul so homeowners can pay occupancy taxes through Airbnb rather than having to do it themselves, and is also compiling a Minneapolis guidebook that gives renters the lowdown on the best coffee shops, restaurants, parks and secret spots in the cities.
Airbnb has proven a successful option during major events in the Twin Cities, with more and more visitors opting to rent from homeowners rather than pay inflated prices at hotels, like during last year’s Ryder Cup in Chaska.
The rental company previously revealed that Twin Cities Pride Weekend is the most popular time to rent Airbnbs in the metro area.
How much can you make?
As well as training sessions for potential hosts, Airbnb will be offering “price tutorials” that helps renters set the ideal price for their property.
Now, with demand expected to be high during the Super Bowl, the temptation will be to hike prices in the hope of securing a windfall.
However, Airbnb said that during Sunday’s Super Bowl in Houston, the typical listing price in the city was just $150 a night, and even places close to the stadium were around $200.
Prices however will vary depending on what you’re offering to rent. Those just offering a bedroom in their house will likely have to charge less than those offering entire apartments or homes.
And bear in mind that as well as taxes, Airbnb will take a fee of between 6-12 percent from whatever you earn.
Information on hosting on Airbnb can be found here.
Airbnb in the Twin Cities
Minneapolis currently has 800 active Airbnb hosts, up 60 percent on last year, with 49,000 guest arrivals in 2016. Of the renters, about 42 percent rent out extra, unused rooms.
Between them, these hosts earned $7 million in supplemental income in 2016, averaging out at an extra $5,100 per year.
There are fewer in St. Paul, 200 people renting via Airbnb. Nonetheless this is doubled the number there were in 2015.
Those renting in St. Paul have been earning a little more too, with $7,300 the average income of city renters.