Property owners in the area are capitalizing on the influx of soccer fans during the World Cup by significantly raising short-term rental prices.
Some are reportedly increasing rates by as much as 1,500 percent per night, looking to cash in on the wave of football enthusiasts arriving for matches starting June 13 at MetLife Stadium and continuing until July 19.
A check of listings on a popular short-term rental site indicated that almost all properties, regardless of size, were priced at least double their normal rates, especially on game days.
“Everyone is trying to cash in,” noted Jonathan Miller, the market director at StreetMatrix.
“Instead of extending a warm welcome, it’s turning into a major opportunity for price gouging,” he observed.
“I understand people wanting to take advantage of this rare event; I just found the extent of it quite surprising,” he added.
A six-bedroom home in Western New York, located about 15 minutes from the Meadowlands, has seen its rate jump 1,539 percent to $14,185 for the championship game, up from its usual price of $865.
A successful New York City real estate agent pointed out that such drastic price hikes are the result of both greedy landlords and unrealistic expectations from renters.
“While I get that people want to make a profit, going from $865 to $14,185 is just ridiculous,” said Tom Crimmins, who runs Crimmins Realty with his wife. “It’s really unfortunate and a shame. Greed reigns!”
The four-bedroom rental in West New York, New Jersey—just 20 minutes from the stadium—now costs $12,675 per night from July 18 to 19, marking a 774 percent increase from just $1,450 three days prior.
Additionally, properties with added amenities like spas are seeing prices soar by over 640 percent, reaching $11,100 during the finals week, but returning to $1,500 afterward.
Hotels in Morris Plains, a short drive from MetLife, are charging upwards of $9,500 per night during the tournament, a steep increase from the regular rate of around $3,500.
As the tournament approaches, a luxury penthouse in Manhattan is spiking rents by more than 50% on prime nights, with fees climbing from $16,125 before the tournament to $24,737 right before the games start on June 11.
An April report from AirDNA indicated a 66% rise in rental demand in host cities like Seattle, Los Angeles, and Kansas City during the World Cup.
Expedia stated that the growth in vacation rental listings in host cities is double that of non-host cities.
“It’s not just a matter of supply and demand; it’s about limited supply facing extraordinary demand,” explained Segedi Vlora, the former president of the Hudson Gateway Association of Realtors.
With New York City’s market nearly closed due to short-term rental restrictions implemented in 2023, which prevent rentals of less than 30 days, Vlora anticipates a shift towards neighboring areas like New Jersey for this unique occasion.
Some experts believe that such inflated pricing could lead to unsold units, pushing owners to moderate their rates.
“I’m surprised by the optimism in pricing, but I’m not sure it’s sustainable,” Miller remarked, suggesting that many who have set overly ambitious rates may end up disappointed as the event draws closer.
