If you haven’t thought about renting your home out August 24-27, 2020 for the Republican National Convention, you might want to reconsider – you can make anywhere from $75 and $799 a night.
Emir Dukic, CEO of Airbnb management company Rabbu, said if your home is within 5 miles of Uptown — especially in Dilworth, Sedgefield, Park Road area, SouthPark, Plaza Midwood — your home could be worth listing for the event.
“We’ve been doing SkillPop classes on short-term rental space, and one question we get quite a bit is people renting their house during the RNC,” Emir said.
According to reports out of Madison, Wisconsin — the host state for the 2020 DNC — Airbnb is expecting to host more than 10,000 people between the DNC and RNC.
“The RNC is significantly less popular than the DNC from an occupancy perspective,” Emir said. But Charlotte will still see a huge influx of people coming to town that weekend, into the many thousands.
Currently, there are only 300 Airbnb listings available for the RNC, so now is the time to list your property.
“In this case, they’re not waiting to see who the candidate is, so they’ll be able to book sooner,” Emir explained. “Based on what we know, you can expect it’s a somewhat conservative crowd (coming to the RNC), and so transitional areas won’t do as well — more established neighborhoods are ideal.”
Charlotte isn’t new to hosting big events, from the PGA championship in 2017 to NBA All-Star Weekend in 2019, and Emir said he’s noticed some trends related to event-specific short-term renting.
“Location is always really important, and homes with two-plus bedrooms do well,” he said. “Condos and single bedrooms are competing with hotels, but homes with two to five bedrooms are more unique and allow groups to travel together and stay together.”
Emir said this three-bed bungalow in the Villa Heights area is a great example of what a successful Airbnb listing in Charlotte looks like.
But for the RNC specifically, there are a few things to pay special attention to, from pricing it correctly to taking precautions to minimize safety risks.
The average markup is 500 percent, and you can use an RNC Airbnb rate calculator for more specific guidance. But here are some general ranges to go by.
- Individual room – $75 to $125 per night
- Studio/1 bedroom – $179 to $269 per night
- 2 bedroom – $259 to $339 per night
- 3 bedroom – $349 to $489 per night
- 4 bedroom – $449 to $619 per night
- 5 bedroom – $619 to $799 per night
And before you list, Emir said to consider these top 5 tips.
(1) Do your homework. Before jumping into Airbnb, make sure you understand local laws, zoning orders and YOUR HOA’S rules or regulations as they pertain to running a short term rental in Charlotte.
(2) Prepare the space. Cleanliness is probably the top factor that a guest will evaluate your property on. You also want to make sure your home is stocked with ample amenities, such as linens, cleaning supplies, cooking supplies, and bathroom supplies.
(3) Create the right listing. Use the convention name somewhere in your listing title. This will boost your listing in search results as guests look for properties specifically for the RNC. Be sure to reference how close it is to the Spectrum Center.
(4) Getting the best bookings. People will be looking for their RNC accommodations months in advance. Now is the time to list. In terms of booking settings, don’t allow one-night stays during the duration of your event. While you may see other properties listing for thousands a night, set realistic expectations and know your bottom price line.
(5) Mitigate potential risks. Emir said it’s rare to get a bad Airbnb guest, but you should still be proactive in protecting yourself and your property from any potential risks. Make sure you remove any valuables or sentimental items from your home. You can also lock them up in a designated “owner’s closet” that the guests won’t be able to access. When it comes to bookings, never accept any requests to handle them outside of Airbnb’s platform. While it may sound tempting to avoid paying hosting fees, going under the table will strip you of Airbnb’s offered protections and make you more susceptible to scams.