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US: Short-term rental rates across New York and New Jersey have risen sharply ahead of the FIFA World Cup, as hosts respond to increased demand around matches taking place at MetLife Stadium.
A review of listings by the New York Post found some properties raising nightly rates by several hundred per cent during key tournament dates, with a handful increasing prices by more than 1,000 per cent compared with standard periods.
The surge comes as demand for accommodation across World Cup host cities continues to grow. According to AirDNA, short-term rental demand is up 66 per cent across host markets compared with normal periods, while Expedia said vacation rental supply growth in host cities has been running at double the rate of non-host destinations.
Industry observers said New York City’s short-term rental regulations are also likely to influence booking patterns. Restrictions on rentals of fewer than 30 days have limited available inventory in the city, potentially pushing visitors towards nearby New Jersey markets.
However, analysts warned that some operators may be overestimating demand, with overly aggressive pricing strategies potentially resulting in unbooked inventory as the tournament approaches.
Highlights
- World Cup matches at MetLife Stadium are driving increased STR demand
- Some listings have increased nightly rates by more than 1,000 per cent
- AirDNA reports demand across host cities is up 66 per cent
- New York’s STR restrictions may be pushing visitors towards New Jersey
- Analysts warn some hosts may be overpricing properties
