& it hasn’t even started yet!
America’s Cup 2013 July 4th – September 21st. I happen to own a corporate housing rental at the Parc Telegraph right there on the wharf in San Francisco and weekly I am getting updates about road closures, special concerts and huge influx of people. Personally I really wanted to attend last week’s Sting and Imagine Dragons Concerts at the new Americas Cup Pavilion Concerts.
But what events like this do to the city really is a love and hate situation. Property owners are told by the press they will get $10,000 a week to rent their home and renters pouring into the city try desperately to find a place to stay. Having provided housing for dozens of special event I have learned a few things. First, Rates. Yes, there will be a few properties that might go for $10,000 a week, but lets get real, even if there is no other place available how many people can really afford $10,000 a week. So don’t expect to retire early just yet. Secondly, WATCH OUT for Sept 22nd! If your property is a fulltime rental, take the time to realize the entire city will empty out on Sept 22nd. Right now regular business executives are doing everything possible to avoid the city so they don’t have to pay the inflated rates and after the event it will take them time to come back. There is nothing worse than the property owner who kicks out a great long term tenant and tries to capitalize on those few weeks of high rent only to have their property sit vacant for October, November, December, January and February. Be smart, think about the long term returns on your rental property.
TIP: Want to know what the Government will pay for housing? Take a look at their per diem rates based on your property’s zip code!
Rental Properties: Need a property in San Francisco take a look at this: San Francisco Corporate Housing.