Staying in Charlotte for the Presidents Cup? What renting a property will cost you
The Presidents Cup is underway in Charlotte, bringing to the area golf fans from all over the world.
And the event, which begins Thursday, is also expected to be a potential boon for Charlotte property owners who rent out their apartments, condos and houses through rental sites such as Airbnb and VRBO.
“Charlotte is trending on the platform as travelers flock into town to see their favorite pro players,” Airbnb said in a statement.
Here’s what to know about the impact of the Presidents Cup on Charlotte’s short-term rental market and what it takes to rent out your own property in the city:
How expensive are short-term rentals in Charlotte during the Presidents Cup?
Short-term rentals booked through sites such as Airbnb and VRBO have become increasingly popular in recent years, including in Charlotte, where the research firm AirDNA estimates there are more than 3,600 “active rentals.”
But they can get expensive.
A group looking to stay in Charlotte from Thursday to Monday of Presidents Cup week could get a one-bedroom condo in Plaza Midwood via Airbnb for $961 or a two-bedroom Myers Park apartment for $1,239.
On VRBO, which says only 27% of listings are still available during Presidents Cup week as of Tuesday, you could book an Uptown condo for Thursday to Monday for $1,539. You could also get a four-bedroom “private home” on Mountain Island Lake for the same time frame, but it would cost you $2,078.
The rental site “Rent Like a Champion,” which is geared towards sports fans traveling for events, advertises 41 available properties in Charlotte over the Presidents Cup as of Tuesday. One listing, promoting a home that accommodates up to eight people, costs $7,500 per night.
If you’re willing to stay in a “private room” rather than your own full space, things can be a little cheaper. One, for example, is available from Thursday through Monday of Presidents Cup week on Airbnb for $357.
There’s plenty of traffic driving those prices.
Airbnb saw “over a 60% surge in searches” for rentals available for the Presidents Cup weekend in the area in recent months, the company said.
And there’s precedent for major events, including the Presidents Cup, driving tourism.
Airbnb “hosts” in New Jersey, where the last U.S.-based Presidents Cup was held in 2017, “collectively earned nearly $300,000 with the typical Host earning over $500 during the golf tournament weekend,” according to the company.
Short-term rental rules in Charlotte
If you’re looking to cash in on the short-term rental market by listing your Charlotte property on Airbnb, VRBO or similar sites, you’ll need to make sure you follow the applicable rules, regulations and laws.
Charlotte in April scrapped its regulations for short-term rentals in the wake of a North Carolina appeals court ruling striking down parts of Wilmington’s regulations and in anticipation of possible state legislation around short-term rental regulations, The Charlotte Observer reported previously.
Properties that meet “disorder risks” must register the listing with the Charlotte-Mecklenburg Police Department. Even if you’re listing doesn’t meet that threshold, you can still register with CMPD
Folks should also keep in mind that other governing bodies with say over their home — such as a landlord, condo board, homeowner’s association or neighborhood association — may also have rules and regulations relating to renting out your space.
Observer reporters Gordon Rago and Evan Santiago contributed past reporting to this story.
This story was originally published September 21, 2022 at 6:00 AM.
