You can't read a convention story or go on #DNC2012 without being barraged by home rental ads for the convention. We saw it here in Denver in 2008 where people expected to rent there homes for unrealistic prices. Unless you're close to the action don't expect to get rich off of a week of rentals (unless you're the owner of DNCRentals.com).
"It's gonna sky rocket for anything inside the security bubble or give them much better potential, I've got clients with properties out on lake Norman. Lake Wylie, they're big properties and they're interested in getting for these five thousand square foot homes. I don't see that happening."
Almost immediately after it was announced more than a year ago that Boston had landed the political event city residents started offering their homes at outrageous prices hoping to cash in on visitors looking for convenient and homey accommodations.
But they have found few takers because delegates and journalists have chosen hotels. And with the July 26-29 convention just days away asking prices for private homes condominiums and apartments are dropping fast.
Dreams ran big in Denver when the city hosted the 2008 DNC convention.
Asking rents included $750 a night for a one-bedroom to $100,000 for a house for the week. Ultimately, many would-be landlords dropped their prices and weekly rates roughly averaged $1,200 to $50,000.
Oprah Winfrey was among the biggest spenders, paying $50,000 a week for a house in a historic neighborhood, the Rocky Mountain News reported.
That was the exception, said Rich Grant, communications director with Visit Denver, the city's tourism bureau. "It was a big story, but the reality was not many people did it," Grant said of the home-rental craze that supposedly? swept the city.
One thing homeowners didn't realize, he said, is that many of the renters were coming to Denver for three months or longer to help prepare for the convention and clean up afterward. Not many people wanted to vacate their house for that long, Grant said.
"Expectations got out of whack," Grant said of the number of people who thought they'd get rich.