CHARLOTTE, NC - Finding a hotel in Charlotte the first week of September may not be an easy task. Over 35,000 people are expected to be in town for the Democratic National Convention. To supply the high demand, some local residents are offering up their private homes at high prices.
With just seven months until the DNC, the Queen City real estate market is heating up. Residents in the area are opening up their doors for big ticket rental prices. Residents in Uptown are looking to rent their condos anywhere from $10,000 to $15,000 for the week.
Type DNC Rentals into a local craigslist search and you’ll see that the prices are eye popping; ranging from $5,000 to $20,000 just for the week of the convention.
However, some realtors say that the prices are not all realistic and that people coming into town are not going to pay astronomical prices just because there is a lack of rooms.
MECA Properties is a property management group that is working to arrange housing for executives from major corporations. MECA Properties President, Andrew Pressley says there is a big demand for lodging during the convention, "This is really right now, people want to lock it in and know they have it secured, we'll probably do between three and four hundred when it’s all said and done.”
Still, while some property management groups are seeing big opportunity in rentals during the DNC, others say the rewards are just not worth the risk.
T.R. Lawing Realty has been managing property for more than 50 years and they are staying out of any convention work. Thomas Lawing Jr. says there is a lot more to short-term rentals, "I'm not sure if I could get enough of the security deposit, background check and other credentials to make sure that my owner is well protected."
Still, Pressley says the hosting the convention brings Charlotte some well worth it opportunity, and gives the city a chance to show a little southern hospitality.
The DNC week kicks off September 3, 2012.