Next year's Super Bowl is expected to draw more than 100,000 visitors to Minneapolis, a tempting target for downtown condominium owners who see a chance to cash in on the event via services like Airbnb.
The site allows users to rent out their space for short-term tenants, but some aspiring hosts are limited by their condo associations — or the associations' insurers.
Short-term rentals are commonly prohibited by association bylaws. That's the case at Sexton Lofts, which is a few blocks away from U.S. Bank Stadium and currently prohibits any lease shorter than six months.
“It seems like there’s a lot of owners who definitely have a desire to rent their place out for the Super Bowl,” said Sexton Lofts board member Ben Mielke. However, just 30 percent of Sexton condo owners responded to a survey sent out by the association's board of directors — not enough to amend its bylaws, though a majority of those who did respond were in favor of allowing short-term leasing.
Owners at Skyscape condominiums, another building just blocks from the stadium, recently voted to amend their bylaws so that owners could rent out units. The new bylaws allow short-term leasing during board-approved events such as the Super Bowl, according to a current resident. All potential renters will be subject to background checks and the building will hire extra security during the events. Owners who choose to rent out their space short-term will incur fees to help offset the extra security costs.
The condo tower Center Village requires a 30-day lease for short-term rentals — but there's some wiggle room when it comes to enforcement. After signing a formal 30-day lease and completing a background check, a short-term tenant can stay for as long or short as they like. It’s up to the owner whether or not they will charge for the full lease or just for the weekend.
“You could rent your condo out for $1 if you wanted, or you could rent it out for $1 million if you wanted,” said Center Village board member Mary Benson.
Apart from association committees, insurers who back condominium associations also have to agree to changing condo bylaws, said Mielke of Sexton Lofts. "They have no incentive to take on additional risk.”
Some owners in buildings that don’t allow short-term leases may choose to rent their spaces anyway and pay the fine — which could run into the hundreds of dollars — hoping that proceeds from Super Bowl weekend will more than cover it. But it’s a gamble.
While some hosts are pricing their rooms at anywhere between $1,000 to $9,000 per night during Super Bowl week, the average room rate for an Airbnb room in a Super Bowl host city is closer to $150 to $200, according to a press release by Airbnb Midwest. Full homes at last year's Super Bowl in Houston went for much more; the Houston Business Journal had a report on those properties.
