Super Bowl sparks Indy rental market

INDIANAPOLIS (WISH) - An Arizona rental company is trying to entice Indianapolis homeowners into offering their homes for rent to fans attending the 2012 Super Bowl.

Phoenix-based MajorEventRentalz.com has begun placing signs across the city seeking residents willing to lease their homes for the big game, and local real estate brokers say they're getting inquiries from tenants near downtown who hope to capitalize on the expected crowds.

The NFL estimates Indianapolis will draw between 100,000 and 150,000 visitors over a 10-day span for the Super Bowl.

Even so, Dianna Boyce, a spokeswoman for the Indianapolis Super Bowl Host Committee, told the Indianapolis Business Journal she doubts there will be a big market for rental housing. Boyce said the city had to guarantee an ample number of hotel rooms as part of its bid for the game, and about 18,300 rooms are being held, including 7,100 downtown.

But real-estate experts say there will still be demand for other accommodations from people who want more privacy or space.

"With the amount of people - fans and corporate executives, as well as the sponsors - that scarcity factor is going to cause downtown property to just skyrocket," said Dan Baldini, principal broker at Indianapolis-based Polaris Real Estate. "You're going to see a lot of those properties getting snapped up and put under contract for the Super Bowl."

Baldini said some downtown condos that Polaris manages could rent for $2,000 to $4,000 a night. Other neighborhoods close to downtown could see a spillover effect, as could luxurious single-family homes in the suburbs, he said.

Mike Smith, an advertising agent with MajorEventRentalz.com, said the company posted about 75 signs around Indianapolis a month ago to gauge residents' interest. He said an additional advertising push is planned later.

The company also advertises home rentals for events including the Kentucky Derby, the Masters Golf Tournament in Georgia and the U.S. Open tennis tournament in New York.

While some homes in Dallas rented for up to $15,000 a night during this year's Super Bowl, Baldini said it's hard to estimate the maximum asking price in Indianapolis. Proximity to the action could be in higher demand because the Super Bowl activities will be concentrated in the downtown area in a cold-weather city.

"It's jockeying for a position," Baldini said. "If you own a property downtown, you're all of a sudden going to have more friends than you ever knew you had."