Cashing in on RNC: Home rental going for $40K a week

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CLEVELAND -- Would you be willing to vacate your home for a week? What if someone offered you $40,000?

Private home rentals could skyrocket in Cleveland, as the Republican National Convention is expected to converge on our city.

Hotels are already reserving blocks of rooms for 2016, but local realtors say many travelers prefer to stay in a more home-like setting.

"At first, I thought it was a joke." Remax realtor Roger Scheve is referring to a newly-listed property in Cleveland's Detroit Shoreway neighborhood.

The modern, million-dollar property comes with all the finishings, but it's not for sale. It's for rent, only during the week of the Republican National Convention, at a $40,000 price tag.

"It's the first eye-opening (event) that we've all had to what's going to be coming here in the next two years," fellow Remax agent, Mark Snyder, explained.

Snyder told FOX 8 his Remax offices are already compiling their lists of potential clients who might be interested in opening their doors to out-of-town renters, and the opportunities that come with it.

"Oh, bragging rights maybe, for one!" Snyder laughed. "And they could say that we rented our house out for a week to somebody--it might even be somebody special."

"A downtown condo, for a week rental like that, if it's furnished, should probably bring in $2,500 to $3,500 for the week," Scheve said. "It's a way to make extra money."

Proximity to downtown is key for interested renters but the Remax agents said, don't count out nearby suburbs that might have access to easy transportation, including Lakewood and Cleveland Heights.

Just off Edgewater Drive in Lakewood Tuesday afternoon, the neighborhood was already buzzing as homeowners weighed their options. "Yeah, we've thought about it. You know, we've got a little time. It could be a good thing," said Bruce Mohline. "If I get good dollar, I'll move out in a minute!"

"$40,000--that's awesome. I mean, who could deny that?" said Patrick Hruby.

Of course, not every home will garner 40K.

And while some find that price tag absurd, the Remax team said it's actually feasible.

"You might have four people at $10,000 for the week, and there is that money out there. So, it's high, but there's gonna be some demand out there for people at the top of that pyramid who can afford it," Snyder told FOX 8.

Snyder recommends that anyone interested in renting out their home during the convention contact a professional broker.

He also said renters will need to draw up an official lease agreement, amend their insurance policies and make sure to secure valuables, preferably outside the home.

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