While living in or near a college town can certainly have its pros and cons, if you’ve got some additional space in your home, you may be able to bring in an extra cash flow this fall. According to a recent study by the financial website NerdWallet, those who live or own property in the vicinity of the Top 25 college football teams could potentially recoup a considerable amount of their monthly mortgage payment by renting out space on game day weekends (nightly rentals). (The site based its study figures on rental prices from the vacation website HomeAway).
Based on information from the study, in some areas of the country, the median per-night rental price can more than double when the home team hosts a game. So, depending on where exactly you own, and how well your local team is doing, it could definitely pay off to do some additional research.
How can it be possible to net so much for such a short period of time?
Well, one reason is because many college towns are not necessarily equipped with a plethora of hotels or other accommodations. So, many die-hard fans who want to follow their team in person, are oftentimes willing to pay a higher price if it means that they can stay close to where all the action is. So, if you have the space, you could have a great home-field advantage when it comes to making a few extra bucks.
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