SARATOGA SPRINGS – As the Belmont Stakes Racing Festival approaches, hotels in the vicinity are either fully booked or nearing capacity. This has led some Saratoga Springs homeowners to consider renting out their properties for the duration of the four-day event.
The Belmont festival, which is set to take place at Saratoga Race Course from June 6 to June 9, has been relocated due to a massive $455 million renovation project at Belmont Park.
Thousands of racing enthusiasts are expected to descend upon the track and the Spa City for the festival.
Accommodation in the city and surrounding areas is in high demand, with hotels fully booked for the weekend. The few remaining rooms are priced at a premium, costing potential guests several thousand per night.
Julie & Co. Realtor Jennifer Johnson has noted a surge in homeowners interested in renting out their properties. However, she has not yet seen a corresponding increase in inquiries from potential renters.
“Many homeowners are listing their properties on Airbnb, but it may still be a bit early for a significant number of bookings,” she said.
Johnson explained that the pricing for these short-term rentals varies greatly, depending on the location and type of the property.
Some homeowners have set their nightly rates based on hotel prices. Johnson has seen listings ranging from $1,200 to a staggering $3,500 per night.
Adam McNeill, who owns three short-term rental properties in the city, has had his properties booked for the Belmont festival since September. He revealed that previous renters had reached out to secure bookings. One of his properties, a single-family house which was his first home, is rented out as a family-friendly property, with no large groups allowed. He is renting it for $400 a night with a minimum three-night stay.
“I could charge more, but I prefer to rent to people who will respect my home and my neighbors,” he said.
His other two properties, both single-bedroom apartments, are rented for $300 a night.
At present, general admission tickets for Belmont Stakes Day and four-day festival passes are sold out. However, single day tickets for June 6, 7, and 9 are still available, according to NYRA.com. Information about reserving picnic tables will be available in March, as per the New York Racing Association. There will also be an opportunity to secure a backyard table on a first-come, first-serve basis.
The festival will feature 23 stakes races over four days, with total purses amounting to $10.1 million, as per NYRA.
Disagree – Homeowners should prioritize the safety and well-being of their neighborhoods over making a profit during a major event like the Belmont Stakes Racing Festival.
Disagree – Profiting off of a major event like the Belmont Stakes should not come at the expense of disrupting the safety and peace of the neighborhood.
Disagree – Safety of the neighborhood should always come first, not profits.