Home rentals are big business when big events come to Indy

By Judy J. Beasley Last updated Jan 8, 2023

Homeowners around Indianapolis are cashing in by putting their homes up for rent during the college football playoff national championship weekend.

INDIANAPOLIS — Big events like the College Football Playoff National Championship give people the opportunity to charge a pretty penny for their spot.

Anson Thompson is one of them.

“It’s a nice house, and it’s walking distance to Lucas Oil [Stadium]”Thompson said.

While Thompson is an Indiana resident, he and his wife travel extensively. So they occasionally rent out their house in Fletcher Pointe.

“To rent our house in Indianapolis, it’s $500 a night, minimum,” Thompson said.

But after a conversation with his listing agent, they decided to charge more this weekend.

“[He] called me up and said, “Hey, one of the other houses in your neighborhood, I just lined up for the Big Ten championship, and I was able to make quite a bit of money,” said Thompson.

And quite a bit of money that Thompson also received.

Instead of $500 a night, he will get $4,000 a night for two days.

Tanner Halbig lives in Fountain Square and decided to list his place for one night.

“I thought there would be a lot of fans coming into town just for the night and needing a place to stay,” Halbig said.

Halbig said those 24 hours would earn him about $1,500.

“I have, fortunately, family members nearby, so I will be able to spend the night with them,” he said.

Events that draw crowds to Indy

Jim Borthwick works with LetsConvention, a company that helps connect visitors to rental properties like the Thompsons. He said it was their biggest event since the COVID pandemic.

But NCAA events aren’t the only attractions that draw travelers to town.

“Our biggest events in the city are GenCon, Drum Corps International, FDIC International, Indy 500,” Borthwick said.

What should I consider before renting?

If you want to rent your spot, Borthwick said post it when the event is announced.

“Run it like a small business. You want to make sure you have cleaning supplies, make sure you have toilet paper, paper towels, hand soaps,” Borthwick said.

He adds that it’s also a good idea to provide visitors with bar and restaurant recommendations.

When it comes to insurance, Airbnb and Vrbo offer certain protections. However, Thompson, who works in insurance, buys a form of commercial coverage in addition to her home insurance policy.