RNC rental reality check: Not a huge payday yet

Posted at 11:24 PM, May 03, 2016
and last updated 2016-05-04 05:33:13-04

It might be time for a little reality check for many downtown dwellers and suburbanites who were hoping to cash in big when the Republican National Convention comes to Cleveland this July.

With less than three months to go until the RNC, only a handful of homes and apartments have officially been rented out.

The Downtown Cleveland Alliance is spearheading RNC rentals for people who live downtown through four property management groups who approved tenants to lease their places for the week.

Those landlords are K&D, Landmark, MRN and Morgan. Between them, they run 14 buildings and had 2,000 available units.

However, between people not wanting to be bothered to leave their space for a week and those who actually signed up, Downtown Cleveland Alliance president Joe Marinucci said only around 200 units have been certified to rent out so far.

Those apartments have not yet been linked up to would-be convention renters. Each person will go through a security check similar to renting an apartment, Marinucci said.

"If you think about it, we've now identified our supply and we'll be matching it with our demand over the next few weeks," Marinucci said.

And to give you an idea of what it will cost would-be renters, the price is capped at two times the monthly rent -- so if you pay $1,200 per month, you will make $2,400 for the week.

It's a pretty penny, but maybe not as high as some downtown residents were hoping.

"I think we're seeing a little more reality in the marketplace because there were a lot of wild rumors floating around in terms of what people could secure," Marinucci added.

Outside of downtown, Howard Hanna is the main realtor for RNC rentals.

The week-long listings range from $2,000 for a Cleveland home on the low-end to a whopping $109,000 for a Shaker Heights mansion.

But out of more than 500 listings, only seven have been signed and sealed by the beginning of May, according to Jared Zak, director of property management for Howard Hanna,

"I do think a lot of those units will rent, but I do not think a lot of units are going to rent at those high, extravagant prices," Zak said.

By the way, Howard Hanna was the one listing serial killer Jeffrey Dahmer's Bath Township home for $8,000 for RNC week, but that listing has since been pulled.