Phoenix area short-term rentals selling fast, and for high prices, ahead of Super Bowl LVII

Want to make some big bucks by renting out your home for a few days? Your chance is right around the corner when Super Bowl LVII comes to town in February 2023.

It looks like short-term rentals across the Phoenix area are already hot tickets.

A home in Scottsdale, complete with a pool and hot tub, was a Super Bowl steal. The owner, Herb Ritter, didn't jack up the price because he says he's playing the long game.

"We are still at about $1,000 to $1,500 a night on weekends. Less during the week. That's the time you can pay a month's mortgage. So I can understand why you could get a little more, but it's an exciting time," Ritter said.

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He dipped his toe into the short-term rental world more than 15 years ago and did so well that he made it a business.

A home in Old Town Scottsdale is already up for rent, and a second one is on the way. Both are up for grabs 365 days a year.

Ritter admits Super Bowl weekend is a great time to cash in on corporate bank accounts.

"I think some of these corporate expense accounts, the groups going to go to the Super Bowl, are paying thousands for a ticket so what's another $3K to $5K to get a place?" he said.

Big events like a Super Bowl bring out the rental rookies looking for a quick score, asking for sky-high prices and often landing them. Try $10K a night over the four-day Super Bowl weekend.

If you're thinking about renting your home, Ritter says go for it, but first, come up with a game plan.

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"If you are comfortable with the risk and qualified the guest then I don't think there is anything wrong with it. Go make some money if you can," Ritter said.

There are rules you need to follow, like registering the rental with the state and possibly your city.

Ritter suggests making sure your insurance is up to speed before handing the keys to a complete stranger.

Super Bowl LVII comes to Glendale, Arizona on Sunday, Feb. 12.