Not unlike the Olympics, preparation for a city's hosting the Super Bowl takes years of preparation. These often include stadium uplifting, work on infrastructure, as well as renovations on hotels that will soon host up to one million tourists and sports fans. Surprisingly, this one game and millions in renovations impact the real estate market long after the confetti has settled.
If you look at Houston, they began preparing for Super Bowl LI by renovating the George R. Brown Convention Center to the tune of $175 million. The city of Houston spent $17 million alone on a 2-mile stretch of road from the airport to the Gulf Freeway! In addition, the housing market focused on welcoming wealthy individuals and celebrities who would be looking for luxury accommodations.
As of 2016, nearly 30,000 new unit has been constructed across Houston which effectively doubled the rental market in the downtown area. This new market has the highest average rental rate in the entire city, in fact. Unsurprisingly, this mimics how Charlotte's rental market is developing.
Sports games such are great catalysts for improvements that everyone, not just renters can enjoy too! In the case of Houston, the Super Bowl pushed for huge improvements in regards to restaurant development, completion of more hotels, and upgrades to landscaping throughout the city.
It's truly incredible how events are able to affect the market...here's to hoping Charlotte sees something has impactful soon!