A 1920’s strategy suddenly finds its way in the 21st century rental market.
Call them desperate but in these times, there’s no other way to pay the rent but to be innovative or at least, learn from history. The New York Times recently published the growing interest among renters who are using “rent parties” to cull the much needed cash for the month’s rent. The process is simple: hire a band to play for you, invite people to show up in your pad, and ask them to pay for the entrance fee. Drinks are optional for those who can’t stack their bedroom with cases of booze but for those who have spare cash to buy the bottles, they can charge each drink for a higher price.
The examples cited in the NYT article may inspire a lot of distressed renters to follow suit. After all, one man actually swears he raised $2,300 in a single night. But does this strategy entail only profits? Well, not really. Here’s what we think.
First, rent parties are only as good as the money you pocket when everybody has left the building. If you don’t mind cleaning your space the entire day, then postpone the nap and hold the mop. Be also prepared for the damages in your furniture and walls that may arise. Carpet stains, wall marks and cracked cabinets are common. Therefore, you’d still have to take some of your night’s earnings for the repair and cleaning.
Second, not all landlords permit rent parties to take place. Some apartments and condominium units usually have clauses that prohibit such activity. Besides, not all your neighbors can tolerate the noise that the hired band will play throughout the night.
Finally, open parties won’t allow you to choose the people who’ll barge in your unit. So if you hire a rock and roll band, you’ll have more clients who appreciate their music and some who are even way liberated. Deny people to come in and you’ll have more problems to contend with. Again, be prepared for any uncomfortable situation that may take place. If the police knock on your door, have your script ready.
The keys to a successful rent party are good events management skills and an assurance of hefty earnings the following day so you can finally pay the rent.