If you are considering leasing a banquet hall in the near future, without a doubt the #1 question on your mind is this: what will it cost?
We tackle that question in this article and tell you how that price is determined. We are Tarrant Events Center, serving the Greater Fort Worth area with our all-purpose event center. Call us at 817-996-3636 for more information.
Okay, let’s talk banquet hall prices.
What does a banquet hall rental cost?
You will probably be disappointed with this first answer, but there is no standard cost of a banquet hall rental. It varies wildly within each city, and it varies wildly from city to city. You most likely will be able to find an event hall rental for $500, or you will find one for $5000 per event and yes, you will find them for prices in between $500 and $5000.
For the lower rental prices, look to restaurants, service halls like the VFW, church auditoriums, and the like. For the higher end, look at event centers and major tourist locations within your area. Our own Tarrant Events Center costs between $2000-$3000 per full-day event, depending upon the day of the week, and that price puts us in the middle of the pack regarding rental cost.
How is the banquet hall rental price determined?
Here is where it gets very confusing. Rental prices are determined, to a great extent, by the Laws of Supply and Demand. Let’s look at an example. If you live in a city or town where there is only one, as in singular, event space rental, that event room rental can basically charge whatever they want for a lease. Now, logic would dictate that the event room owners would want to make it affordable for the residents of that particular city but still, without competition there is nothing keeping the owners of that banquet hall from charging whatever that market will bear.
But what if next year a new event center opens. Suddenly there is competition, and the result of that competition will be seen immediately in the lease prices. If that new hall charges less than the existing one, most likely the existing location will drop their price.
And so it goes! Obviously we are giving you very broad strokes in this explanation, and there are exceptions. The size of the event room rental, the location of that rental, these things also affect price.
Are you confused yet? You should be . . . and there is more!
Don’t forget about the secondary costs.
The lease cost is just part of the overall discussion. A banquet means food, servers, etc., and those things cost money as well. And hiding in the shadows are things called surcharges, costs you may not even be aware of when signing the lease agreement (the devil is in the fine print details), and these are things you definitely must be aware of when planning a banquet.
We know we did not give you definitive answers to the questions posed in the title of this article; with that in mind, we urge you to take due diligence, call many banquet halls, ask many questions, and that way you are at least making an informed decision when you choose one.
A final word about Tarrant Events Center.
Tarrant Events Center is locally owned and operated. We take reservations a full year in advance, and we are proud to announce our all inclusive pricing policy, which simply means there are no hidden fees or surcharges when you are dealing with Fort Worth’s finest event hall rental. Call us today!