The Festival Effect: How Major Music Events Influence Airbnb Prices
In the vibrant world of EDM, music festivals are more than just events - they're experiences. But these experiences often come with the daunting task of finding affordable accommodation. Have you ever paused to consider how much more you're paying for your Airbnb during a festival compared to the average cost on any other day?
A recent study conducted by money.co.uk delves into this intriguing phenomenon, often referred to as the "festival effect," and its impact on Airbnb prices. The findings, while not entirely unexpected, offer a fascinating glimpse into the potential windfall that Airbnb hosts can reap during the festival season.
Consider Ultra Miami. This year, the festival triggered a 19.1% increase in Airbnb prices, nudging the average cost from $456 to $543. However, when stacked against other major music festivals, Ultra Miami's impact is relatively modest, ranking 18th in terms of the overall price increase.
The real game-changer is the legendary Glastonbury Festival. It catapults the average Airbnb price from a modest $217 to an eye-watering $697, marking a whopping 221.6% increase. Hot on its heels are EXIT Festival and Coachella, causing 145.8% and 135.8% increases respectively. As we traverse down the list, the increases become less dramatic, with the Eurovision Song Contest witnessing an 88.6% increase and Primavera Sound at a 53% increase.
The most profitable music events for Airbnb hosts (money.co.uk)
These statistics serve as a reality check for those who've overlooked the lucrative potential of Airbnb hosting during the festival season. They also underscore the importance of early planning for festival-goers to dodge the steep prices.
Keep an eye on our website and follow us on Instagram and Twitter for the latest news in the industry!
