It doesn’t come as too much of a shocker when you learn that Airbnb prices go up when there’s an event in town. It only makes sense.
But how much of an increase is acceptable?
10%? 20%?
You may want to keep rounding up.
A new study by money.co.uk analyzed the average nightly cost of an Airbnb over the dates of the world’s most popular events this year. The average cost of an Airbnb in the same area for the week prior to the event was also taken to highlight the price difference and reveal the events that have the greatest impact on the cost of lodging.
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Of all the events studied, the PGA championship in Tulsa, Oklahoma saw the most dramatic increase, with average nightly prices going from $215 the week before the golf event to $1,502 during the tournament.
The Canadian Grand Prix — happening next month in Montreal — did not far fall behind with average Airbnb prices rising 223.5% during the week of the big race.
To put that into perspective, the average one night stay in Montreal, which would usually hover around $220, would cost you $848 while the Grand Prix is on.
Montrealers know that the price hikes don’t stop at Airbnb. Restaurants, bars, and hotels all jack up their prices during the city’s biggest tourist event of the year. So, if you want enjoy the roaring Formula 1 atmosphere, you better prepare to dish out some cheddar.
While the Grand Prix was the only Canadian event on the list, here’s how the rest of the top 10 rounded out:
Rank
Event
City
Dates
Average Nightly Price (during event)
Average Nightly Price (previous week)
Increase From Previous Week
1
PGA Championship
Tulsa, USA
May 16 – 22
$1,502
$215
597.5%
2
Kentucky Derby
Louisville, USA
May 7
$1,481
$334
342.8%
3
Monaco Grand Prix
Monte Carlo, Monaco
May 27 – 29
$1,398
$341
309.8%
4
British Grand Prix
Silverstone, UK
July 1 – 3
$835
$249
235.5%
5
Canadian Grand Prix
Montreal, Canada
June 17 – 19
$848
$262
223.5%
6
24 Hours of Le Mans
Le Mans, France
June 11 – 12
$415
$146
184.4%
7
Hungarian Grand Prix
Budapest, Hungary
July 29 – 31
$367
$153
140.4%
8
UCI Road World Championships
Wollongong, Australia
September 18 – 25
$781
$348
124.6%
9
Daytona 500
Daytona Beach, USA
February 20
$664
$298
122.4%
10
Indianapolis 500
Indianapolis, United States
May 29
$563
$258
118.1%
So, the next time you’re thinking of travelling to another city, scheduling your stay around big events can save you a ton of cash. But, if you’re looking to participate in the festivities, you may just have to bite the bullet.
To explore the rest of the money.co.uk study, click here.