Inn-flation: Airbnb prices increase by 220% during Canadian Grand Prix

May 24 2022, 6:15 pm

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.

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.

Al SciolaAl Sciola

+ Urbanized
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT