Renting out property on a platform such as Airbnb can be a very shrewd source of income, but lots of factors affect just how much money can be made.
And those lucky enough to live near the venue for a major event, such as sporting competitions and music festivals, can make a mint if they time it right. If you’re not fussed about attending yourself, you could use your rental earnings to take a well timed-holiday and possibly even use your home to cover the entire cost of the break.
But not all events have the same impact on accommodation costs, so which could be the most profitable for hosts?
Here’s a look at some of the biggest sporting and music events in the calendar for 2022, and how much the average nightly Airbnb rate is in the area, both during the event itself and in the week before.
If you’re looking to buy a property with the intention of renting it out, be sure to compare mortgages first to make sure that you get the best possible deal.
Average nightly price (during event): £1,123
Average nightly price (previous week): £161
Increase from previous week: 597.5%
The event that sees rental prices jump the most is the PGA Championship, which in 2022 will take place at the Southern Hills Country Club in Tulsa, Oklahoma.
While an Airbnb costs £161 on average in the city in early May, prices increase by almost 600% for the week of the tournament, to £1,123.
The PGA Championship is one of the four major championships in golf and comes just before the Memorial Day holiday.
Average nightly price (during event): £1,107
Average nightly price (previous week): £250
Increase from previous week: 342.8%
Another major USA event takes second place, the Kentucky Derby in Louisville. Prices in the city average at over £1,000 per night for the prestigious race.
The Derby is the most attended horse race in the USA and is the first leg of the American Triple Crown, being dubbed “The Most Exciting Two Minutes in Sports” by fans.
Average nightly price (during event): £1,045
Average nightly price (previous week): £255
Increase from previous week: 309.8%
Each of the top three most profitable events all take place in the month of May. The Monaco Grand Prix takes third place with prices being over 300% more expensive for the weekend of the race.
The Monaco Grand Prix is the most glamorous car racing event in the world, although two others: the 24 Hours of Le Mans and Indianapolis 500 also making the top ten.
As well as the stunning location, another reason prices for rentals could be so high is that the balconies above the streets of Monaco offer a birds-eye view of the action below during the race.
Average nightly price (during event): £521
Average nightly price (previous week): £162
Increase from previous week: 221.6%
On the whole, music events don’t seem to be quite as lucrative for Airbnb hosts as those in the world of sport, but one that does see a significant uptick is the Glastonbury Festival.
Glastonbury is of course one of the most famous festivals in the world, and if you don’t fancy camping, then there aren’t exactly lots of hotels in the area, which will only serve to drive Airbnb prices up for the weekend.
Average nightly price (during event): £145
Average nightly price (previous week): £59
Increase from previous week: 145.8%
Taking place in Novi Sad, Serbia, EXIT is one of the more affordable music festivals when it comes to average Airbnb costs. However, it still sees one of the biggest spikes in prices during the festival itself, growing by 145.8%.
Starting as a student movement around the turn of the millennium, the festival is held at an old fortress and has won numerous awards over the years.
Average nightly price (during event): £1,297
Average nightly price (previous week): £550
Increase from previous week: 135.8%
Coachella could in many ways be compared to Glastonbury in the UK, and like Glastonbury, it’s located pretty far from any major towns or cities, in the Colorado Desert. This means that accommodation options are sparse, which benefits Airbnb hosts.
The festival hasn’t taken place for two years due to the COVID-19 pandemic, so 2022 is sure to be a huge year, with Harry Styles, Kanye West, Billie Eilish, and Swedish House Mafia recently announced as headliners.
A list of more than 100 sporting and music events taking place in 2022 was created using sources such as BBC Sport’s 2022 sporting calendar and Festicket’s list of The Best Music Festivals in the World 2022.
For the duration of each event, the average nightly cost of an Airbnb in the city was taken on January 27th, looking at the cost of an entire property for two guests.
The average cost of Airbnbs in the same area was then taken for the corresponding date in the week before the event before the price difference between the two dates was calculated.
Note that only events that saw a notable increase in prices were included, with many events (such as the World Cup final) either seeing no increase in prices or in some cases, a decrease.
James has spent the past 15 years writing and editing personal finance news, specialising in consumer rights, pensions, insurance, property and investments - picking up a series of awards for his journalism along the way.