Why You Should Rent Out Your Apartment This Festival Season

by Morgan Solem
Tuesday, August 26 2014

Seattle is gearing up for Bumbershoot, North America’s largest music and arts festival, which takes place this weekend (August 30 – September 1). The event will bring in over 100,000 attendees and many visitors are looking to Seattle vacation rentals for their home away from home during the festival.

Like Outside Lands in San Francisco or South by Southwest in Austin, Bumbershoot creates a huge surge in demand for accommodations in Seattle. With downtown Seattle hotel rooms averaging over $375/night during the event, many concertgoers are choosing to stay at short term apartment rentals instead. In fact, the occupancy rate for Airbnb listings in Seattle for this month is 90%, compared to an occupancy rate of 95% for hotels, making it one of the most popular cities on Airbnb in the country.

The most in-demand areas this weekend are those closest to the event, like First Hill, Belltown, and Queen Anne, where the number of available Airbnb units dips by as much as 96%. Neighborhoods further afoot, like Ballard, are less impacted, but still see an increase in overall bookings.

Bumbershoot and other local events bring so much demand that we recommend hosts increase their listing prices anywhere from 75% to 110% to keep pace.

Festivals like Bumbershoot present the perfect opportunity to list your home or spare bedroom on sites like HomeAway or Airbnb. You can meet new people, show off your hometown, and make a little money to put towards next year’s ticket. Don’t live in Seattle? There are more festivals happening all over the country this fall: Riot Fest (Chicago, IL; Sept 12-14), Austin City Limits (Austin, TX ; Oct 3-5 & 10-12), and CMJ Music Marathon (New York, NY; Oct 21-25) are all coming up soon and listings on HomeAway and Airbnb have already started booking up in those cities.

Beyond Pricing can help you make the most out of your rental this festival season. To see our recommended prices for your own listing during an upcoming festival or conference, visit our demo page at Beyond Pricing.