The Chicago Blues Fest is the largest free blues celebration in the world. With the festival coming to Chicago this upcoming weekend, take a look at the supply of Airbnb listings in Chicago, as well as the occupancy of those Airbnbs during this 400,000 plus person event over the last three years.
Here’s a breakdown of the total available Airbnb listings in Chicago for the Blues Festival for the last three years:
You’ll notice that the marketplace for Airbnb listings has nearly doubled year-over-year since 2013, but so too has the demand for those units (as depicted below):
To put this in perspective, let’s look at the occupancy rates from the week leading up to the 3 day music festival over the past 3 years:
This data shows us that Airbnb booking rates for the Chicago Blues Festival fall within a mere 5% points of each other year-over-year, despite the fact that there are nearly 3x more units this year than that of 2013.
What does this mean?
These numbers show 2 things.
1. Airbnb’s host and guest numbers are growing at nearly an identical rate in Chicago. This is not true of most Airbnb markets, where the marketplace is often dominated by either the supply side or demand side of the equation.
2. More people in total are turning to Airbnb as a means of accommodation for music festivals and other large events. Over 3000 listings will be occupied by festivalgoers this upcoming weekend versus the 600 or so units that were occupied during 2013.
What does this mean for Airbnb hosts?
As marketplaces grow and the supply side of becomes more competitive with new part-time and full-time hosts, it is more important than ever to dynamically price your listing to ensure you are maximizing your revenue and occupancy rates. Demo your unit on Beyond Pricing to see how you can make up to 40% more on your Airbnb listing with daily automated price recommendations.