Study Shows Increase in Airbnb Prices for Music Festivals Around the World
There are music festivals all over the world, and many people travel and stay in Airbnbs in order to be able to attend them. A study by the U.K. website Money shows there has been an increase in Airbnb prices for music festivals everywhere.
Money observed the average nightly prices for Airbnb properties during some of the biggest events around the globe in 2022, and compared them to the cost of staying in the same residence the week prior in order to show the increase directly related to the event.
The results found that the U.K.'s 2022 Glastonbury Festival is the most-profitable music event in the world for Airbnb owners to take advantage of, demonstrating a 221.6 percent increase in the nightly price for the dates of the event as compared to the week prior. The multi-genre festival is set to take place from June 22 through the 26, and will be headlined by Billie Eilish, Paul McCartney, Kendrick Lamar and Diana Ross.
Serbia's Exit Festival — featuring performances from Sepultura and Napalm Death — came in as the second most-profitable musical event, with a 145.8 percent increase in Airbnb rates. The U.S.'s own Coachella was the third-highest, with a 135.8 percent spike in Airbnb property prices. The U.K.'s Reading Festival, Lollapalooza, Austin City Limits and Brazil's Rock in Rio also made it into the Top 20 of the results, and some of them haven't even revealed their full lineups yet.
See a table of the findings below.
According to Airbnb's Help Center, hosts can set a default nightly price, which will show for all dates automatically. However, for higher demand dates, including weekends, events and holidays, hosts have the ability to customize them. A setting called "Smart Pricing" will adjust the rates for hosts based on the assumed demand for those particular dates.