AUSTIN (KXAN) — Start your engines, and pinch your pennies, because Airbnb costs in Austin have spiked for stays during the Formula 1 United States Grand Prix this weekend.
According to data compiled by Vegas Insider, the average cost of an Airbnb in Austin jumped from $423 the weekend before the race to $780 during the Grand Prix weekend, an 84% increase.
Vegas Insider used data from Airbnb and Ticketmaster to find how much money F1 fans attending the Grand Prix at Circuit of the Americas this weekend would be spending on event tickets and lodging.
Kathy Morris with Vegas Insider said the Airbnb price spike may be because of high demand and a growing fan base for the sport, but also because the Grand Prix typically has a “pretty premium audience.”
“So I think F1 in general, it’s not like football where we’re seeing these big events every weekend. So I think it becomes more of a highlight, focus event that draws crowds from further away to get the opportunity to see F1, especially in the U.S.,” Morris said. “It is a premium crowd typically, although we find that followers are increasing every year, so it’s a growing fan base… It’s not necessarily just a sport for those with big wallets, although at these prices, that might be who ends up going to these events.”
According to Vegas Insider’s findings, folks staying the full three days of the F1 weekend and attending all three days of the racing events at COTA will pay a total of more than $1,200, which is the number you get when you add up the $780 nightly Airbnb price tag and the cost of F1 passes, which depend on what day you want to attend.
Morris said Sunday will be the most expensive day for F1 fans. According to Vegas Insider, single-day passes for Sunday average around $1,031.10. The cost of Friday’s average ticket is $172.43, and Saturday’s is $482.28.
According to Vegas Insider, past Grand Prix weekends have triggered hotel price hikes of over 30%, and many international F1 markets see 60%+ jumps in hospitality rates. In 2021, Grand Prix visitors spent $400 million in direct local spending in Austin alone.
Looking ahead at the weekend after F1, Airbnb costs are back down to around $257 per night, according to Vegas Insider.
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