Through the Roof
Here's how much Austin home rental prices skyrocket during major events
Want to rent a cool Austin place during a big event? It's going to cost you. A new report from local data startup Datafiniti shows just how much short-term rental prices increase during major events like graduation, Austin City Limits Music Festival, and especially SXSW.
Datafiniti pulled data from Airbnb, HomeAway, Booking.com, and Trip Advisor from October 2015 through September 2016 and analyzed more than 10,000 STR listings in Austin for the report.
During SXSW in March 2016, prices in Austin tripled — the most expensive seen during the year. The median price for a rental was $600 a night, compared to Austin's overall median price of $200 a night. Interestingly, while a three-bedroom during SXSW 2016 cost around $650, a one-bedroom went for around $100. Not bad.
Datafiniti found that SXSW isn't the only time rental prices spike. Around graduation in May and during ACL Fest in October, rentals ran around $400 a night. When should you visit Austin for the best deal? September, November, December, and January boasted median rent prices below $200.
STRs are popular for visitors, and, they help Austin meet lodging demands during peak seasons, according to Datafiniti, which says Austin's hotel capacity is 40,000 people per night. However, Austin City Council is moving to phase out Type 2 STRs (renting out a whole house); Type 1 STRs (renting a room in an occupied house) will remain an option. City council and Austin residents are advocating for this phase-out as a result of rowdy renters disturbing permanent residents.