AUSTIN (KXAN) — Austin’s busiest weekend is upon us: Formula One is back at Circuit of the Americas for the United States Grand Prix.
Extra this year is the University of Texas vs. University of Georgia college football matchup on Saturday.
As Austin hotels book up, many F1, UT and UGA fans are looking to Airbnb for a place to stay this weekend. About half of all listings are already booked, according to short-term rental company Airbnb.
The short-term platform saw a surge of local hosts joining Airbnb ahead of the busy weekend to make a few bucks, which is increasing the available inventory.
Locals lising their houses, airstreams, camper vans and rooms to folks visiting the city—particularly near COTA and DKR, Airbnb communications manager Haven Thorn said.
“What we’re seeing is actually like a travel dispersal effect, where hosts are onboarding onto the platform to open up their space to welcome guests in areas across the city,” Thorn said.
During 2023 ACL weekends, hosts made about $10 million while hosting about 20,000 guests, according to Airbnb.
Hotels are also booking up fast in Austin. A few weeks ago, Visit Austin said Austin hotels were about 48% booked for F1 weekend, which was 27% higher than in 2023. Actual occupancy is expected to be between 80-90%.
Visit Austin said hotel occupancy during the 2023 F1 weekend was about 87%. The citywide rate average was $427 per night. This was less than the current projected daily rate average of $477 for 2024.
Where are visitors coming from?
Airbnb is seeing an all-time high in local travel demand, meaning guests are traveling and booking within 300 miles. Local travel has doubled over the past five years, according to Airbnb.
October event visitors are primarily coming from other parts of Texas to Austin. About 50% of bookings are made within the Lone Star State, according to Airbnb.
These are the top guest origin cities for guests during October:
- New York, New York
- Los Angeles, California
- Washington, D.C.
- Corpus Christi, Texas
- Katy, Texas
- Albuquerque, New Mexico
- Philadelphia, Pennsylvania
- McKinney, Texas
- College Station, Texas
- Spring, Texas
Airbnb estimates that guests spend about $250 each day in Austin.
The Formula 1 Grand Prix brings millions of dollars into Austin’s local economy. In total, the 2021 race had a $980 million impact on the local economy, according to estimates from Angelou Economics. Visitors had about $434 million in direct spending during F1 weekend and about $189 million in indirect spending.
According to the Austin Business Journal, Formula 1’s economic impact was greater than dollars brought in during the Austin City Limits Music Festival or South by Southwest. F1 also compares to the same economic yield of a Super Bowl.