According to Culturemap and a new study from Datafiniti, local events like SXSW, UT graduation, and the Austin City Limits Festival cause costs for Short Term Rentals to increase dramatically.
Using sites like Airbnb, HomeAway, and other short term rental websites, Datafiniti looked at over 10,000 listings from October 2015 to September 2016.
In March 2016 during SXSW, the price for a short term rental in Austin reached its peak: three times more than normal. Median rent during SXSW 2016 was $600 per night, compared to the normal rate of $200 per night. Rent for a three bedroom was about $650, but for just one bedroom it was about $100.
Rental rates also rise sharply during May graduation and during Austin City Limits in October, to $400 a night. Short term rental rates are the lowest during September, November, December and January, with the median rent price less than $200.
Datafiniti reports that Austin’s hotels have rooms for 40,000 people nightly and the short term rentals help provide more lodging for visitors when those rooms are full. The Austin City Council, though, wants to get rid of Type 2 short term rentals, which allow owners to rent out an entire house, in favor of allowing only Type 1 short term rentals, which will let owners rent out a room in a house they live in. City Council says that permanent residents are often disturbed by noisy short term renters.
Ready to become a long term Austin renter? Give Austin Apartment Specialists a call today at 512-241-1111 to find your dream apartment in Austin!