Airbnb Hosts Miss Out on Expected NFL Draft Windfall

• Green Bay, Wisconsin, will host the NFL Draft, anticipating around 250,000 guests arriving in the city.
• Certain local Airbnb hosts anticipated earning prices as high as four times more than those during an average Packers game day.
• A host mentioned that she needed to reduce her Airbnb's nightly rate by more than 80% from the original price.

Airbnb host Matthew Bassuener has a sanctuary dedicated to soccer at his place. Green Bay , Wisconsin.

His modest ranch-style house, located just a 10-minute stroll from Lambeau Field where the NFL’s Packers play, features an enormous painting of an old-fashioned football match along with collectibles from Bassuener's days as a player. Arena Football player.

Excited by the news that the NFL had chosen Green Bay as the venue for its yearly draft, Bassuener jumped at the opportunity. Having studied price-setting strategies used by Airbnb hosts, he decided to list his three-bedroom, two-bath property for $5,000 per night during this three-day extravaganza. The listing was quickly snapped up by a group back in July. Normally, for an average Packers game, Bassuener charges about $1,200 nightly.

In January, however, the group cancelled and received a complete reimbursement. Bassuener gradually reduced his prices until a different group reserved the space for $2,250 for the entire weekend.

“It certainly caused pain,” Bassuener told Business Insider. “Other hosts are frantically trying to obtain what they desired.”

On April 24, the NFL Draft begins in Green Bay, expecting around 250,000 visitors to descend upon the city. according to ESPN. Several Airbnb hosts informed Business Insider that they needed to lower their initially high price points considerably just to secure reservations.

Overall, hosts are still experiencing higher than usual earnings. According to preliminary data from the short-term rental analytics platform AirDNA, Airbnb and Vrbo hosts in Green Bay anticipate a significant 846% rise in income relative to the corresponding timeframe in 2024. Many of these hosts expressed to Business Insider their hope for even greater individual profits.

Short-term rental hosts frequently take advantage of significant local sports events and concerts by increasing rates during the periods when an influx of visitors arrives. Consider the experience of Augusta, Georgia’s inhabitants, who lease their properties each year coinciding with these occasions. Master's week , with several managing to earn enough money during the yearly golf tournament to fund their family vacations or even cover their mortgage payments for the entire year.

The extensive utilization of online short-term rental reservation sites such as Airbnb has spawned impromptu high-stakes marketplaces. In 2023, the initial phase of Taylor Swift 's Eras Tour generated over $27 million for Airbnbs and Vrbos in the U.S., as reported AirDNA .

Ahead of Beyoncé's Cowboy Carter tour , starting next week, searches for Airbnbs in Houston and Atlanta increased by 620% and 400%, respectively, according to Airbnb. Axios in March .

Placing expectations for profits on major events isn’t guaranteed to succeed. Leading up to the 2023 Super Bowl in Phoenix, Arizona, several individuals hosts were disappointed In response to demand and reduced pricing, the city saw a significant increase in supply, with 21,000 new Airbnbs and VRBOs coming online recently.

Other Green Bay venues have needed to modify their standards.

Nikki Engelbrecht from Green Bay is the owner of two Airbnbs Just outside the stadium, there’s a five-bedroom house that was originally priced at $6,000 per night, along with a three-bedroom property listed at $4,000 nightly. However, they ultimately secured bookings for these places at rates of $2,500 and $650 per night, correspondingly.

Engelbrecht attributed the inconsistent nature of short-term rentals in Green Bay for causing the discrepancy. During an off-season weekend, her rental prices typically stay around $250 per night, yet they can surge to as high as $2,000 per night during key games.

"I believe everyone became quite enthusiastic and assumed that since this is the draft, they could charge $10,000," she explained to BI.

Michael Friedman, CEO of Simple Life Rentals — an organization managing 150 short-term properties throughout Wisconsin — mentioned that one of their houses located right opposite Lambeau Field was booked for the entire draft period at $3,200 per night, following an initial listing price of $7,500.

Although he felt let down, Friedman mentioned that he continues to hold onto hope. Since the NFL Draft is complimentary, differing from a regular Packers match, local supporters from adjacent towns such as Detroit and Chicago could be monitoring daily prices with the possibility of making an impromptu visit, he noted.

Friedman mentioned, “I’ve spoken with several individuals who indicated they’re still awaiting better weather conditions.” He also expressed hope for securing some reservations at the eleventh hour.

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