Indy 500 weekend prompts surge prices and sold-out hotels and Airbnbs
For Airbnb host Ben Langebartels, a construction manager with an investment house about two miles from the Indianapolis Motor Speedway that he rents on Airbnb, May is a lucrative month with hundreds of thousands of people flooding into the city for the largest single-day sporting event.
"I definitely thought about the Indy 500 when I got that whole place," he said, about his one-bedroom short-term rental in a house with multiple units.
Langebartels already rented one of his four Airbnb units to someone attending Rev 2024, a food and entertainment event at the speedway last weekend that kicks off the month of racing. This year he expects that he will fill his Speedway units for about four times the rate of what he charges for a January weekend.
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Hotels and Airbnbs across Indianapolis have been booked for months at double or more the rate of a typical weekend in the city for the popular event. The city has long depended on the sports industry to bolster its hospitality industry, especially as business travel has declined after a global pandemic that shifted meetings and work toward online and away from offices.
Airbnb, hotel availability usually slim in race to Indy 500
Last year, 93% of downtown hotel rooms were rented out for the Indy 500 weekend, compared to a typical weekend when hotels in the area are about 74% occupied. The increased demand pushed prices to $365 a night for that weekend, compared to $189 a night on a typical weekend.Last year Airbnb hosts earned a total of $1.5 million during Indy 500 weekend, according to the company.
This year is on pace to be comparable. Hotel rates are double or more the cost of a typical weekend, ranging from $300 a night to more than $600 for Indy 500 weekend. Airbnbs are seeing the same demand.
Visitors are filling up short term rentals as well. By May 8, fewer than 500 homes were available for race weekend, compared to more than 1,000 for the weekend preceding the race.
Indianapolis Airbnb prices often soar before Indy 500
Race weekend rates span from $300 a night to as much as more than $1,000 a night for homes near the tracks. Visitors this year are coming from nearby cities such as Columbus, Chicago and Milwaukee, but as far away as Houston, Denver and Dallas, according to Airbnb data.
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So far Langebartels still has vacancies, though he's confident he'll eventually rent out his units. It's not just about the money for him. He also enjoys offering suggestions for fun things to do in the city.
"It's a labor of passion," he said.
He curated one unit especially for racing fans, including a racing rug, a vintage banner and old pedal car and other antiques and books from the Indy 500.
He plans to make that room available soon.
Binghui Huang can be reached at 317-385-1595 and Bhuang@gannett.com
This article originally appeared on Indianapolis Star: Surge prices, sold-out hotels and Airbnbs for Indy 500 weekend
