February 15, 2018

South Koreans are making bank by renting their homes during the Olympics

Olympic spectators will pay 4k local Airbnb hosts $2.1m -- the same trend that brought Minneapolis-St. Paul-area hosts nearly $3.7m at the recent Super Bowl.

According to Airbnb, South Korean residents in the country’s Gangwon province are on pace to make more than $2m renting out their homes to Winter Olympics visitors in Pyeongchang.

About 4k Airbnb locations are listed in the province, with more than 9k travelers using their services in Gangwon.

Hotels are blowing it

Accommodations become a hot commodity during major events that take place in a city, generally forcing travelers to be at the mercy of hotels and their special-occasion tax (translation: outrageous prices).

While the South Korean government put mandates in place to keep hotels from price-gouging, their rates are still exceedingly more expensive than the average Airbnb booking, at about $170 a night (up to $400+).

According to the home-sharing firm, Airbnb hosts are making an average of about $260 in supplemental income.

Big events are a host’s bread and butter

Special events have made millions of dollars for Airbnb hosts over the last few years.

During the Super Bowl, hosts in Minneapolis and Saint Paul earned close to $3.7m from 7k visitors, while hosts in D.C. during Trump’s inauguration last year made $6m.

But the big winners live in Brazil: hosts in Rio de Janeiro collectively made more than $25m in extra income during the 2016 Summer Olympics.

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