Beginning in the Spring each year, festival season has music enthusiasts traveling all over to witness their favorite artists perform. Their star-studded lineups draw in massive crowds, as some of the big-name festivals attract well-over 150,000 attendees! With the number of hotel rooms remaining constant in the festivals' host cities and the number of visitors significantly increasing, accommodation is in high demand. Nearby vacation rental owners can capitalize on the significant influx of visitors by increasing their rates.
For 2014, Tripping.com has looked into the music festival circuit to see which festivals resulted in the greatest vacation rental price increases last year.
|#||City, State||Music Festival||Percent Increase In Price Compared To Average|
|1.||Indio/Palm Springs, CA||Coachella - Weekend 1||85%|
|2.||Indio/Palm Springs, CA||Coachella - Weekend 2||70%|
|3.||Indio/Palm Springs, CA||Stagecoach||57%|
|5.||Austin, TX||Austin City Limits||8%|
|7.||Memphis, TN||Beale Street||5%|
|8.||San Francisco, CA||Outside Lands||4%|
|10.||Las Vegas, NV||Electronic Daisy Carnival - Weekend 1||3%|
Western U.S. Music Festivals Bring In The Most Vacation Rental Cash
Regardless of the size and location of these host cities, festival season led to an increase in vacation rental prices - and some were well over a 50% increase. The Coachella Valley Music and Arts Festival, a two-weekend Southern California event occurring in April each year, highlights this trend. According to Tripping.com data, Coachella 2014- Weekend 1 caused a whopping 85% increase in vacation rental prices, while Weekend 2 drove a 70% price increase compared to average rental prices. Vacation rentals in these areas would have been going for $3,000 or more a night!
Meanwhile, 3rd highest on the list was the same Indio/Palm Spring the region's popular country music festival, Stagecoach, bringing in a 57% increase.
Coachella Was #1 Money-Making Music Festival For Vacation Rentals In 2014 - How Does It Compare To Rentals For 2015?
According to 2015 Tripping.com data, this year's Coachella weekend 1 vacation rental prices are up 65% higher than average yearly rates. That's 24% cheaper than last year's rates which were up 85%.
For 2015 Coachella - Weekend 2, vacation rental prices are up 58% higher than average yearly rates. That's 17% cheaper than last year's rates which were up 70%.
For this year's Coachella festival goers, a vacation rental option is a more affordable lodging option this year than last. With the overall festival expense already into the high hundreds due to the ticket price, this is good news for this year's Coachella fans!
Renting is a smart decision for property owners and those in need of accommodation alike, especially during music festival season. As the above statistics from Tripping.com show, renting out a property can be a significant source of income for owners. Further, vacation and short-term rentals are a smart alternative to hotels, especially for festival goers who likely incur many expenses during their trip in addition to the event tickets, from flights to food and beverage purchases.