Here’s how much Airbnb’s are going for during the week of the DNC
MILWAUKEE, Wis. (CBS 58)-- The DNC is less than six months away and with hotels in Milwaukee almost to capacity, many have turned to Airbnb for a place to stay. The rising demand is also incentive for people to rent out their place.
Hotels.com says as of Monday, 89-percent of rooms in Milwaukee are booked during the DNC from July 13th through the 16th. Visit Milwaukee says the greater Milwaukee area has nearly 18,000 hotel rooms, but the DNC is expected to bring in 50,000 people.
Airbnb host Robin Reed always thought of renting out her two-bedroom, two-bathroom historic home in Shorewood near UW-Milwaukee.
“Because the DNC came, it just was an incentive to get things ready quicker and make it available for people," said Reed.
Airbnb already vowed to host 20,000 people for the 2020 DNC in Milwaukee and 2020 RNC in Charlotte, North Carolina. As of Monday, 32-percent of Airbnb’s are already booked, totaling more than 1,000 guests.
"We have well over a thousand guest arrivals as of now, which equates to over $700,000 in host income," said Sam Randall, Communications Manager at Airbnb.
"Economic impact for the entire convention right now is still estimated to be at about $200 million and that encompasses all of the hospitality industry mainly," said Claire Koenig, Communications Manager for Visit Milwaukee.
During the week of the DNC, the average nightly price for an Airbnb is now $1,155, but there are much cheaper options still available.
Randall says the demand is growing.
"Some of the search data shows that the interest is up 250-percent over the same time last year," adds Randall.
"I'm watching this whole community -- which was quite conservative and closed up -- kind of all of a sudden open itself to the world, and I think it's terrific," Reed says of her quiet neighborhood in Shorewood.
Airbnb provides tools to help hosts properly price their place according to demand.
Reed ended up pricing her home at $1,000 per night during the week of the DNC, during the off-season it's normally $225.
"$900 to a $1,000, and that's what they call smart pricing so it helps us,” said Reed. “But also I think the price is still much cheaper overall for a group of people who needed a place to stay. It’s really adjusting for demand, but you know that's a price point hosts are able to set on their own," said Randall.
Airbnb says they will be coming to Milwaukee late February or early March for their first seminar on the DNC. The seminar will guide people who want to rent out their place that week.