Airbnb bookings for the upcoming solar eclipse are skyrocketing, with nearly 92% of listings within the zone of totality already booked for April 7th. This unprecedented demand is driving up occupancy rates in cities along the eclipse’s path, such as Dallas, Indianapolis, Cleveland, Buffalo, and Montreal. According to CoStar, a hotel-data provider, occupancy rates in these cities have increased by as much as 67%. Even budget motels are taking advantage of the surge in demand, with some charging double the standard rate for remaining rooms.
Despite the surge in demand, the path of the eclipse covers areas with limited lodging options, accounting for just over 5% of the total short-term rental listings in the United States. As a result, nearly 85,000 of the 92,000 American short-term listings in the eclipse’s path have been reserved for April 7th, leaving little availability for the following Sunday. This scarcity of lodging options has created an opportunity for both homeowners and hoteliers to capitalize on the event by raising prices.
The eclipse is expected to be visible from various cities, and the surge in bookings is a clear indication of the significant business impact of this celestial event. With the eclipse set to begin over the Pacific Ocean and end in the Atlantic, the economic implications are already evident, signaling a lucrative opportunity for both homeowners and hoteliers to maximize their earnings.
2024-04-06 07:10:26
Link from www.economist.com