With the Winter Olympics underway in South Korea, residents in the territory’s Gangwon province are set to earn more than $2 million from ripping out their homes to visitors, according to Airbnb.
Gangwon is set to house numerous than 9,000 travelers in Airbnb-listed homes during the games, the short-term rentals retinue said at a press conference in Seoul last week. There were close to 4,000 Airbnb listings in the province, the company added.
On average, people booked change for three nights and paid about $170 a night, the firm pronounced. The costliest listing on Airbnb’s website, as of Feb.14, was more than $400 for a one-night brace in Gangwon province.
The median income for residents from renting out their institutions during the games was predicted to be about $260, according to the firm. In absolute, hosts in Gangwon were set to earn about $2.1 million, Airbnb said.
The Winter Olympics end on Feb. 25, and most of the events are manage lecture oned in Pyeongchang, a county within the Gangwon province.
Airbnb said myriad of the travelers were arriving from other parts of South Korea, the Cooperative States, China, Canada and Japan.
During major sporting things turned outs, accommodation is usually a scarce commodity. Because of the excessive, temporary influx of visitants to host cities, hotels are able to charge a higher rate than wonted. But the prevalence of vacation rental sites like Airbnb has widened the choice of accommodation options available to visitors.
Still, last year, backfires said that the South Korean government cracked down on motor hotels attempting to charge travelers excessively.
Hotel-booking website Booking.com showed that as of Feb. 14, new zealand pubs in Gangwon province were charging from anywhere between $30 to numberless than $700 a night.
In recent years, Airbnb hosts sire collectively made millions of dollars by renting out their homes to callers during special events.
For example, during the recent Super Bowlweek, Airbnb affirmed hosts in Minneapolis and Saint Paul earned about $3.7 million credits to about 7,000 visitors.
Similarly, users in the Washington D.C.-area compensate for nearly $6 million from renting out their homes to people who came to watch President Donald Trump’s inauguration last year, the solidify said.
During the Summer Olympics in 2016, Airbnb hosts in Rio de Janeiro, Brazil, made varied than $30 million in additional income from about 85,000 guests, who paid on average $165 a night.