I-TEAM: Breaking down the economic impact of decreasing Masters rentals
AUGUSTA, Ga. (WRDW/WAGT) - Even though we are seeing a bit more traffic due to Masters week, it’s nothing compared to what we’re used to.
The I-Team is looking at the real financial impact the pandemic is having on our local economy when it comes to home rentals for the Masters tournament.
We requested and crunched data for room rentals through Airbnb and Vrbo.
Here’s what we discovered, using data from AirDNA:
Revenue is down almost 75 percent compared to pre-pandemic in April 2019.
Back then, each room netted a profit of about $255 a night. But projected profits for this tournament – only $64 per night.
Again, that compares the rates per room.
If you broaden that out and look at rentals per house, it was around $512 a night in April 2019.
Now, an average house goes for about $314 a night. That drop is a little less steep at about a 40 percent loss.
But the I-Team found that dip goes down even further when you consider how many fewer places overall are projected to be rented.
Next week, a little more than 1,400 units are projected to be booked. Compare that to nearly 7000 rentals acquired in April 2019 on Airbnb and Vrbo.
That’s a drop of around 80 percent overall in the rental market.
It is important to note this data doesn’t even include private rentals through companies here in Augusta or listing with the Masters Housing Bureau.
But it does give us an idea of the losses not only for home renters but also all of our local businesses missing out on the patrons. And our economy missing out on the hospitality and local sales taxes.
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