Key Takeaways
- Philadelphia short-term rental occupancy barely moved during PGA Championship week compared to typical May levels.
- Homeowners near the course earned more from parking lot rentals than STR hosts did from property bookings.
- Operators should avoid overpricing units based solely on proximity to major sporting events.
Short-term rental hosts in Philadelphia saw little to no increase in demand during PGA Championship week, with occupancy barely moving compared to a typical week, according to data from AirDNA.
The tournament kicked off earlier this week at Aronimink Golf Club in Newtown Square for the first time in 64 years, drawing thousands of spectators.
But hosts were left with unbooked homes, according to a Philadelphia Inquirer report.
What homeowners earned instead
While Airbnb listings sat empty, some homeowners pivoted to a different revenue stream.
Residents near the course sold parking spots on their lawns for $150 or more during later tournament rounds, capitalizing on limited official parking options.
One business owner estimated he could earn as much as $20,000 per day over the weekend by converting his salon’s parking lot into spectator parking.
The disconnect between major sporting events and STR demand isn’t unique to golf.
Early World Cup demand in Houston has also underperformed expectations, signaling that operators need to reassess assumptions about event-driven bookings.
Related: Operators using dynamic pricing tools have significant advantage, new study finds
The Philadelphia data suggests that proximity alone doesn’t drive bookings when spectators opt for day trips or alternative accommodations.
Operators banking on premium rates during high-profile tournaments should reconsider their pricing strategies or risk holding empty inventory during what should be peak weeks.
