Formula 1 Grand Prix Opens New Track
Austin, Texas is preparing host the first Formula 1 race in the United States since 2007. The race will be held on November 16-18, 2012 at the recently constructed Circuit of The Americas race track. The $250 million dollar project is one of the most ambitious sports and entertainment venues built in the state of Texas, and will host a number of racing and other events.
The Formula 1 United States Grand Prix is predicted to attract as many as 300,000 people for each race, with an estimated economic impact of $400-500 million.
A Case of Supply And Demand
Part of that economic impact is being felt in the rental world. According to a story covered by Austin’s KXAN TV, demand for short term lodging rentals is very high, prompting many homeowners to capitalize on the demand by offering their entire homes, or rooms within them for rent.
A random online search of Austin Formula 1 Rentals will return hundreds of results from a wide variety of expected sites like Craigslist.com, vrbo.com and airbnb.com, as well as some not so expected sites, including Facebook. The demand for lodging has even spawned websites dedicated specifically to the event like austinracerentals.com.
Rentals for the event are offered from as far as 60 miles away. Rates vary from $24 a night to crash on a sofa with bathroom access, to thousands for luxury homes with full amenities. Some high end rentals are offering maid service, transportation, and even shuttle service from the airport as part of the rental package.
Some homeowners have listed with realtors, going so far as to post video tours online at sites like Youtube. Business is brisk, as hotels and BnB’s have been booked for months, leaving visitors to seek other places to rent for their visit to the event.
It would appear while Formula 1 drivers will be climbing into the cockpits of their sleek racing machines and racing around Austin’s new state of the art race track, entrepreneurs in the rental world will be riding the gravy train.