LOUISVILLE, Ky. (WDRB) -- As the 149th Kentucky Derby nears, the whole horse racing world will be watching Louisville, and travelers will be coming to the city in person as well. That means many local Airbnb hosts are lining up to make make some money from the festivities.
Patrick Eardley says he and his husband are preparing for their sixth Derby as Airbnb hosts with a Lucky Horseshoe neighborhood home that's just a short walk from the track.
"They have their own key and their own access," Eardley said. "The bottom part of the house, where we live, is owner occupants and is separated from the upstairs."
Like in all real estate — buying or renting — location is key, and it doesn't get much closer to the races than Eardley's home.
"Being in such close proximity to the track, it's a very different experience staying in this neighborhood as opposed to staying somewhere downtown," Eardley said.
Because of its location, renting the home on Airbnb comes at a premium.
"We do charge more during Derby time," Eardley said. "We have a base rate for the rest of the year for certain events that happen for concerts or Thunder over Louisville. We may raise our rates a little bit."
Eardley expects to make more than $1,000 for three days and he said the money made on Derby weekend goes right back into the house.
"We need to do some repairs in the basement, so that money really allows us to do those and do them well," Eardley said.
Jonathan Klunk, a real estate agent who moderates a Louisville Airbnb Facebook group, said the Derby season can be a big deal for property owners.
"In that single week, somebody might make what they would make in one, two, or even three months, sometimes just on the short-term rental market because of the big increase of rates at that time," Klunk said. "This is something that definitely could make our break someone's year, because we have seasonality, very often, when it comes to short-term rentals that follow travel schedules."
A check for Derby weekend rentals shows many homes going for several hundred dollars a night with a three-night minimum. Some are thousands a night. But if someone is still looking for a place, it's not too late to snag a deal, even for one night, at a lower rate.
"If this is a last-minute trip for you and you don't care where you stay, there are generally always places available," Klunk said. "So don't worry about being one or two days out. You can still book something."
Klunk said those who want to list their place and host need to get a city permit and approval, which can take several weeks. And while Derby 149 isn't even here yet, renters and hosts are already looking ahead to 2024.
Klunk suggests booking soon — at least a year out for Derby weekend — though some homes will not allow bookings for another six months.
"Just like within sales, the sale price is always going to be whatever someone is willing to pay," Klunk said. "And, at Derby, all bets are off."
"You do feel like you're immersed in the Derby," Eardley said. "Once a year, we invite the world to come to our neighborhood."
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