DOWNTOWN — Lollapalooza might not be fun for all Chicagoans — but it’s certainly a boon for Airbnb hosts.
The home-sharing company estimates its Chicago hosts will earn $3.3 million over the course of the four-day festival. Of that, about $500,000 will go to people renting out places in South Side neighborhoods near the festival grounds. Bronzeville, Woodlawn and Pilsen will have the most Airbnb activity out of those areas.
Airbnb expects to see about 19,000 guests over Lolla weekend, according to a news release. That’s a record number of Chicago guests for the app: The last record was set during Lollapalooza 2017, when 15,000 Airbnb guests flooded the city.
The surge doesn’t just benefit Airbnb hosts, the app says: Local businesses typically see an increase in activity as Airbnb guests in Chicago spend an average of $171 per day at local restaurants and stores. About half of that is spent in the neighborhoods where guests are staying, according to the company.
“Ninety-five percent of Airbnb’s Chicago listings are outside of The Loop,” said Will Burns, Midwest policy director for Airbnb, in the news release. “We’re committed to catalyzing to economic development on the South Side and neighborhoods throughout the city that traditionally have not benefited from tourism revenue.”
Lolla starts Thursday and runs through Sunday.