Need a place to stay during Indy 500 weekend? Here's how the rental, hotel market looks

Whether you are coming from out of town or just looking for something closer to the track for race day, Indy 500 weekend typically means packed hotels and skyrocketing short-term rental prices.

With the 107th running of the Indianapolis 500 less than two months away, here's what we found for housing and hotel availability around town.

Indy 500 Airbnb options

A search of the popular short-term rental site shows the warning that all procrastinators dread: "More people than usual are searching for these dates so now’s a good time to book."

If you haven't booked yet, don't panic. There are still more than 100 Airbnb options available for the weekend that will give you the entire place to yourself.

In 2021, during the two weeks leading up to the Indy 500 Memorial Day weekend, Airbnb hosts in Indiana collectively made over $1 million with the typical host earning almost $1,000, Airbnb spokesperson Haven Thorn said last year.

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You are definitely going to pay a premium for the increased demand. As an example, this dog-friendly home downtown with a 4.9 rating will run you $415 per night. Add in a $100 cleaning fee and a $190 Airbnb fee and you are looking at more than $1,500 for a Friday to Monday stay.

That same location for a 3-night weekend stay in July would cost less than half that, at just over $700. Part of the difference is Airbnb is also looking to cash in on the demand — that $190 service fee over Indy 500 weekend drops to only $88 in July.

If you're looking to save a few bucks, remember to pay close attention to the total price instead of the nightly rate to see the cost with the added fees included. If you're a little more adventurous, you can also save some cash by changing the filter to include renting rooms in occupied homes or apartments, or sites further away from the race action.

The most important thing is to always be safe. Rent from superhosts or places with a large number of positive ratings whenever possible. Look for these four red flags to avoid scams as a guest on your next stay.

Last year's Indy 500 rental rates: Airbnb hosts stand to gain from Indy 500. Here's some of the most expensive homes for rent.

Indy 500 hotel market

If you prefer hotels to the short-term rental market, you will be facing similar prices and selection.

A search for area hotels for a 3-night stay beginning Friday shows plenty of rooms available, with prices at times running more than three times what the room would cost later in the summer.

During Indy 500 weekend, popular downtown hotel Hyatt House is offering a room with two queen beds for roughly $630 per night at the standard rate (not using discounts or memberships), plus more than $300 in taxes and fees. The same room for a weekend in July is listed for about $170 per night plus $90 in taxes and fees.

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Remember to compare prices at your hotel of choice directly on their website and on multiple hotel comparison sites. A few extra minutes saved us more than $200 on some rooms using the comparison sites.

You may also want to check your employer's benefits package. Some employers will offer free access to discount programs like YouDecide that can offer increased discounts on things like rental cars, hotels and event tickets.

This article originally appeared on Indianapolis Star: 2023 Indy 500 Airbnb, hotel prices in Indianapolis as race day nears