The article explores the transformative impact of the Masters Tournament on Augusta's short-term rental market and offers insights for hosts on capitalizing on this annual surge.

The Masters Tournament Impact on STRs in Augusta

The Masters Tournament dramatically boosts STR listings and ADRs in Augusta, highlighting the event's substantial influence on the local market.

Augusta efficiently matches STR supply with demand during the Masters, maintaining stable occupancy rates and avoiding market saturation.

Early data for 2024 shows strong demand for the Masters, with an opportunity for hosts to adjust rates closer to the event for maximum revenue.


Green jackets at the ready—it's Masters time in Augusta.


Golf enthusiasts from all over the world are arriving to witness the very best on the green in the 2024 Masters Tournament. Excitement is building up not only for the iconic golf action but also for the surge of guests that the event attracts each year, turning the local short-term rental market (STR) into a competition of its own.


We thought this would be the perfect time to tee up the data on how the Masters Tournament impacts the STR market in Augusta. What we’ll see is the incredible mark just a single event can have on an entire market dynamic. The data we'll explore will give you a better understanding of how marquee events can shape the market and impact your bottom line.

Plan your STR strategy based on real booking activity and trends—plus, see how things change year over year.

Each year, as the winter thaws to spring, Augusta National Golf Club's Magnolia Lane readies itself for an event steeped in tradition and prestige—the Masters Tournament. Since its inception in 1934, the Masters has become synonymous with excellence in the sport, a testament to the vision of its founders, Clifford Roberts and Bobby Jones. The tournament, with its coveted green jacket and exclusive field, has captured the imaginations of golf enthusiasts and been etched into the fabric of global sporting culture.

When the Masters comes to town, the typically tranquil Augusta undergoes a metamorphosis. The city swells with visitors from around the world, and the local economy enjoys a corresponding surge. Restaurants buzz with patrons, local attractions see a spike in tourism, and the streets are filled with a festive atmosphere, all thanks to the influx of golf fans. 

Perhaps the most significant economic swing is witnessed in the STR market. The Masters week has become a much-anticipated peak season, as vital to hosts' revenues as the event is to the sporting calendar.

Augusta STR Market Performance During the Masters Tournament

As the gates of the Augusta National Golf Club open to welcome the world's golfing elite, the city's STR market gears up for its busiest season. Let's dive into how this celebrated event reshapes the market each April.

Talk about a Peak: Listings and ADR During April in Augusta

The arrival of the Masters Tournament each spring is synonymous with a spike in STR demand, evident in both the number of listings and the average daily rates (ADRs).

In the years leading up to 2024, the data depicts a consistent pattern: as the Masters Tournament approaches, the number of STR listings in Augusta not only increases—it soars. For instance, in March, the number of listings might hover around the 2,000 mark, but by April, this number peaks dramatically, usually by double or even triple. This suggests a temporary yet substantial market expansion in response to the event.

Data from 2018 to 2023 reveals a marked impact of the Masters on Augusta's STR market. The ADR during April averages $441, starkly higher than the $242 average for all other months. Similarly, the average number of demand nights in April skyrockets to 20,554, nearly doubling the 11,038 average in other months.

A closer look at daily performance data around the Masters reveals an even more concentrated impact. ADR premiums have historically reached their height at the tournament's onset, reflecting a strategic opportunity for STR owners. This period, approximately ten days surrounding the tournament start date, represents a golden window where demand—and therefore pricing flexibility—hits its annual peak. 

In conclusion, the Masters Tournament prompts a swell in Augusta's STR listings, with opportunistic homeowners and investors eager to accommodate the annual surge of golf enthusiasts and the higher premiums they’re willing to pay. This spike in available rentals showcases the market’s adaptability and keen sense of opportunity, positioning the local STR economy for a profitable April.

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A Well-Oiled Machine of Supply: Occupancy Rates in Augusta

Despite the influx of visitors and the surge in listings, the city seems to have an impressive knack for maintaining equilibrium.

Occupancy Rates During the Masters Tournament 

Rather than displaying the dramatic spikes one might expect during such a high-profile event, the monthly fluctuation of Augusta's occupancy rates from January 2018 to March 2024 remains relatively even keel. What does that mean? Hosts in Augusta are a savvy bunch. 

The town is so well prepared for the Masters that it adjusts supply perfectly to meet demand. As you can see in the chart, the occupancy rates only display minor fluctuations, reflecting the natural ebb and flow of the market. 

There is not a dramatic spike in occupancy during April, the month of the Masters Tournament, despite the expected influx of visitors. This indicates that the Augusta community adjusts the number of available STR listings to effectively meet the increased demand without over-saturating the market.

What the Data Tells Us:  Consistency in occupancy rates is the hallmark of a market that doesn't just react to the seasonal surge but anticipates it. The supply of STRs is adjusted precisely so that occupancy rates during the Masters maintain equilibrium with the rest of the year. This suggests that with the right approach, there’s a way to navigate the waves of event-driven market fluctuations successfully.

The Masters isn't just a week of golf—it's a week that can make a year for many in Augusta. Early indicators of demand pacing for 2024 show it’s shaping up to be another great year. 

The chart below shows demand nights for the upcoming tournament are already surpassing those recorded in the same pre-tournament period in 2023. The most significant concentration of bookings occurs closest to the tournament's start date. This early surge suggests that Augusta's STR market is maintaining its allure, drawing in many guests who are locking in their accommodations well ahead of the tournament.

While the demand is pacing ahead, the ADRs for 2024 are lagging slightly behind the rates from the previous year. The first chart shows us that the peak ADRs for 2023 were consistently above $600, while for the same period leading up to the 2024 tournament, the ADRs hover just below this mark. This suggests that while the STR market is robust, the pricing power seen in the previous year isn't being fully realized yet.

However, this isn't the endgame. There's room for growth, especially when considering the trend of last-minute bookings. As the tournament nears, these ADRs may increase as latecomers scramble to find premium accommodations close to the Augusta National Golf Club. Historically, the final weeks before the tournament have seen a sharp rise in rates, and it’s possible that 2024 will follow suit.

In short, the STR market in Augusta appears poised for a performance similar to previous years. Last-minute booking trends could lead to even greater success if they follow historical patterns. Hosts who remain responsive to these market dynamics and adjust their offerings to cater to last-minute decision-makers could see significant returns.

What the Data Tells Us: The current gap between demand and current ADRs reflect a market poised for last-minute pricing adjustments. Responsive rate strategies are crucial for hosts in the lead-up to major events.

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Seasonality on Full Display in Augusta’s STR Market

When the Masters swings into action in Augusta, it's not just the pros eyeing a win—local STR hosts are also looking to score big. This week of golf has evolved into a critical economic event for local hosts, many of whom depend on this seasonal peak for a substantial portion of their annual income. 

Navigating highly seasonal markets with precision can set you up for success in the STR industry. Here are essential strategies to help you make the most of the peak seasons:

Peak Planning: Timing is everything. Sync your rental calendar with the high tides of your market's demand, just as Augusta hosts do for the Masters.

Pricing Strategy: Capitalize on demand surges with a dynamic pricing model that leverages past market performance for future gains.

Efficient Operations: High season means full houses. Streamline your operations to deliver seamless guest experiences when your property is at full capacity.

Marketing Focus: Make your property the star of the season with targeted marketing that showcases what makes it the perfect stay during peak times.

Long-Term Perspective: A seasonal windfall is great, but a steady year-round strategy for off-season bookings ensures lasting profitability and a balanced business. 

While you may not don the coveted green jacket, with these insights, you're on course for something just as rewarding—a healthy, green bank account.

Keen to master the seasonality in your STR market? Tap into AirDNA's insights to chart seasonal trends, craft pricing strategies, and outplay the competition. 

Discover how the Masters Tournament takes Augusta's STR market from the back nine to the bottom line, driving a performance surge that hosts can capitalize on.

The Masters Tournament Impact on STRs in Augusta

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