An Unprecedented Surge in Hotel Prices Impacts Oxford Visitors
In Oxford, Spring has traditionally been a season packed with events attracting considerable crowds. Concerts of country music superstars, the Double Decker Arts Festival, graduation exercises, and baseball games are among the highlights that give the local hotel industry a substantial boost. However, the continuous surge in hotel prices has begun impacting visitors who now find themselves constrained by the escalating costs.
As of the start of April, hotel rates for the graduation weekend slated for May 10 to 12, 2024, have reached steep heights. Prices begin at $799 per night at Home2 Suites by Hilton. The Courtyard by Marriott offers their rooms at a staggering $1,309 per night. The Hampton Inn and Conference Center off Sisk Avenue has priced their rooms at $449 per night, while The Hampton Inn Oxford-West offers theirs at $417 per night. Popular choice, The Inn at Ole Miss, is already fully booked.
In contrast, when demand is lower, so are the prices. For instance, a summer weekend at the local hotel, Graduate Oxford, sees prices begin at $232 per night, a far cry from the staggering $959 per night seen on graduation weekends.
Alternatives to Traditional Hotel Accommodations
With hotel rooms in growing demand, alternatives such as Airbnb and other short-term rental services have observed a rise in popularity. Data shows that Oxford now boasts 737 active short-term rental listings. This marks a 29% increase from the previous year. The average daily rate for these short-term rentals is currently $542.20, indicating a 13% increase from the average price recorded last year.
One example is The Barn Nest, an Airbnb-listed house situated 10 minutes outside of Oxford, which has been in operation for approximately 15 years. According to Linda Lewis Raney, the owner, while many commercial hotels use algorithms to adjust their prices, increases during significant events are standard across the industry.
“I’m going to get a minimum of twice as much for a game weekend or time. That’s a standard procedure for me and pretty much everyone. It’s a supply-and-demand thing,” shared Raney.
Advice for Future Oxford Visitors
With Oxford and the University of Mississippi showing signs of consistent growth each year, it’s unlikely that the surge in hotel prices will be addressed soon. Therefore, potential visitors, particularly those planning to make their trips on high-volume weekends, are urged to book their accommodations well in advance.
“I wish at Ole Miss orientations, one thing they would say is, ‘Book your graduation weekend now,’” Raney advised. “I just talk to so many desperate people and feel for them.”
Additionally, Raney suggested that potential Oxford visitors consider planning their trips on off-peak weekends. “One thing I want to say is, come to Oxford when it’s not an event weekend. It’s so much more fun, easier to get around, and you can get a reservation,” she noted.
