With the Winter Olympics underway in South Korea, residents in the country's Gangwon province are set to earn more than $2 million from renting out their homes to visitors, according to Airbnb.
Gangwon is set to house more than 9,000 travelers in Airbnb-listed homes during the games, the short-term rentals company said at a press conference in Seoul last week. There were about 4,000 Airbnb listings in the province, the company added.
On average, people booked accommodation for three nights and paid about $170 a night, the firm said. The costliest listing on Airbnb's website, as of Feb.14, was more than $400 for a one-night stay in Gangwon province.
The median income for residents from renting out their homes during the games was predicted to be about $260, according to the firm. In total, hosts in Gangwon were set to earn about $2.1 million, Airbnb said.
The Winter Olympics end on Feb. 25, and most of the events are held in Pyeongchang, a county within the Gangwon province.