Warrnambool Best Western Olde Maritime Motel owner Raj Patel said between 30 and 40 people were on its waiting list, compared with between 10 and 20 in previous years.

He said some customers booked their accommodation a year in advance.

"About 90 per cent have been doing that for about 10 years," Mr Patel said.

He said due to being booked out he had to turn down an inquiry from Ireland for people attending the races.

Mr Patel said the city needed investors to step in and purchase property for new accommodation services.

Big4 Tasman Holiday Parks (formerly BIG4 Warrnambool Figtree) is also booked out.

Park manager Rebecca Petrovic said people re-booked when they visited the city for the races in 2022.

She said they had 20 to 30 people on their waiting list.

A staff member said that was lower than previous years.

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"Every day people are calling looking for a room," Ms Petrovic said.

"The only chance anyone has of getting in is if someone cancels."

She said the holiday park was already booked out for The Jericho Cup race in December.

Warrnambool Racing Club chief executive officer Tom O'Connor has asked people to open up their homes for rent during the three-day event from May 2-4.

He said 30,000 spectators were expected to attend the races.

The accommodation at Deep Blue Hotel and Hot Springs is also fully booked. Marketing manager Lauren Orero said some rooms were available in the days leading up to the races, but May 3 and 4 were booked out.

"A number of people who do pre-book are returning guests who have come year-on-year for the races," Ms Orero said.

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