NEW YORK (AP) — 80% of travelers alter their travel itineraries due to financial strain.
As Inflation grips the world and travelers face soaring airfares and hotel rates, consumers are changing their summer vacation plans. Because of Inflation, most consumer goods and services, from flights and hotels to food and clothing, have become more expensive. This travel adjustment has resulted in vacationers seeking ways to alleviate the stress of escalating travel expenses.
Amid the rising airfare and hotel rates, many vacationers plan to select less expensive vacation accommodations and destinations. Financial experts at Moneyzine took on the challenge of discovering European cities where Airbnb accommodations offer superior value compared to hotels, providing some relief to price-sensitive travelers looking to enjoy their summer getaways on a budget.
The Results: Airbnb vs. Hotels
From data collected from Airbnb.com and Trivago, the team at Moneyzine analyzed the average cost per night for Airbnb and hotels across 35 major European cities. Their goal was to determine the destinations where choosing an Airbnb presented the more economical option, offering travelers a chance to save on accommodation costs. Their studies determined that Airbnb is half the price of hotels in many European cities.
Istanbul, Turkey, is at the top of the list of the best value for Airbnb accommodations. With an average nightly rate of just $45.37, Airbnb in Istanbul is 61.77% cheaper than traditional hotels, averaging $118.69 per night.
Following closely behind, Athens, the historic Greek capital, claims the second spot. Travelers opting for an Airbnb in Athens will see a 49.53% price difference, with Airbnb’s averaging $69.67 per night, compared to the average hotel rate of $138.05 per night.
Lisbon, Portugal, secured the third position, with an Airbnb average of $107.51 per night compared to a considerably higher standard hotel rate of $210.30, translating to a 48.88% price difference.
Among other notable cities, Berlin and Paris emerge in fourth and fifth place, respectively, offering travelers substantial savings when choosing Airbnb accommodations.
On the flip side, Oslo, Norway, and Tirana, Albania, were cities with traditional hotel stays slightly cheaper than Airbnb, with an average cost difference of around $8 per night.
Other Factors to Consider
While the analysis provided valuable insights, it’s important to remember that every traveler’s situation is unique, and variable costs contribute to the overall trip expense. Here are a few factors that may impact a traveler’s accommodation decision:
Length of Stay
According to an analysis from NerdWallet, travelers spending more than a week out on the road might find it cheaper to stay in an Airbnb than in a traditional hotel. The longer the stay, the larger the potential savings, as Airbnb hosts often offer multiday discounts. In addition, cleaning fees charged by Airbnb become more cost-effective when spread across an extended period. For one- or two-night stays, hotels may present as a better value option in cases where Airbnb cleaning fees appear costly for the traveler.
Amenities
Many Airbnbs offer well-stocked kitchens with pots and pans, which allows guests to cook their meals, potentially saving on restaurant expenses. Many single- and double-occupancy hotel rooms may need more kitchen access, limiting the option for vacationers to prep their own meals.
Moneyvize recommends that travelers plan for meals to save on dining expenses, which can be a significant budget concern while traveling.
Transportation
The costs of renting a car, parking, and valet fees vs. access to public transit are also considerations when choosing between an Airbnb and a hotel.
Security and Staff Availability
Airbnbs often needed more direct staff and host interactions. Instead, Airbnb hosts may provide remote access via a smart lock or lockbox. At the same time, traditional hotels offer personalized onsite staff assistance and services.
Size of Group
While solo travelers and couples might find hotels more budget-friendly, larger groups benefit the most from the cost-efficiency of Airbnb, especially those accommodating six or more people. Finding a hotel to accommodate a large group may be more of a challenge than finding an Airbnb to fulfill this need.
Additional Fees
Travelers must be mindful of hotel resort fees vs. cleaning and linen fees at Airbnb. Such expenses can add up, altering the overall cost of your vacation.
Ultimately, declaring Airbnb superior or inferior to hotels comes down to the individual traveler and their needs, as each option has unique strengths and limitations. Travelers must determine their must-have essentials and amenities when deciding on a hotel vs. Airbnb.
By Tamara White for Wealth of Geeks
This article was produced by Media Decision and syndicated by Wealth of Geeks.
