Airbnb is often touted as an affordable alternative to traditional hotels, but new data suggests that might not be the case. According to surveys conducted in Toronto and other cities in North America, the short-term rental app is getting expensive.
The figures highlight a sharp increase in the cost of renting a property over the past few years, and while hotels still cost slightly more, the gap is closing. This is due, in part, to the cascade of fees that are often applied at the Airbnb checkout.
Analysis of the data suggests that Airbnb can be far better value than hotels, but only when it comes to longer-term stays. A weekend stay in an American city Airbnb in a tourist area usually won’t include free breakfasts, gyms, and other amenities associated with hotels but will likely match many of the room rates in traditional accommodation.
Longer Airbnb stays of a week to a month can be hugely affordable. Large discounts are usually added the longer a guest stays, and when combined with the ability to cook and store food for themselves, the savings can be massive.
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