If you travel a lot, are moving to a new city, or are just relocating, then you might have considered living in a hotel. Depending on how long you wanted to live in one, is it financially smart? The question then becomes, is living in a hotel cheaper than an apartment?
At first glance, it might seem like a no-brainer. How can a hotel ever be any cheaper than an actual Apartment? Well, like any financial decision, there are almost always two sides to this coin. Let’s take a few minutes to explore the possibilities!
So before you brush off the idea, you might be surprised to learn that in some cases, living in a hotel can actually be much cheaper than living in an apartment.
Let’s take a closer look at this and help you make the decision.
- Types of hotels
- What are the cost differences?
- Advantages of living in a hotel
- Disadvantages of living in a hotel
- Alternative to living in a hotel
- Final thoughts
Types of hotels
When anyone imagines living in a hotel, they picture the typical one-room hotel that only has a bed, a tiny fridge, and a TV. That’s not enough appliances to live on.
Well, you might be surprised to learn that there is a range of hotels that cater to these problems:
- Some hotels provide a full kitchen
- Other hotels provide laundry services
- Some hotels have multiple bedrooms
- Some hotels have covered parking
- Most hotels have cable TV
- Most hotels have broadband internet
These hotels are not hard to find. A little research and a little homework on Google can help you find the east. You might be surprised to learn that they aren’t that much more expensive. In some cases, these hotels are even cheaper than high-end single-roomed hotels.
What are the cost differences?
First and foremost, this really entirely depends on where you live. If you live somewhere in the midwest like Ohio, then rent prices in Ohio for a one-bedroom apartment are about $788 per month. That averages out to about $65 per day.
On the other hand, if you live in a high cost of living area like Los Angeles California, the average cost for a one-bedroom apartment is $2,524 per month. That averages out to about $85 per day.
On the other hand, the cost of a single king-size bed hotel room will average about $89-95 per day. With these numbers on hand, which one is the cheaper option?
Remember, the rent amounts don’t take into account utility costs and breakfast costs. If you live in an apartment, you have to make your own breakfast. In most hotels, breakfast is included. Not a bad comparison right?
Advantages of living in a hotel
Now that we have a general idea of how much it costs to live in a hotel, let’s figure out what the advantages and disadvantages are, So she helped you make a more informed decision.
1. Not having to worry about utilities
One of the biggest perks of living in a hotel is not having to worry about utilities. I’m like living in an apartment, you are probably responsible for paying for cable, internet, gas, water, sewer, etc.
In a hotel, these expenses are not something you need to worry about. You can use as much water and electricity as you want without having to worry about utility bills.
2. Catered to room service
For a more luxurious life, being in a hotel is amazing when it comes to room service and Catering. He’s a purse that you can’t have in an apartment. I suppose you could, but it would cost you a pretty penny.
Having Hotel staff come in and clean up a room, make your bed, and give you clean sheets and towels is definitely a huge perk. For the general cleaning and replenishing of toiletries, you pay nothing for it.
You can always opt to pay for extras such as in-room dining come on but they don’t cost too much.
3. Freedom to leave as you please
I’m like living in an apartment, there are no yearly leases that you need to sign. You aren’t under contractual agreements to live in the hotel for a set period of time.
After a week, couple of months, or even a year of staying in a hotel, you can simply pack your bags and check out. No questions asked, and no penalties for breaking a lease.
The freedom and option to live when you please is definitely a plus, allowing you to move to different places without hesitation.
Disadvantages of living in a hotel
Just like most things in life, it’s not all sunshine and Roses. There are disadvantages that you probably also need to take into consideration when living in a hotel.
1. It might be more expensive
Like I mentioned in the above examples, it really depends on where you live. If you opt to get a very fancy hotel in a desirable location, expect to pay quite a premium.
Very nice hotels can cost all the way up to $200 a night, and some even higher. This equates to roughly $3,000 per month in hotel fees.
Before jumping into an expensive hotel, it’s important to figure out how much it actually costs and if it is actually cheaper than living in an apartment. Always make sure to do some math first.
2. Not having enough room
if you look at the standard size of a typical hotel room, it’s actually pretty small. It’s pretty much a bedroom with a bathroom. You can quickly feel cramped in this small space after a period of time.
If you can’t find a hotel that has a kitchen provided, then you will quickly realize the importance of having a kitchen. Not having a kitchen will promote the behavior of eating out often. This gets old very quickly and really costs you a fortune on food costs.
So definitely take having enough room into consideration. If you can tour the hotel room first before living in it, then you can figure out how much space you need beforehand.
3. Not having your own permanent address
The logistical nightmare of having packages shipped to a hotel can become a nuisance. Having to figure out where package deliveries are made in a hotel it’s not as simple as leaving it on the front door of your apartment.
Important things that you might be expecting in the mail, like credit cards and mail from family members might be a little difficult to coordinate. Sure, it’s not impossible, but addressing packages to a hotel room number is not commonplace.
Alternative to living in a hotel
If you really want to live somewhere short-term without having to sign a year-long lease, there are options out there.
1. Renting out an Airbnb
The first option is to use something like Airbnb. This is similar to hotel service, but it’s comprised of homeowners that rent out spaces in their house short term. Airbnb listings can also be much cheaper than a hotel, some being as low as $35 a night, averaging about $1,050 per month without utilities.
2. Getting a month-to-month lease
Living in an apartment doesn’t mean that you have to sign a year-long lease. Some apartments allow you to sign a month-to-month lease, giving you the flexibility to break the lease at any point.
You can sign up for a month-to-month lease and move out after just two months of living there. The option is there for you.
3. Live in an RV
If you travel a lot and don’t mind driving, then living in an RV might be an excellent choice. If you get yourself a good condition used RV, it’s won’t cost you nearly as much as you think.
A used RV can cost anywhere between $10,000 and $300,000, depending on your options, style, and features. It is literally just a place to lay your head to sleep, and you don’t need anything fancy.
The best part is all you have to pay in utilities is your gas, and that’s it. Especially if it’s solar power, then your electricity is also completely free.
On the surface, living in a hotel is really no different than living in an apartment. You still have your own space, your own door, and your own keys.
The biggest difference you’ll have is a lack of privacy. The fact that hotel staff can come in and out of your hotel room might be a bit of a privacy and security concern.
On the other hand, when it comes to price, hotels can be about the same, less or even more than an apartment. It really depends on your location, and how I ended the hotel.
The good thing about some hotels out there is that they provide certain amenities such as built-in kitchens, laundry services, and even multiple bedrooms and some hotels.
Living in a hotel can be a great option for those that are nomadic and travel often, don’t want to sign into a lease, and are worried about utilities.
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