Renting in the city continues to gain popularity among couples and families, but with increased demand followed by a rapidly rising rental market, could the answer to affordable living in the city lie with Airbnb?
Oceanside CA— A recent study by leading travel comparison site dealchecker, analyzed the cost of living across the USA. The study compared the average cost of renting an apartment vs Airbnb which uncovered that in Oceanside, CA, AirBnB is an eye-watering 35% cheaper than renting.
Findings revealed that the estimated daily rental price for the city is $74.68 vs airbnb at $48.77 per night. The high rental costs reflect the changes seen in the national average market, with increased rental rises across the entire country. According to Yardi Matrix apartment rent reached an all-time high of $1,405 in June 2018, an increase by 2.9 percent year over year, and by 0.9 percent ($12) month over month.
So savings are to be had in Oceanside, but what if it’s not quite the place for you? The study shows that on average it is cheaper to live in an Airbnb in California versus traditional renting in 85 of the 115 cities, towns and counties analyzed. In Vista, Airbnb is on average $27.96 cheaper than renting, a substantial 38% saving for the estimated 101,568 strong population.
In the coastal city of Encinitas, the estimated rental price per night is $85.67 taking into account bills and living costs attached to traditional renting, whilst choosing to Airbnb hop could offer a 46% saving, costing on average $46.00 per night, a price difference of $39.67.
Average airbnb costs vs rental for top cities in California:
|City||Airbnb (average price per night)||Rental (average price per night)||Price difference (percentage)||Saving per night ($)|
Further findings revealed that in fact, it is cheaper in a staggering 74% of the 1,127 cities analysed across the USA with Poway sitting in the top 100 for savings.
Airbnb has been flying the flag for flexible apartment stay for over a decade and since it’s conception 2008 has taken the world by storm. In 2017 alone a colossal $93 million dollars in net income was generated by the company. The concept was born out of affordability with apartment rental prices and embraces a nomadic lifestyle for those who enjoy the flexibility of short-term stays providing the opportunity to explore different areas within a state, city or country.
For a generation of digital nomads where the appeal lies with fluidity in both work and living, it offers a sense of freedom and empowerment and the rise in choosing this way of life has coincided with the rapid global rise of remote work which is fast becoming a viable way to work, especially across global tech companies. This study has shown that Airbnb-hopping could become a viable living option in a climate of increased rental prices across the USA offering both affordability and flexibility to future generations.