Will hotel prices go down in 2023?

If you thought 2022 was an expensive year to travel, get ready to spend even more in 2023. New data from travel site Hopper shows that U.S. hotel prices averaged $212 per night in January — that's 54% higher than the same month in 2022. Planning on taking a trip soon?



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Average daily rate (ADR): US$153.60 (+1.8%)

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It's better to look at the bigger picture when figuring out the best time to book a hotel, opting for those prime windows at about two weeks and two to three months before your trip, depending on the destination. And at the end of the day, whenever you find a rate you're happy with, book it.

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The best month to book hotels in the US is September. During the month of December, hotel bookings are 6% cheaper on average. The second cheapest month to book a hotel deal is March. Avoid October, as this is the most expensive time to book a hotel stateside.

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Cheapest Day to Book Hotel Reservations Most travel agencies agree that the cheapest days to book hotels are Fridays and Saturdays. While these are the most expensive days for actually checking in and out, the best hotel rates are on the days when most people are traveling.

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Tight supply: Hopper's report points out that right now, there are fewer hotel rooms under construction than there were before the pandemic thanks to lockdowns, supply chain snags and rising interest rates. When demand is high and supply is low, prices tend to rise.

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Airbnbs are usually cheaper than hotels for longer stays and large groups, but they don't offer the same services. Sally French is a travel rewards expert who joined NerdWallet in 2020. She previously wrote about travel and credit cards for The New York Times and its sibling site, Wirecutter.

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Hotel prices are dynamic, fluctuating based on supply and demand — that means the price you see when you're searching for hotels one day might change the very next, even if the dates of your stay remain the same.

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Most extended stay guests book accommodations for at least one week. This is because the average nightly rate is discounted when guests stay longer.

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Yes, last-minute bookings are (usually) better. A 2022 NerdWallet study analyzed more than 2,500 hotel room rates from 2019 through the first half of 2021 and found an average of 13 percent savings for those who booked 15 days in advance as compared to those who booked four months in advance.

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While it may be possible to call a hotel and ask for a discount, the availability and extent of discounts can vary. It's always a good idea to inquire about any ongoing promotions or special rates when making a reservation.

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In mass, people began sharing all the reasons why they've stepped away from booking Airbnbs, including members of our own BuzzFeed Community. The reasonings ranged from overpriced cleaning fees to safety, low housing rates, and everything in between.

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For Airbnb fans, having space for a family and pets when traveling was a big reason they remain loyal to short-term rentals over hotels. Nearly 90 percent of Airbnb listings have kitchens, according to Randall, and that along with the immersive experience of “traveling like a local” keeps guests booked.

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Supply and Demand Based on the occupancy level of a hotel for certain dates, a hotel might decide to lower or raise prices via their channel manager. In general, hotels prefer to increase occupancy, even at a lower rate, as opposed to having empty rooms.

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On average, properties are about 13% cheaper when booked 15 days out versus four months out. The biggest difference in pricing comes from high-end hotels, which average nearly 22% cheaper.

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If you are looking for a last minute deal, it may be cheaper to walk in and ask for any discounts or specials they may have available. On the other hand, if you plan ahead and book your hotel online or over the phone, you can often find great deals that will save you money compared to walking in without a reservation.

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Figuring out the best time to book a hotel isn't an exact science — there's plenty of variation throughout the industry. But if we're looking at statistics, the lowest prices for hotel rooms are typically found just 15 days before your stay. Yes, last-minute bookings are (usually) better.

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But January and October — when most people are back at work after those popular vacation times — are usually the cheapest months to fly.

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Directly call the hotel for potentially lower rates, ask about any discounts or package deals, be flexible with dates or room type, negotiate for longer stays, and ask if they can match lower prices found elsewhere.

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While not every hotel will bend, many are willing to discount if you ask politely and strategically. Approach hotel rate negotiations as a conversation rather than a confrontation and you may be surprised by the deals you can unlock.

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