• Tue. Apr 23rd, 2024

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London is the thirteenth most expensive city for vacation rental properties

The start of the new year has brought a renewed sense of wanderlust for many travelers as the COVID-19 vaccine is introduced around the world. Recent data has revealed a rise in the number of people planning to book a vacation, with 62% hoping to take an international trip within the next six months.

There has also been a shift in consumer travel behavior since the pandemic began, with a recent report showing home rentals outperforming hotels in 27 global markets.

The latest study from travel insurance comparison site InsureMyTrip analyzed 50 vacation rental cities around the world to identify the countries with the most and least expensive properties. Whether you are planning to vacation abroad or enjoy a local staycation, we will help you find the best cities to book for every budget.

London is the thirteenth most expensive city if you’re looking for a vacation rental, with the average cost of a room at $139 (USD).

Most expensive vacation rentals

Ranking City Average price of a room (USD)
1 Amsterdam, Netherlands $216
2 Las Vegas, U.S. $195
3 Dublin, Ireland $184
4 New York, U.S. $180
5 Orlando, U.S. $177
6 Miami, U.S. $175
7 Los Angeles, U.S. $168
8 Venice, Italy $157
9 Barcelona, Spain $156
10 Sydney, Australia $156

According to our data, Amsterdam, the capital of the Netherlands, is home the world’s most expensive vacation rentals. The average room price is $216 (USD) a night. While housing costs in the Netherlands are notoriously high and rents are expensive, 2020 saw the largest increase in rent prices in six years. The high cost of living is likely related to the high price of rental properties.

Las Vegas, Nevada takes second place with the average room costing $195 (USD) per night.  Las Vegas, along with other major cities, has seen an increase in home rental demand as an alternative to hotels. Over the last thirty years, Las Vegas has transformed itself from a local watering hole into a world renowned luxury destination, which is reflected in the city’s rising prices.

However, while the home rental prices are high, InsureMyTrip data reveals that 51% of these listing include a hot tub and 66% include a pool, which justifies the higher cost for some visitors.

The third most expensive city for a vacation rental vacation is Dublin, Ireland. The city is already known for its expensive properties as residents have been reported to spend over half of their income on rent. In 2020, Dublin saw one of the steepest year-over-year increases of rent in Europe at just over 6%. It is suggested this could, in part, be due to the continuing increase of international companies relocating staff to the city, elevating the demand for expatriate-standard housing. Like Amsterdam, the increase in property prices in Dublin are reflected in the higher prices of home rentals too.

Half of the most expensive vacation rentals are in the United States, with New York, NY (4th), Orlando, FL (5th), Miami, FL (6th) and Los Angeles, CA (7th) all included in the top ten.

Least expensive vacation rentals

Ranking City Average price of a room (USD)
1 Hanoi, Vietnam $34
2 Chennai, India $38
3 Istanbul, Turkey $41.75
4 Ho Chi Minh, Vietnam $41.84
5 Jaipur, India $42.44
6 Agra, India $43.07
7 Johor Bahru, Malaysia $44.39
8 Johannesburg, South Africa $45.77
9 Moscow, Russia $46.57
10 Bangkok, Thailand $47

The least expensive city to book a vacation rental property is Hanoi, Vietnam, where the average price is $34 USD a night. Hanoi was also recently identified as the cheapest vacation destination in Asia.  And according to InsureMyTrip’s research, the properties are cost-effective, and nearly a quarter (22%) include a swimming pool. This is closely followed by Chennai, India (38 USD) and Istanbul, Turkey (41.75 USD).

While Istanbul’s accommodations are reasonably-priced, it seems the standard of potential houses for rentals is high. There are a variety of new projects being built in the central city districts, which have the most valuable properties, luxury residences and homes, for those looking for luxury stays without the luxury price tags.

Commenting on the findings, Director of Marketing Ronni Kenoian from InsureMyTrip said:

“The data shows that vacation rental prices tend to fluctuate as supply and demand shifts during the pandemic. We anticipate that all of these destinations will see an increase in booking activity once the pandemic wanes and more tourist sites start to reopen for travelers.”

You can view the full list of the world’s most and least expensive holiday rentals on InsureMyTrip’s dedicated webpage here