Save on Stays for New Year’s Eve

If you’ve ever shopped around for a hotel room for New Year’s Eve, you may have noticed that prices skyrocket.

New research from Hipmunk has found ways to save on NYE accommodations in some of the most celebratory cities: booking a vacation rental.

The company analyzed data from historical hotel rates and rental bookings and found that staying in vacation homes save New Year’s Eve revelers an average of 23 percent, despite the fact these accommodations generally have a higher price spike than traditional hotels.

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If you are thinking about booking a vacation rental, some popular New Year’s Eve cities are more lucrative than others.

For example, there’s a 40 percent difference in booking a vacation rental in Las Vegas: Prices for a hotel room are $240. Vacation rentals in Vegas are, on average, $143.

Want to see the ball drop in New York City? A vacation rental is the way to go; Hotel rooms are around $336 and vacation rentals are just $197.

Miami offers some of the best savings. The popular New Year’s destination’s average vacation rental rate is $91 per night over New Year’s.

Popular international destinations also provide great vacation rental opportunities.

Visitors can save more than 70 percent by booking a vacation rental in Dubai. Hotels are $301 and vacation rentals are around $78 per night.

Puerto Vallarta, Mexico, offers another big savings opportunity. Vacation rentals are $94 per night on average, while room rates are $281.

Sydney, Australia—one of the first places in the world to ring in the New Year—has average hotel rates of $325 and vacation rentals at $239 per night.

READ MORE: New York City Tours to See This Holiday Season

Vacation rentals aren’t always a win, however.

In New Orleans, vacation rentals and hotel rates are about even. In Chicago, vacation rentals are more than booking a hotel. Pigeon Forge, Tennessee, has the largest discrepancy of all the rates. Vacation rentals are 240 percent more than hotel rooms, which are $137. Looking to rent a home? That’s going to cost you around $467.

Hipmunk also notes that, when making arrangements, travelers shouldn’t forget to consider special perks.

“One thing to consider: hotels often include cost-savings amenities that a vacation rental might not, such as club entry and free breakfast, so it’s good to weigh that into total cost,” Hipmunk noted in their analysis.

It’s also important to consider that a vacation rental will likely have access to a kitchen, multiple bedrooms and—in general—more room to spread out.