Why are hotel rates so expensive?

If you’ve booked a hotel room recently, you’ve probably noticed hotels are really expensive.

These days, it’s not uncommon for hotels to charge $1000 a night – and these aren’t even luxury resorts!

What’s driving up prices?

“Well, this work-from-home hybrid environment is – as we’ve talked about prior times – definitely here to stay,” Managing Director of Carson Wealth Mark Scribner said. “And if you think about, if you’re in that place where you’re working from home or being able to work remote, you can do those three-, four-, five-day work weekends.”

Scribner continued, “So it’s allowing people to go to different locales and work out of there, rather than your conventional holiday schedule – so it’s making more people travel than usual.”

A few more factors increasing hotel prices:

  • Flights are cheap.
  • There’s still a lot of pent-up demand to travel post-pandemic.
  • It’s more expensive to operate a hotel.

Because of all those factors, Scribner said it’s unlikely prices will come down any time soon.

So how can you stay at a decent hotel without blowing through all of your savings?

“For example, we went to Miami during the holiday break and instead of staying of South Beach, we go 6 or 7 miles away and we take Uber rides if we need them,” Scribner explained. “But it took that $1000 room rate down to $600-$700 for a really, really nice hotel – just not directly in the center of things.”

It’s also a good idea to look at airfare and hotel packages through discount travel websites.

Scribner said, as long as the job market and the economy remain strong, don’t expect hotel prices to fall much.

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