JUNE 2019, UK: A recent study by leading travel comparison site dealchecker, analysed the cost of living across the USA. The study compared the average cost of renting an apartment vs Airbnb which uncovered that in Joliet, IL, AirBnB is an eye-watering 4% cheaper than renting.
Findings revealed that the estimated daily rental price is $39.83 vs Airbnb at $38.15 per night. The high rental charges for residents 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 Joliet, but what if is not quite the place for you? The study shows that on average it is cheaper to live in an Airbnb versus traditional renting in 18 of the 21 cities analysed across Illinois state. In Chicago, IL one of the largest cities in the US, Airbnb is $38 cheaper than renting, a substantial 48% saving for the 2.7 million strong population.
In Aurora, the estimated rental price per night is $54.25 taking into account bills and living costs attached to traditional renting, whilst choosing to Airbnb hop could offer a 29% saving, costing on average $38.42 per night, a price difference of $15.
City/Arbnb Rental Price/ Price Percentage Difference/ Savings per night
Joliet: $38.15, $39.83, 48%, $1.68
Naperville: $46.00, $59.88, 23%, $13.88
Aurora: $38.42, $54.25, 29%, $15.83
Peoria: $33.86, $58.17, 42%, $24.31
Springfield: $32.39, $58.17, 44%, $25.88
Chicago: $41.30, $78.88, 48%, $37.58 (largest savings)
Further findings revealed that in fact, it is cheaper in a staggering 74% of the 1,127 cities analysed across the USA with five Illinois cities sitting in the top 100. Renters could be saving in Glenview, Carbondale, Urbana and Campaign.
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 not being able to afford 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 could become a viable living option in a climate of increased rental prices across the USA offering both affordability and flexibility to future generations.