Finding cheap accommodation in New York is harder than looking for a needle in a haystack. Many people claim to have a “secret key” to affordable stays, but the truth is… no one really does.
That said, all is not lost. After more than 20 years traveling to New York and having stayed in around 40 different hotels, I’ve picked up some real, practical tricks to save money on accommodation in NYC — and I’m going to share all of them with you.
Why is accommodation in New York so expensive?
Before you start searching for a place to stay in New York and panic over the prices, it’s very important to understand why accommodation costs so much.
Higher average salaries
The average annual salary in the U.S. is around $60,000.
Something I’ve noticed many times when staying in expensive hotels — the kind that cost $600 per night or more — is seeing very young guests who can easily afford them.
If you pay attention while traveling in the United States (and even in many other countries), you’ll realize that Americans generally have much higher purchasing power than Spaniards.
While in Spain a yearly salary of €15,000–€20,000 is common, in the U.S. that figure is often three times higher.
So prices in the United States are simply aligned with what people earn and what they can afford — nothing more, nothing less.
And let’s not even talk about rent…
A small apartment of around 50 square meters can easily cost $3,000 per month, and that doesn’t mean it’s new or centrally located.
Goodbye to tourist apartments
New York City has become very strict with tourist apartments and Airbnb, imposing heavy fines on anyone who doesn’t comply with the regulations.
As a result, the number of available tourist apartments has dropped dramatically.
And when there are fewer apartments for visitors, what happens? Tourists are forced to stay in hotels — simple as that.
The law of supply and demand
We all know that since the world “reopened” after the pandemic, tourism has surged almost everywhere.
In my city, Girona, tourism has doubled or even tripled, and I’m sure many Spanish cities are experiencing the same thing.
When demand for accommodation exceeds the available supply, prices inevitably go up.
On top of that, New York is high season almost all year round. It’s like trying to find cheap accommodation on the Spanish coast in July or August — nearly impossible.
So when a destination is in constant demand, prices rise.
With all this in mind, start planning your trip by checking accommodation prices early, because this will be the biggest expense and can significantly affect your overall travel budget.