A decade after Airbnb’s inception, it’s incredible how much the site has changed the short-term rental market worldwide. Hotels are vying with the site across the globe, politicians are trying to reign it in, but the masses are voting with their fingers and reserving cheaper, short-term, more homey places to stay than in the past. The cheapest cities for Airbnb have been written about, but where is Airbnb the most expensive?
Bloomberg Magazine’s annual survey maps out the 20 most expensive cities to rent for the short term. The results show how high the prices are in Israel.
Not just one, but two Israeli cities – Tel Aviv (in fourth place with an average $188 price tag a night) and Jerusalem (in ninth place at $173) – have made the list. Bloomberg analysts cite the high cost of living in Israel, seeing the country as one of the world’s most expensive.
Let’s move on to the other 18 cities on the list. Miami takes first place (at an average of $205 a night) and is the first of five American cities on the list, followed by Boston ($195). Ranked between Boston and Tel Aviv is Iceland’s Reykjavik ($194). Dubai rounds out the top five ($185).
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The Middle East is the big story of this year’s survey, with five cities appearing on the list – Riyadh (11th place at $171), Kuwait City (in the 15th spot, $155), Dubai, Tel Aviv and Jerusalem.
Other highlighted cities on the top 20 list are New York (at number 13, $159) which has recently placed tough restrictions on homeowners interested in leasing their homes out for short term rentals, Sydney (number 10 at $173) and Singapore, one of the world’s most expensive cities (at 16 for $154).
Only three European cities make the most expensive list led by Amsterdam (in seventh place at $178), followed by Edinburgh (12th place at $166) and Dublin (19th at $152).
According to the Airbnb web site, the average price for Tel Aviv is a mere $87. The gap is because the site only maps out already rented apartments while Bloomberg looks at all the apartments available for rental.
The survey reflects the prices in the largest most in-demand cities while there are other smaller places where the prices are higher. St. Bartholomew in the Caribbean shows a daily average of $1,127 a night, followed by the Colorado ski town of Vail at $668 on average.