African economy

Has living in a hotel ever made sense?

We tend to think of hotels as fancy places to spend time on vacation, but historically they haven’t always been for short stays. From the 1870s, residential hotels served as permanent addresses for families and single men unable to pay their own servants; according to the New York Times, the practice grew in popularity (and prestige) during the 1920s, until the Great Depression brought about its demise. Yet the residential hotel has never quite gone away – and amid the current housing crisis, it might even be seen as a viable alternative to signing a lease.

As Landlords Emerge From COVID-Enforced Eviction Moratoriums, Rents Are Rising Faster Than Northern Hemisphere Heat Wave Temperatures – four times faster than income, with the median rent across the country recently hitting new highs. These dire circumstances lead some to consider a counter-intuitive solution: full time hotel stay. And there are actually compelling reasons to consider this option if you’re struggling to find affordable housing, but only if saving money isn’t your primary motivation.

Not all hotels allow long term residents

The first thing to know is whether you even have the option. Not all hotels or hotel chains are open to the idea of ​​long-term residents. If you search online you will find that most hotel websites limit a reservation to 28 days.

One thing you should never do is book a hotel room and just refuse to leave. Even if you pay your nightly fee, if the hotel has a policy against full-time residents, they will eventually kick you out – and that’s a plot easier for a hotel to kick you out than an ordinary landlord. If you are planning a full time stay, you will need to settle this with the hotel first.

You can avoid some of this embarrassment by aiming for what’s called an “extended stay” hotel. These hotels offer apartment-style suites designed for longer-term living, and since their entire business model is focused on long-term guests, this is the easiest and safest option.

Then there are motels, which generally offer fewer amenities and conveniences than hotels, and which have been the housing of last resort for the working poor for decades. If you can’t get a security deposit and/or your credit score is poor, renting an apartment is often impossible, but an extended stay at a motel is an option if you can cover the night’s rent. . Most motels will let you stay as long as you keep paying your bills, and just like hotels, there are specific motels for extended stays like Extended stay in America or Motel 6 Workshop 6. Depending on location, rates at these extended stay motels can be significantly lower than a hotel.

The pros and cons of living in a hotel

While motels can sometimes be a relatively inexpensive housing option, the financial benefits of living full-time in a hotel or motel stem from their flexibility (typically: no lease, no security deposit, and no security checks). credit required; you’re all set as long as you have a valid form of payment (including cash) and included amenities.

Even living in a modest motel means you don’t pay separate utility bills for electricity, water, heat, and probably even TV and Internet. The room will be cleaned regularly, you will receive free toiletries, and sheets and towels will be washed and replaced. You will also often receive free local calls. At many hotels, you can also count on the use of a gym included in your rate, free coffee and tea, and maybe even a free breakfast every morning. That’s a lot of things you don’t pay for on top of your rent. So while you may end up paying a monthly cost that’s comparable to or higher than rents in your area, you could save money depending on what it covers.

On the other hand, there are a lot of downsides to hotel/motel living:

  • Storage. Hotel rooms aren’t designed to hold a lot of stuff. You will certainly have to reduce your lifespan or invest in a storage solution, which will have an impact on your budget.
  • Aesthetic. Finding a well-priced hotel room for a long-term stay probably means it won’t feel like a luxury resort. You’ll probably have to put up with worn-out furniture and uninspiring interior design — and there are even more restrictions on what you can do to personalize the place than in a rental.
  • No real kitchen. Most regular motel and hotel rooms don’t have a kitchen area to speak of, with the possible exception of a microwave and cooler (not to be confused with a mini -fridge). Most extended-stay hotel and motel rooms have kitchenettes, but they may not be particularly large or well-equipped.
  • No sense of community. Having any kind of relationship with your neighbors is almost impossible in a hotel, because there is a good chance that they will disappear in a few days. Living in a permanent state of impermanence has a psychological impact.

At the end of the line

Living full-time in a hotel or motel won’t be much cheaper than renting an apartment in your area, and might even be more expensive, but you can still save on the markups, given the amenities included. If you’re having trouble finding or paying for an apartment to rent, a hotel or motel for extended stays might be a viable solution.