Dear Dr. Per Cap:

We’re planning a trip to Santa Fe Indian Market this month and are considering staying in an Airbnb.  I’ve never stayed in an Airbnb before.  Is it true they’re a better deal than a hotel?

Signed,

Summer Road Warrior

Dear Summer Road Warrior

Short term rentals have disrupted the hospitality industry in the same way ride sharing apps flipped old school taxi cab companies upside down.  Airbnb is just one of many short term rental companies that match people who want to lease their homes or rental properties with travelers looking for an alternative to a traditional hotel or motel.

Whether or not a short term rental is a better deal than a hotel comes down to personal preference.  It is true that short term rentals often offer more space for the same or lower cost than a hotel.  For example, a group of friends or an extended family can split the cost of a large house with lots of bedrooms for much less than the cost to rent a half dozen individual hotel rooms.  Just bear in mind there are some drawbacks that you need to consider.

The lack of housekeeping service is one issue that takes new short term renters by surprise.  So when you leave your trendy adobe bungalow to spend the day walking the Santa Fe Plaza, don’t expect to find a freshly made bed and a perfectly fluffed pillow upon your return.

There also isn’t someone on the property 24/7 to attend to any unexpected needs that might arise. Dead batteries in the TV remote or a running toilet that keeps you up all night – yep, you’re on your own.  Also, when it comes time to check out of a short term rental, guests are often required to strip linens from all the beds, clean up the kitchen, and a host of other chores that can make a vacation feel more like a spring cleaning.

Of course there are plenty of advantages to short term rentals too.  Such as the privacy and freedom that comes without having to share walls with other guests.  And having a full kitchen means you don’t have to spend extra money at restaurants.  Many short term rental homes also feature swimming pools, hot tubs, game rooms, and home theaters.

I recommend trying an Airbnb on your upcoming trip because you’ve got absolutely nothing to lose.  Unless of course, you’re just a few rewards points away from a free stay at Buffalo Thunder Resort.   Have fun at Indian Market!

Ask Dr. Per Cap is a program funded by First Nations Development Institute with assistance from the FINRA Investor Education Foundation. For more information, visit www.firstnations.org. To send a question to Dr. Per Cap, email askdrpercap@firstnations.org.