Accommodation often makes up a large portion of travel costs, sometimes even more than transportation. Knowing when and how to book can lead to significant savings, as hotel prices fluctuate daily based on demand.
Timing Your Hotel Booking for Maximum Savings
According to a 2022 NerdWallet study, booking a hotel about 15 days before your stay can save around 13% on average compared to booking months in advance. This “last-minute” timing works well, except during peak travel seasons, when you may need to book earlier to secure availability.
Booking Tips for Different Destinations
Vacation Spots: For popular leisure destinations like Hawaii or the Caribbean, rates tend to be lower two to three months ahead.
Big Cities: In business hubs like New York and Chicago, the 15-day rule is effective.
Risks of Last-Minute Bookings and How to Mitigate Them
Last-minute bookings might save you money, but they come with a significant risk: availability. Waiting until the last minute can mean that your preferred hotel — or even all hotels in your chosen area — may be fully booked. This can be especially stressful during peak travel seasons when popular destinations fill up quickly.
One way to enjoy the savings of last-minute deals without risking availability is to book a room with free cancellation several months in advance. This way, you can lock in a reasonable rate and monitor prices as your trip approaches. If the rate drops, you can cancel and rebook at the lower price, assuming your reservation’s cancellation policy allows it. It’s a small commitment of time but can lead to noticeable savings.
Does the Day of the Week You Book Matter?
There’s a common belief that booking on specific days of the week can influence hotel rates. But how much truth is there to this idea? We spoke to travel experts to get the inside scoop.
What are the days to Avoid ?
Travel experts generally advise avoiding bookings on Sundays, Mondays, and Tuesdays if you’re aiming for the best rate. Here’s why:
- Sundays: According to Will Hatton, founder of Broke Backpacker, Sundays are typically one of the more expensive days to book. As families often gather on weekends to plan trips, Sundays see a spike in bookings, which can lead to higher rates.
- Mondays and Tuesdays: Business travel bookings are often made on Mondays and Tuesdays. As a result, hotels may increase their rates on these days, especially in business-heavy areas, where demand from corporate travelers leads to higher prices.
Best Days to Book:
Experts suggest that Friday and Saturday may be the best days to book for savings, particularly for domestic travel. These days tend to see fewer business bookings, potentially leading to lower rates as hotels adjust their prices to attract weekend travelers.
Does the Time of Day Affect Hotel Prices?
Beyond the day of the week, some people wonder if the time of day they book matters. While hotel prices are indeed dynamic, prices generally do not change significantly from hour to hour. It’s better to focus on overall timing (like booking within the 15-day or two-to-three-month windows) rather than waiting for a specific hour of the day to book.
So, When and How to Book Hotels for the Best Rates ?
When it comes to hotel bookings, timing is everything. Here’s a quick recap of the strategies that can help you get the best rates:
- Timing: For big cities, booking around 15 days before your stay can lead to the lowest rates. In popular vacation destinations, consider booking two to three months in advance.
- Last-Minute Bookings: These can lead to savings but also come with availability risks. Booking with free cancellation and monitoring prices is a great way to mitigate this risk.
- Day of the Week: Avoid booking on high-demand days like Sunday, Monday, and Tuesday; instead, try for Friday or Saturday for better rates.
- Don’t Sweat the Time of Day: Prices fluctuate regularly, but the difference from hour to hour is usually minimal. Focus on the bigger picture of booking windows for the best results.
