Hotels like Homewood Suites are going for $609 for 4 - that’s just one room, 1 queen, 1 sofa bed. I’m about half that price with two bedrooms, 2 queens, and more beds. The cheapest hotels are $499, some of those have doubles, not queens. I’m at $320. People can have more rooms, more privacy, with the high-quality cotton sheets, lots of fluffy towels, etc., for at a minimum of $180 less. This is fair since I’m a bit out of town and a basement apartment - but my windows are full size - not small - it is not dark - there are plenty of windows in every room.
There are very few listings left in at my price point and none of them have any enough reviews to be meaningful, or, 3 stars. I have 100 reviews. There are 8 with IB on and, 23 with IB off, and only 2 if specifying super host. The average price of listings is $700. I’m less than half.
I use Homewood as they have a kitchen -most rooms in DC do not have a microwave or refrigerator - and they are only 8 miles closer to town.
So, yeah, we have a decision to make. I don’t want to be overly arrogant but I don’t see why I should cut my price further. The hotels are not cutting their prices. Some are actually headed up. Travelocity reports that DC is 90% booked (don’t know if I believe that or not).
Thanks for your suggestion! My gut tells me to ‘hold tight’. And I think I have data to support that as well.
The bottom line is people flooded the market with new listings just for the inauguration - listings that were in town. A lot of listings kept their prices at their seasonal rates for several days after the inauguration. When the Post came out with the article that Airbnbs were going for premium prices for the event the market really exploded with listings. Lil’ ol me out here in the suburbs just didn’t have a chance, I guess.