The Ideal Time to Reserve a Hotel to Cut Costs

Accommodations often represent a significant portion of travel expenses, sometimes even exceeding transportation costs. Therefore, finding ways to save while booking a hotel can be incredibly rewarding. One effective strategy is to identify the optimal time for booking to secure the lowest rates. Hotel prices are dynamic, influenced by supply and demand — this means the price you observe today might change tomorrow, even if your travel dates stay the same.

So, when exactly is the best time to book a hotel? Are there specific days or periods that yield the most affordable rates, and do hotel prices genuinely drop as the trip date approaches? We clarify whether these common questions are myths or realities below.

Optimal Timing for Hotel Reservations

Determining the best moment to book a hotel isn't an exact science — it varies widely within the industry. However, statistics show that the lowest room rates are often found just 15 days before your stay. Yes, last-minute bookings tend to yield better deals. A 2022 NerdWallet study analyzed over 2,500 hotel room prices from 2019 to mid-2021 and revealed an average savings of 13 percent for those who booked closer to their travel date, specifically 15 days in advance, compared to those who booked four months ahead.

It's important to note that this is merely an average and doesn't account for peak travel times, like holidays, when early booking is highly recommended. Additionally, according to data from the travel app Hopper, the 15-day guideline works well for major cities like New York and Chicago, but is less reliable for vacation spots such as the Caribbean or Hawaii, where hotel prices are typically lowest about two to three months prior to your visit.

Risks of Last-Minute Hotel Bookings

While booking last-minute may save you some cash, it comes with its risks. If you delay your reservation until just before your trip, your ideal hotel—or possibly all hotels in the vicinity—might be fully booked. To reduce this risk, we recommend reserving a hotel room with free cancellation as soon as you find a price that seems fair, even if it's several months ahead.

Once you've booked, keep an eye on the price of your hotel room. If the rate drops, you can cancel your reservation without any penalties (just be sure to read the fine print before confirming!) and rebook at the new, lower price. This approach takes a bit of effort but guarantees you'll secure the best rate for your stay.

Optimal Days and Times for Booking a Hotel

Does the time of day or week influence hotel booking prices? Not really! This is mostly a myth. While prices can vary frequently, the savings from one specific day or hour are minimal. It's more effective to focus on broader trends when deciding the best time to book, aiming for those ideal windows when hotel rates typically decrease—around two weeks or two to three months prior to your stay, depending on the location. Ultimately, when you spot a price you like, go ahead and book it.