While the "best" accommodations really vary on a case-by-case basis (sometimes you might value extra space, while other times you'll want free amenities), here are some deciding factors to keep in mind when researching your next trip.
Group Size
If you're traveling with a large group, vacation rentals are almost always the cheaper option.
Duration of Stay
If you're staying in a city for one night, booking a hotel room may be the cheaper option (especially if the hotel offers free airport shuttles).
Rate Flexibility
While hotel rates are typically set in stone, there's a little wiggle room when it comes to vacation rentals.
Destination City
Bounce discovered many places where hotels are upwards of 60 percent cheaper on average than vacation rentals. But then there are places where Airbnbs are ridiculously cheaper than hotels.
Dining Options
Almost all Airbnb rentals come with a kitchen or kitchenette (even if you have to share it with others), making it easy to prepare your own meals as opposed to dining out several times a day.
Amenities
Most worthwhile hotels have pools, fitness centers, free breakfasts, shuttle services, and endless coffee, plus, the holiest of all holy amenities: a 24-hour concierge. That being said, there are Airbnb rentals with hotel-like perks, including pools and gyms.
Hidden Fees
Airbnb and Vrbo, the results only list the nightly rates for properties. They don't take into account service fees, cleaning fees, owner fees, and other little surprises that can raise the final price by several hundred dollars. Some hosts will tack on other expenses at their own discretion, like fees for bringing extra people or fees for heating outdoor pools.