With ridesharing companies like Uber and Lyft, breaking up the monopolies that big cab companies and unions have had over the taxi industry for decades, homesharing is now starting to affect the hotel industry as well. However, when it comes to hotel prices, this added competition to the hotel industry is providing a real benefit to the consumer.

New York City is one of the premiere tourist spots in the United States. In fact, in 2015 over 59 million people visited New York City. Even though tourism numbers show no signs of slowing down, the hotel industry is experiencing a major decrease in bookings. As a result, hotel prices in New York City are the lowest they have been since 2009.

Coincidentally, the biggest name in the homesharing market, Airbnb, was founded in 2008, just before hotel prices began to drop. With Airbnb, homeowners can rent out rooms, or their entire house, to visitors for a fraction of the cost of a hotel room. In New York City, for example, the average cost of an Airbnb listing is around $149 a night. On the other hand, even after last year's 1.7 percent price drop, one night in a New York City hotel will still cost a traveler about $266.