Zombie thread, maybe, but I missed it the first time 'round.
I was booking private vacation rentals long, long before Air BnB existed. With 3 kids, it was much more affordable and comfortable for us to stay in a rental vs a hotel, especially as our kids got a little older. We travelled mainly in Canada and the US in those days, and we often rented cottages or stayed in university student apartments (offered to tourists during the summer). When we went to Hong Kong, two of our kids, then teenagers, came with us, but hotel rooms that sleep 4 aren't as common in Hong Kong, so we rented an apartment there. When we went to Paris, all of our kids (teens and young adults) came with us, so, again, an apartment worked a lot better for us. All of this was pre Air BnB.
So, I developed a preference for rentals vs hotels. There's more space, including sofas where we can sit and relax in the evening after a busy day. (Sometimes hotel rooms have only the beds and perhaps a chair or two.) Apartments have fridges for storing cold drinks, snacks, and leftovers. More and more, hotels have these now, too, but at one point, they were usually minibars rather than guest fridges. We don't do any major cooking on vacation, but we also don't want to have to go out for every single snack, and it's nice to be able to have a quick meal or use up leftovers, on occasion. Also, since 2020, I try to avoid removing my mask in indoor public spaces, so if the weather isn't conducive to outdoor eating, then we can have take out or a quick-heat meal in our own place. On longer trips, a washer (or washer/dryer) does come in handy. I don't want to waste time at a laundromat, and having the hotel launder our stuff can be inconvenient, depending on when we'll be changing locations. We do sink wash when we're in hotels, but a washer with a spin dry cycle is easier.
When we visit our daughter in Toronto, there are no hotels near her place, but there is a rental we regularly use.
As an introvert, I much prefer the relative privacy of a rental. I don't want housekeeping. I want to know if I need a rest, I won't be interrupted. (Yes, I can put up the Do Not Disturb sign, but I have still been interrupted, on occasion.) I don't necessarily want to chat with front desk staff, and we hardly ever need their services. We are pretty independent travellers, and we like it that way.
Only twice have I had a problem with a rental. Once, we had a rental cancelled on us (Budapest), but it was in plenty of time to make other arrangements. Another time, the place was not clean and not safe. We contacted Air BnB, who looked at our photos and agreed with us, allowing us to move and refunding our money. Other than that, we've been more than pleased with our rental experiences, and a few have been exceptional.
Apartment hotels are the best of both worlds, of course, and I do book those fairly often these days. We now usually stay in a mix of hotels, apartment hotels, and rentals, depending on the trip. For instance, on our trip in June to New Zealand and Australia, we had a fabulous private rental in Auckland, an apartment hotel in Sydney, Uluru, and Port Douglas, a private rental suite in a house in Newport (walking distance to the airstrip where we caught our very early a.m., small plane to Lady Elliot Island), a hotel/cabin without kitchen on LEI, and a hotel in Brisbane and overnight back in Auckland.
I do understand that short-term rentals are causing problems in a lot of places, now that they are so much more popular than when I started using them. It's another aspect of travel that has become a victim of its own popularity, unfortunately.