The markets where Airbnb makes the biggest dents are also the ones with the biggest hotel markets, a new report by Bank of America Merrill Lynch says. NYC, Miami, L.A. and San Francisco are among the markets with a disproportionate percentage of rentable hotel units, The Real Deal reports.

To wit: the report cites the national average as about 2% to 4% of total inventory coming from Airbnb, but in NYC, it’s 13.9%. Another report released in October by HVS Global Hospitality Services even quantifies revenue lost buy the industry to the service in NYC: $451M between September 2014 and August 2015. Over that period, the report says, the number of listings grew by 150%.

Nationally, data in the report shows that Airbnb rentals aren’t actually cheaper on average than hotel rooms, with the average hotel room coming in at $122 per night and the average Airbnb rental at $122 per night. But NYC joins Seattle and Oahu Island, HI, as one of just three markets to buck the trend of pricier Airbnb rentals, with a $204 per night average versus $233 for hotel rooms. [TRD]