> Aren't those negatives mainly due to the transient nature of traveling?
Nope. It's stuff like:
Lack of space. Think how much smaller your hotel room is compared to an apartment. You want to buy your own TV, with a sound system, and do an Arduino project? No space.
Poor sound proofing: Lots of noise from neighbors.
No kitchen: It's fine if you're gone for a few days, but if you're in one for a month, you likely will need to cook something. Most people can't afford to eat out all the time (and it's not healthy to do so).
I recall once while in school, there was a new fancy apartment complex being built that students had signed a lease for. Unfortunately, there were delays so the company set them up in a hotel for 2 months till the apartment was ready. These are all the complaints those students had about the hotel experience. Nice in the beginning, but not a good long term solution.