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Rome - 5 nights accommodation help for family of 5

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I'm in the process of finalizing a 5-night stay in Rome from 15-May. We are a family of 5 from Mumbai, India. Our family consists of myself, wife and three children aged 12,11 and 1.

Due to the family size, I'm concentrating on vacation rentals. First preference was if the location is easy for walking tour of the main attractions. My preferred budget is around euro 500 for 5 nights while stretched budget is euro 650. But if i'm stretching to 650, i need additional value for that stretch in terms of convenience and easy accessibility by foot if possible.

I'm not much sensitive about spaciousness,etc of the apartment. In fact, more sensitive about the price point and the accessibility to city center.

I can see some locations which is 15-20 minute walking distance to main attractions while others which are 15-20 minute metro distance or 30 minute bus distance. For example, in the latter case, there is a nice apartment which is right next door to Colli Albani metro (A-line) stop but priced at euro 650 plus electricity. Wondering whether i should look for a city central location at that price even if the apartment is not that great as this one...

Sorry for this extended text...if i am at a location which is completely metro-dependent, is it easy for my family (given the fact that we have an infant)? Is it that buses are not an easy option at all being more crowded?

Last but not the least; yet another reason for looking at vacation rentals is with the plan of cooking all our meals with the aim of cutting down on extra food bill from outside eating.

I also got an option to stay at a convent near Vatican which works out to around euro 350 for 5 nights for all of us. But its without food and we need to stay in two separate rooms. Probably, the increased food cost due to complete outside eating and the nervousness of the two children staying in a separate room, takes away the attraction of euro 350!

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