Variety of Short Term Housing
As both the business and leisure travel world continues to evolve with it’s wide variety of accommodation options available, the corporate housing industry has begun to recognize the value of adding furnished homes to its existing inventory. While most corporate housing companies recognize the need to offer a wide variety of locations and “style” of furnished apartments, only recently has the industry begun to recognize the necessity of adding furnished homes as a lodging option.
Premier Properties
The dramatic increase in competition for the extended stay (over 30 days) business has forced the corporate housing industry to review their inventory mix. The stunning rise of Airbnb.com, with their wide variety of choices is the most obvious explanation for the increased competition. While Airbnb was initially used by the leisure traveler (60% of the hospitality industry stays), the creation of Airbnb Corporate Travel in late 2014 clearly showed that the lodging platform giant wanted market share in the corporate travel world (250 stays in 2015 that grew to 250,000 stays by 2017). The evolution of Airbnb has created better quality offerings, a reduction in the ADR (average daily rates is typically 28% less than upscale hotels), and more choices for the corporate stays. Furthermore, a quick look at the majority of accommodations platforms- Expedia.com, Booking.com, tripadvisor.com to name three- shows that all of those websites have also added the options of furnished homes to their available lodging “types”.
Home Away From Home
Corporate housing companies recognize that the benefits of furnished homes in comparison to apartments – fenced in back yards, no common walls with neighbors, increased living space, more bedroom options, and attached garages − has created a unique opportunity to engage the “family” corporate travel segment. With more flexible work arrangements for spouses and schooling options, companies are recognizing the need to allow family travel for longer term corporate projects.
Professionally Managed Properties
It should be noted that furnished homes don’t come without service issues. While corporate housing companies depend upon apartment communities’ maintenance departments to handle maintenance issues that arise during guests’ stays, landlords typically aren’t as attentive to customers’ maintenance needs. Toilet clogged? Air filters need changed? Lawn needs cut? Good luck in asking landlords to perform these tasks.
Lexington Will Help you Find the Perfect Place
Lexington Relocation has been fortunate enough to recognize this trend in the corporate housing/extended stay industry early. We have successfully integrated furnished homes into our inventory mix over the past 3 years to the extent that we now offer 5 furnished homes available for rent. For more information, visit: lexingtonrelocation.com/houses