Every industry has been impacted in some way as a result of the pandemic. Here are some of the changes and trends we’ve seen in the temporary housing industry over the past year.
With decreased business travel, hotels were hit pretty hard during the pandemic. How has the effect on temporary housing been similar or different?
The hotel industry took a bigger hit than temporary housing did during the pandemic because hotels cater to shorter term stays. People traveling for quick business trips tend to stay in hotels. Temporary housing tends to serve longer stays of at least 30 days. The shorter business trips nearly stopped altogether during the pandemic, while there were still people traveling for work for stays of a month or longer. Furthermore, shorter term and longer term travelers alike tended to prefer temporary housing to hotels for sanitation reasons. There isn’t nearly as much turnover or people going in and out of units in a temporary housing setting.
On the other hand, people who exclusively work remotely because of the pandemic have a new found ability to live wherever they want. Temporary housing allows people to spend time in different cities without the commitment of really moving. It’s also a convenient way to test out living in a new city. Each of Suite Home’s units come with fully equipped kitchens, linens, dishes, housekeeping, an easily accessible concierge and service team, and most importantly, dedicated work-from-home setups. It’s difficult to come by hotel rooms that offer all of these conveniences and Air BnBs can be inconsistent from a quality standpoint. (For reference, Air BnB has spent over $50m covering mistakes and issues.) The jury is still out, but it’s possible that more and more people will opt for temporary housing solutions if remote work is here to stay.
What are some of the other new trends in temporary housing since the pandemic?
Although overall there was less business travel during the pandemic, temporary housing saw an increase in other types of bookings. For instance, with low interest rates and the current hot real estate market, many people sold their homes more quickly than they anticipated. Some of these sellers opted for temporary housing solutions while figuring out their next living arrangements.
Additionally, people who would typically fly somewhere for summer vacations chose to drive somewhere instead. Chicago is centrally located and a convenient driving distance from many cities, so 30, 60, and 90 day furnished summer rentals in the city became a more popular option both for out-of-towners and as a “staycation” option amongst suburbanites.
What’s the best way to explore temporary housing options with Suite Home?
Most consumers don’t know this, but booking directly is always the most cost effective option. There are many hidden fees on aggregator sites and third party booking platforms, so it’s always your best option to contact Suite Home directly for more information.