As owning homes become more costly along with interest rates continuing to rise, the demand for rentals increases. The demand for homes that are already furnished continues to grow every year. Overall revenues have increased to $3.2 billion, which calculates to a 10% growth from just two years past. The reasons for growth are many but it is apparent that millennials have joined the market and by 2020 they will make up half of the workforce. The millennials are showing that they do not want to be bound by owning a home. Another reason why corporate housing is so popular is with the use of the latest technology. We can communicate where ever we are with technology which means we are afforded more mobility.
More Housing Demand in Medical and Technology Fields
The fast-paced increase in growth in the healthcare and tech industries has not slowed down at all. The growth of the markets has warranted the rising need for trained and specialized techs from all over the globe. It is no surprise that the industry leaders are being temporarily placed for 30 days at a time or more. As a direct result, healthcare and tech workers have been the largest buyers when it comes to corporate housing.
Corporate Housing by Owner Inc. writes, “Data shows that around 69% of all tenants are self-booking. This number as steadily increased, and it’s expected to continue to slowly rise. When an individual is booking their own executive stay, they can be much more focused in meeting specific needs. For example, choosing a location near a great summer school, or with a pool, or near a workout facility where they are members. Consumer demand for a higher quality of life, even when it comes to corporate housing, will continue to affect the market.”
The need for corporate housing doesn’t stop at those in the industries listed above. Here is a short list of those who are taking advantage of the corporate housing being offered on the market.
∙ Americans who work abroad and come back to America to visit with family and friends.
∙ Travelers who will be visiting certain areas during certain times of the year. For instance, the couple who resides in Florida visiting Colorado in the winter months for a ski vacation.
∙ Emergency situations where a family may have to be out of their home for more than thirty days.
∙ Those who are traveling with children and want the convenience of a home over a hotel room. Having all the amenities right at your fingertips is easier with small children. Most corporate housing come equipped with washers, dryers, and cooking ranges.
Corporate housing is becoming more popular as the word gets out to the consumers.