Corporate housing is becoming extremely popular for business travelers and relocating employees. This type of housing usually comes in the form of fully furnished homes or apartments. There are numerous evolving trends in Bay Area corporate housing that affect the sector. These trends continue to be a reflection of the evolving tastes and needs of both renters and property owners. They include everything from sustainability initiatives to the rise of co-living spaces, increasing rates and the integration of artificial intelligence. 

Sustainability Trends

Initiatives like the ASAP Green Team, CHPA’s sustainability task force and the Worldwide ERC’s Sustainability Committee showcase the industry’s commitment to sustainable practices and collaborative efforts. There’s also the Biden Administration’s recent push to hasten the United States’ transition to clean transportation. Another initiative that demonstrates this commitment is the GBTA Foundation’s pledge to publish worldwide sustainable procurement criteria by 2024. 

An Upsurge in Shared Housing

Numerous companies are attempting to stay ahead of the curve in regards to the increase in demand for co-living arrangements. One such company is Ascott Limited, which recently announced eight new signings for its co-living brand, Lyf. A major perk of co-living housing is the ability for business travelers to live in a community-oriented environment that facilitates vast networking and collaboration. 

Co-living housing also augments leisure travel, which is a portmanteau of “business” and “leisure.” This type of travel offers travelers the opportunity to mix business with pleasure. Leisure travel has become well known for meeting the needs of those who prefer holistic travel experiences as well as those who don’t prefer the loneliness that can accompany traveling for work. 

A Combination of Rising Rates and Limited Budgets

Rates continue to rise for corporate housing in the Bay Area for several reasons, including inflation, increasing property prices and a specific demand for desirable commercial areas. For those who have limited budgets, the rising rates can be a considerable challenge. It can cause people to compromise on the location of the corporate housing they use, as well as the available amenities. Both of these factors affect the overall comfort and convenience of their stay. To overcome this barrier, many buyers/renters opt for locked-in contract pricing from contractors. These contracts lead to better stability and predictability when budgeting for corporate housing costs. 

Integration of Artificial Intelligence

Artificial intelligence continues to sweep through the corporate housing sector as property management companies adopt it to streamline their operations. With the implementation of chatbots, guests can manage different aspects of their stay without having to interact with a human. They work great for making reservations and scheduling maintenance checks. The use of predictive analytics allows owners of corporate housing to maximize both inventory management and pricing. AI-powered sentiment analysis tools dig into guest feedback and reviews to spot trends and areas for improvement. The corporate housing sector will continue to rapidly integrate AI to reduce administrative burdens. This will further free up property owners’ time to focus on core operations that drive business growth. 

Long-Term Car Rentals for Relocating Professionals

Relocating involves much more than packing up and moving. It often requires multiple trips back and forth between the old and new locations. And while many relocation packages come with transportation services, some employees find they benefit significantly from long-term car rentals. These rentals make it easier for employees to adjust their transportation needs according to the unique challenges they encounter. They also prove more economical than short-term rentals, which often come with burdensome mileage restrictions. And since there’s no ownership responsibility, employees don’t have to worry about paying taxes or performing any required maintenance. If you need to access long-term car rentals, Avalon Transportation Service is a leader for transportation support from limousine to extendable month to month car rental services. Avalon partners with key corporate housing providers and supplies unique relocation services, airport service, interim car rental and extended stay car leasing and much more. Using key partners will reduce costs and show consistent value that is key in these changing times.