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Alternative accommodation models are growing market share amongst business travellers . Home Stay products are now in use by over half of corporates , whilst corporate interest in Co-living is growing .
The majority of corporate travel and relocation policies now permit use of both Home Stay and Co-living , although half of travellers would not consider staying in Co-living products with shared services .
As yet , Build-to-rent is still in nascent stages of adoption in the relocation market . That ’ s because the distinction between BTR and standard long lets is not understood in large sections of the global mobility community .
The specific industries where Co-living is being considered by travellers and assignees , include engineering , professional services , tech , and video game development .
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The growing maturity of serviced apartment distribution is highlighted by rich content being made available in self-booking tools , and by specialist serviced apartment agents being ranked as corporates ’ preferred booking channel .
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75 % of serviced apartment operators are likely to pass on energy cost increases to customers via higher nightly rates . Under a third are planning to absorb energy cost increases , whilst just over a third are planning to achieve cost savings in other areas .
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Corporates still regard insufficient supply to satisfactory standard in required locations as the biggest barrier to serviced apartments growing market share in the business travel and mobility markets . Operators say the global economic crisis , international volatility and local planning pose the biggest challenges limiting future expansion opportunities .
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Operators remain optimistic about the future , with that optimism centred upon all performance areas , i . e . ADR , occupancy , average length of stay and RevPAR .