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Key user industries
Temporary accommodations in North America have become an essential and adaptable sector within both the real estate and hospitality industries . This prominence is due to its diverse demand driven by various industries and circumstances . Evolving to cater to diverse demands and unique needs from various industries , including tourism , education , healthcare , construction , disaster relief , government / military , entertainment / events , seasonal workers , sports , and relocation .
The adaptability of the temporary accommodations sector is a testament to its ability to meet the specific needs of these industries . It plays a vital role in facilitating smooth transitions , supporting business operations , and ensuring the comfort and convenience of individuals during their temporary stays .
Traveller preferences
Our guests have maintained consistent preferences over the years when it comes to their accommodation . We offer a diverse range of options to cater to their needs , which has proven effective in meeting their expectations . For instance , solo travellers or couples often opt for studio apartments , while small families favour one or two-bedroom units . For extended families , we provide larger apartments , ensuring that everyone ’ s needs are accommodated .
Our guests value spacious living areas and fully equipped kitchens , complete with modern appliances and cookware . These amenities enhance their overall experience and allow them to feel at home even when away .
Our commitment to guest satisfaction extends to a variety of additional amenities . These include highspeed Wi-Fi , fitness facilities , laundry services , petfriendly policies , ample parking , outdoor spaces , and robust safety and security measures . However , the most significant shift we ’ ve observed lately is the growing preference for smart home technology and a strong emphasis on environmental sustainability .
In response to the evolving needs of intern programs , we ’ ve adapted as well . We ’ ve transitioned from double occupancy per room to single occupancy , providing our interns with greater comfort and an improved experience . After a year that saw many intern programs shift towards individual occupancy apartments , such as studios and one-bedroom units , we ’ re now seeing a trend towards shared living arrangements . This adjustment allows us to meet the unique demands of intern groups , providing them with flexible and comfortable options for their stay .
Popular accommodation models
Apartments remain the top choice for accommodations , with hotels or single-family homes being occasional alternatives . However , we are also equipped to accommodate various other options as the customer requests , including hotels , vacation rentals , tiny homes , and mobile trailers as needed .
Average annual pricing
Annual pricing for temporary accommodation is subject to considerable variations , influenced by factors like the location , accommodation type , length of stay , and the extent of amenities and services offered . In our efforts to deliver exceptional service , we engage in effective competition within our target markets , striving to strike a harmonious balance between competitive pricing and service quality .
Notably , 2022 witnessed the most significant price increases , and this trend continued into the first half of 2023 . However , we are now observing a gradual easing in the overall trend of multifamily renewal increases and rates .
Future outlook
Forecasting the precise growth of temporary accommodations in North America , especially in the post-pandemic context , is a complex task riddled with variables and uncertainties . Notably , the resurgence of previously off-shored manufacturing activities has injected fresh vigour into the industry . Simultaneously , we are observing a surge in employer-driven returnto-office initiatives and a shift in employment models , coupled with labour strikes and increased employee engagement .
This level of unpredictability presents challenges for organisations as they navigate a landscape marked by low unemployment rates , surging demands , and the looming spectre of a possible recession . Despite these complexities , we maintain an optimistic outlook for the future . We adopt an agile “ pivot-as-needed ” mindset , allowing us to adapt to the evolving landscape while maintaining an upward trajectory for our demand curve . This adaptability serves as our compass to navigate the uncharted waters of the evolving corporate accommodation landscape .
“... guests value spacious living areas and fully equipped kitchens , complete with modern appliances and cookware . These amenities enhance their overall experience and allow them to feel at home even when away .”