Over the course of 2021, there has been a rebound in demand for short-term rentals and extended stays. There has also been an influx of remote work opportunities as we head into a new year. The Hennesey Group has continued to stay at the forefront of these ever-evolving markets.
Corporate and Short-Term Rental Trends
Given current booking tendencies, employment forecasts, as well as historic short-term rental and hotel booking patterns, several trends have emerged that will lead us into 2022 (and beyond):
- In the first half of 2021, the US market was booming with demand for short-term rentals up 24% compared to 2019.
- In 2022, the number of available listings is expected to surpass the number of listings that were available in 2019 by more than 20%.
- Urban demand for rentals is expected to be back to 2019 levels by 2023.
Remote Work Forecast
With the COVID-19 pandemic making remote work increasingly common, many have found themselves prioritizing this working style over a traditional work environment (and the statistics may surprise you):
- Since the spring of 2020, 33% of the U.S workforce worked remotely full-time, while a further 25% worked partially from home.
- Remote work has doubled since the start of the pandemic, with the average worker having 20 remote workdays per month.
- Businesses can save $1.4 million per 100 employees per year by switching to long-term remote work.
- Respondents to a Global Workplace Analytics study estimated that workers experience 78 minutes of unwanted distractions or interruptions per day when working at the office, compared to 43 minutes per day when working remotely.
At the Hennessey Group, we have seen numerous opportunities emerge in the remote workspace and are proud to offer services that support and enhance this new way of working.
Our specialists are available and would love to discuss how our corporate housing offerings provide an ideal balance between work and wander. For more information on our corporate housing opportunities or available locations, call (888) 543-5890 or visit thehennesseygroup.com.