Temporary Living Impacts in the Americas, EMEA, and APAC for Q4 of 2024
Dwellworks Living MarketingDwellworks Living manages over 20,000 booked reservations in temporary housing annually and delivers temporary living program solutions for the relocation and business travel needs of hundreds of Fortune 1000 companies and emerging enterprises. Every quarter, we update average daily rates (ADRs) in key bellwether cities and provide insights from local experts on the trends we’re watching.
Read on for the pricing, policy, and travel trends in every major region of the world for the fourth quarter of 2024.
Americas: Lower Interest Rates Contribute to Increased Activity
Supply is still strong in the US as we round out 2024. Lower interest rates and the potential growth for cost-spending controls is helping this trend, but we’re seeing a pick-up in activity as a result as well. This could lead to a tight market in the near future.
This past summer saw a continued return to large volume, onsite intern programs. Particularly in the San Francisco Bay Area/Silicon Valley, we saw strong demand for high density solutions clustered near key employers. The surge in intern activity put pressure on pricing that has now normalized for the balance of the year.
We are continuing to track the rental housing regulatory environment in Vancouver, British Columbia, and New York City, with their strict short-term rental laws, primarily aimed at vacation rentals. However, there are no indications that professionally managed temporary living for business is likely to be affected by this.
EMEA: No Major Changes to Temporary Living Markets
On the temporary living side, not much has changed in the EMEA markets. New property development is limited in locations like Amsterdam and Copenhagen due to government regulations and stringent green energy building requirements, but overall capacity in most markets is stable with limited increases in Average Daily Rates (ADRs).
In Dubai, where seasonal volume fluctuation is common, capacity remains available, even as the location has achieved its highest occupancy rate in six years. Paris, which was a focus through the summer months due to the impact of the Olympics, has stabilized in terms of business-related activity as well as pricing.
APAC: The Region with the Greatest Temporary Living Growth
The APAC region continues to grow into the fourth quarter, with the Global Business Travel Association (GBTA) labeling it as the travel market that will see the greatest overall growth in spend and volume this year.
Specific markets seeing quarter-over-quarter growth in requests for furnished living include Tokyo, Hong Kong, and Seoul. Capacity remains a focus in these markets, as operators expand their inventory options. India remains a strong market tor training and short-term assignments with a focus on competitively priced accommodations. Locations impacted by the energy sector, such as Brisbane, Kuala Lumpur, and Jakarta see volumes fluctuate based on the business and staffing needs of major industry employers.
How We Do What We Do
Dwellworks Living can save our clients between 10-15% on the cost of their temporary accommodations compared to booking on a one-off or retail basis with individual suppliers or booking extended hotel stays. Using our epicR database, we leverage volume and source vetted and competitively priced solutions from our 3,500+ network partners worldwide. Then, we tailor the top options presentation and post-booking services to meet the customer’s expectations.
To view all Dwellworks Living’s temporary living services, visit our Solutions page. To view our properties around the world, visit our Properties page. You can also watch our third webinar in our “Essentials of Corporate Housing” series out now, “Maximizing Value for Business Travel”, where we highlight the benefits to using a corporate housing partner to manage a corporate move of any size.
Dwellworks Living: Global Solutions for Corporate Accommodations
Dwellworks Living is committed to providing our clients and their employees with the best possible corporate housing and serviced accommodations experience. With a global network of property partners, a tri-regional team of customer experience and supply chain professionals, and a wide range of services for global mobility and travel customers, Dwellworks Living can provide the perfect corporate housing solution for any need or budget.
Dwellworks Living is the global corporate housing solution of Dwellworks, an award-winning, business-to-business provider of global mobility and business travel services. As a global leader in corporate housing and serviced accommodations solutions, Dwellworks Living is uniquely positioned to meet the temporary living needs of businesses and their employees who are relocating or traveling on short-, medium- or extended-stays. With 60,000 high-quality professionally managed properties in over 125 countries worldwide, Dwellworks Living is the preferred housing solutions partner of many Fortune 1000 and leading relocation management companies.
Dwellworks Living's corporate housing and serviced accommodations solutions are designed to help businesses attract and retain top talent, support employee productivity, and ensure a smooth and successful relocation or business travel experience. In addition to our core global accommodations management services, Dwellworks Living, through our worldwide network of local experts, is uniquely capable of offering our clients expanded and related services, such as area orientations, group move assistance, destination services and intercultural training.
Whether you have corporate housing needs for an individual employee or a large team, Dwellworks Living can provide the serviced accommodations solutions you need anywhere in the world to ensure a safe and successful stay. Please contact us to learn more or visit our Properties page to begin your search for global corporate housing accommodations.