The Corporate Housing Providers Association (CHPA) recently released it’s annual Corporate Housing Industry Report for 2017. The industry overview report highlights market-specific benchmarking information on 62 North American Metropolitan Statistical Areas.
According to the industry survey the US corporate housing average daily rate (ADR) increased to $150.44 from $142.00 the previous year. With temporary living expenses being a major component of most relocation budgets Relocation America International has partnered with Reloquest and it’s groundbreaking temporary housing procurement platform to help reign in this cost.
Highlights from the report include:
- The number of occupied units has increased 12.5% since 2012. As residential apartment construction increased, the availability of units grew, as did accommodated demand. Recent research by Integra Realty Resources reported that the cyclical peak of apartment construction is expected in the next one to two years, indicating unit availability for corporate housing should be higher in 2017.
- Survey data is collected on the various types of corporate housing units including studio, one, two, three-bedroom and other number of rooms. This mix has been fairly consistent for the past nine years, with one-bedroom units making up 48% to 51% of inventory.
- The average stay in a US corporate housing unit was 86 nights an increase of two nights from the previous year. The average length of stay has trended upward since 1999.
- For the sixth successive year, relocation was the largest reason for using corporate housing in the US. Project/Training was the second most cited use of corporate housing. Technology and healthcare are the largest generators of corporate housing demand by industry.
For a complete copy of the report contact the CHPA by clicking here
About Relocation America International:
Relocation America International is a full service relocation management company located in Southfield, Michigan dedicated to providing innovative relocation services, value-added support, and superior customer service to clients relocating families domestically and globally.
Visit http://www.RAInternational.com for more information.
The time period between Memorial and Labor Day is typically the busiest time of year in the relocation industry. The main reasons for the increase in relocations are children and the housing market in general. Families with school-age children prefer not to move during the school year and attempt to manage their relocation around the school year timeframe. Additionally, the housing market is typically more active in the summer which can translate into a higher realized sales price for a transferring employee’s home.
Household goods shipments have become more challenging the past few years due to a shortage of drivers and shipping capacity. Prior to booking shipping dates, a pre-move survey of the items you plan to take will need to be accomplished. The best advice we can give anyone looking to make a move in the summer is to plan early and make sure the pre-move survey is completed well in advance of your anticipated shipping date. Fortunately for our clients, Relocation America International maintains preferred direct billing relationships with many of the industry’s top ranked shipping companies which make booking a move in summer months more cost effective and streamlined. A previous blog post concerning the challenges the household goods moving industry is having as it struggles to meet demand in a recovering economy is well worth a review. The post can be viewed by clicking here:
Household Goods Moving Industry Struggles to Meet Demand
The corporate temporary housing market can also be a cause for concern during the busy summer relocation season. According to a recent CHPA report, relocation continues to be the main reason people utilize corporate temporary housing. As a result, the demand for affordable, comfortable, and convenient options to provide to a relocation employee and family is at a premium. As relocation volumes spike, the demand for corporate temporary housing often translates into fewer available options for lodging along with a measurable increase in rates and very little, if any, time to review available options. Often times mobility consultants are told “we need an answer in the next couple of hours if we’re to secure this option”. With a strong national and local network of corporate housing providers, Relocation America International provides the greatest selection of furnished corporate housing options to meet the demands of our mobile workforce. Careful planning and sufficient notice can produce a stress free relocation during the busy moving season. We at Relocation America International are here to help! Please review the benefits of using Relocation America International for your relocation needs at: www.RAInternational.com.
We are pleased to announce that Shelly Bishop, Director of Global Business Development for Relocation America International, has been selected by the Worldwide Employee Relocation Council to be part of the Ambassador Committee for the Americas Mobility Conference being held May 17-19 in Atlanta, Georgia, USA.
The purpose and scope of the Ambassador Committee is to positively represent Worldwide ERC® – its vision, mission and initiatives – at industry events and to others who could benefit from our industry information. The Committee provides support to the value proposition of membership with Worldwide ERC® and encourages participation from existing and future members.
In addition, Shelly is also a featured speaker at the conference. We look forward to networking with industry colleagues and gaining new insights into employee global mobility. For a complete list of speakers please click on the link below:
See everyone next month!
About Relocation America International
Relocation America International is a full service relocation management company headquartered in Southfield, Michigan dedicated to providing innovative relocation services, value added support, and superior service to clients relocating families domestically and internationally.
Visit http://www.rainternational.com for more information about our services or contact us at firstname.lastname@example.org.