A year after the Covid crisis first sent tens of millions of workers home, the ongoing pandemic has accelerated the rise in popularity of Work from Anywhere (WFA) policies – presenting corporate housing providers a unique opportunity to capture new demand for this growing stay occasion.
AltoVita’s Corporate Housing Innovation Summit (CHIS) aims to future-proof our industry in the 21st century through open collaboration with over one hundred thought leaders representing North America, Europe, the Middle East, Asia-Pacific, Africa, and Latin America. But before we opened the virtual doors to our Phase One Discovery & Design Thinking session on March 25, we sought to gain insight into each participant’s perspective on the most important criteria in a WFA model, including optimal lease structure and essential services and amenities.
Extended Stay is Here to Stay, But Lease Flexibility Is King
Extended stay travel is defined as stays of seven continuous nights or more, and the industry average length of stay is 20 days. At AltoVita, we’re focused on the unique expectations and needs of each traveller and see an average length of stay of 45 days. However, since each stay occasion can vary — for instance, an employee relocating before finding permanent housing, or a digital nomad — accommodating that uncertainty could be key to defining lease structures, especially when considering WFA employees.
So what does our cross-continents group of mobile employees, representatives from relocation management companies (RMCs), global mobility managers, and corporate housing experts think? In our survey, 68% of participants believe a monthly lease structure is most appropriate to support WFA, dropping down to just 25% preferring a weekly lease, and 8% favouring an annual lease. No votes were cast for a 2-3 year lease option. This suggests that monthly assignments will continue for clients, while keeping flexibility in duration of lease terms.
Top Essentials for Work from Anywhere? Move-In Ready Housing
WFA travelers are likely to place a premium on certain amenities over others. According to our participants, 46% rank fully furnished units highest. This was underscored during the CHIS Discovery & Design Thinking session – every continent table independently highlighted the need for dedicated workspaces with a suitable desk and chair.
Following fully furnished units, participants ranked in order of importance: Utilities such as WiFi and electricity included (39%); amenities like fresh linens and fully equipped kitchens (29%); safety features like smoke detectors, CCTV, and alarms (25%), and weekly cleaning (20%). Overwhelmingly however, 65% of respondents cite all of the above as necessary for securing WFA housing. Just 1.5%, or two participants, declared none of these elements are essential.
Outside of these amenities, each Discovery & Design Thinking continent table identified dozens of improvement opportunities for the corporate housing sector. For instance, the Africa & Middle East, Europe, and USA tables all noted a need for inventory that serves families requiring 3+ bedrooms, areas for remote learning, and backyards with space for social distancing. Additional issues discussed ranged from meeting international security standards to pricing inconsistencies and too many touchpoints from client to booking.
Disruption Is Coming to Corporate Housing
Now more than ever, the modern business traveller seeks accommodations that feel like home, with amenities and services that may have been considered less essential before the pandemic. Corporate housing providers have an opportunity to create an experience that addresses the evolving needs of this guest.
Follow along as we unpack the challenges facing corporate housing today and work toward targeted solutions, and join us LIVE as we unveil new features during our final Product Launch phase, happening 21st-25th Jun 2021.
