Key Market Insights and Updates
Keeping you, your assignees, and your travelers ahead of the curve with the latest market updates, trends, and rates in key markets around the globe.
Temporary Accommodations Market Data: APAC, EMEA, Americas
Rental Market Updates: EMEA, North America
APAC - Corporate Housing Trends
APAC is an active market for corporate housing as business travel, relocation, and short-term assignments are increasing across multiple locations. Singapore remains the regional hub for expatriate/business travel activity.
Increasingly, Hong Kong and Tokyo are seeing steady activity in both business travel and relocation. India continues to grow as a regional solution for relocation, training, and short-term housing.
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EMEA - Rental Market Updates
Economists predict an annual inflation rate of around 3% in Europe. With the Olympics taking place in Paris this summer, professionals relocating to the city are advised to plan their moves for after the Olympic events.
In most markets, landlords have multiple options for tenants and are not likely to make exceptions for assignees, but rather locals are granted preference. Read more on the Olympics and what to expect in the blog below.
EMEA - Corporate Housing Trends
Average Daily Rates (ADRs) are higher in Paris and London for Q3 as the short-term rentals are in demand due to the Paris Olympics. In other markets, prices are largely unchanged from last quarter. So far, Dubai has seen a decrease in rates during the summer months.
Specific to Paris, our local experts are seeing an end to the disruption in pricing and supply associated with the Paris Games 2024. By September, the market is expected to return to normal patterns. Check out our communication piece on the 2024 Games and other upcoming events in France below.
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North America - Rental Market Updates
In the US, markets such as Seattle, Nashville, and multiple Texas locations have seen an increase in supply. However, supply of new apartments will decrease by 2025. Renters continue to relocate to major metros with tight supply, such as NYC with a vacancy rate below 1.5%.
In Canada, vacancy rates in key markets such as Toronto, Vancouver, and Montreal remain low. With a large immigration inflow to the country, new arrivals are competing with local residents for limited rental supply.
In Mexico, renters must act quickly as there are multiple offers for listings in desirable neighborhoods and the country continues to grow as an expat/'global nomad' destination. Landlords increase their demands as they ask for corporate guarantors and increase the price of their surety bonds.
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North America - Corporate Housing Trends
Corporate housing living options in the US are in good supply. In the past year, supply has become more predictable and greater availability has flattened the trend of rental price increases. The same markets we examined last quarter (New York City, Vancouver, and Mexico City) are still relevant and are expanding relocation and business travel.
Outside of the US, average daily rates in Mexico City remain stable due to ample/increasing supply. Canada continues to be a difficult rental supply market, particularly in metro areas of Vancouver and Toronto. The number of listings on booking platforms in Vancouver, British Columbia, and New York City have decreased due to the strict short-term rental laws.