At Urbandoor, we find there are many reasons why business travelers are more frequently turning to furnished apartments. Among the top are:
- Longer trips: Businesses are becoming more global which can mean longer work trips for overseas visits. Additionally, it’s becoming more common for professionals to tack on days to a work trip for personal reasons. Hotels are great for a couple of nights, but travelers can grow weary of a single room after awhile.
- Lower costs: Hotel costs can be steep, especially in dense urban markets, for longer periods of time. Companies or individuals who are cost-conscious, are increasingly turning to alternative accommodations to fit the budget requirements.
- Ease of access: It’s getting easier to access furnished apartments. What traditionally has been a layered, manual supply chain is becoming more digital and transparent. When booking an apartment is as easy as booking a hotel — at the same or less cost — more people choose the apartment.
To see some industry numbers at large, check out this great article by Skift.
How do alternative accomodation costs compare?
To better understand comparative pricing, we took a look at how Urbandoor marketplace pricing data and compared against alternatives. Using the Business Travel News’ Corporate Travel Index Calculator, we were able to compare the night rates of similar quality hotel rooms against a fully furnished apartment across five different markets. We discovered that furnished apartments on Urbandoor in New York City, San Francisco, Chicago, Seattle, and Houston were less costly than a comparable hotel room for the time period we examined (January 1, 2018 – August 21, 2018). Of course, it should be noted that some cities, like San Francisco, have stay length requirements so it’s not an exactly apples-to-apples comparison.
To see how much a furnished apartment could cost in your area, head to the Urbandoor marketplace and see for yourself!