The ongoing challenges facing homeownership are placing strain on the real estate market, but demand for housing remains strong due to supply shortages. To address this issue, innovative rental solutions such as furnished rentals are gaining popularity as remote work becomes more prevalent and work/life standards have changed due to COVID-19. These flexible options offer a potential solution to the housing supply gap. Growth is expected to continue, so much so that in 2022 it is forecasted to account for $139 billion – and expected to grow to $627 billion by 2032. Within the overall market are two broad segments driving growth and largely based on who pays for the stay – company paid and individual pay.
Jon Wohlfert, Managing Director for the HLC Equity-owned Layers brand, and a 35-year veteran of the flexible furnished rental industry comments, “Several years ago, most of the demand came from the “company paid” segment as companies were permanently relocating employees to other offices, sending interns and new hires to headquarters for training, or temporarily assigning employees to other locations to assist with projects. At that time, options were limited to extended stay hotels and corporate apartments. Now, with the growth of the global nomad and work-from-home, the individual-pay segment is gaining ground on the company-paid segment. Because of democratization through technology and the emergence of AirBNB-fueled flexibility, options are quite vast. Layers and its new technology offering, are here to help owner/operators capture more of this expanding marketplace.”
Layers, an innovative flexible furnished brand, has created a proprietary technology platform – Layers Prime – to deliver the individual pay customers directly to corporate housing and multifamily partners.
Layers has begun rolling this out to a few key partners, including Manilow Suites in Chicago and United Corporate Housing in Washington, DC. Layers Prime seamlessly and affordably delivers access to the previously hard-to-reach individual pay market. This solution allows owners to eliminate frivolous spending on resources to secure prospects and tap into a pipeline of qualified residents across 85 travel sites. The internal Layers team handles all set up, 24/7 customer support, and deliver reservations right to your front door.