StaySmart Insights: Navigating Changes in Real Estate and Relocation

Welcome back to another episode of #StaySmart! This week, we're exploring significant developments from New York City's Airbnb.org regulations to strategic shifts in corporate housing and relocation services. With insightful analyses and forward-looking trends, we cover how these changes are shaping the landscape for travelers and residents alike.

See Gabriel Wacker's Full Recap:

NYC's Airbnb Impact | Banned in NYC: Airbnb One Year Later

A look back at the consequences of Local Law 18 on Airbnb.org hosts and the wider housing market in New York City one year after its implementation.

Many hosts have faced significant financial challenges one year after New York City enforced Local Law 18. The law, aimed at reducing illegal short-term rentals, has limited stays to fewer than 30 days and requires hosts to live with guests. Small-time hosts have lost income due to these restrictions, with monthly earnings dropping by 30%. The law hasn't meaningfully increased long-term housing supply but has fueled a black market for short-term rentals. While the hotel industry has thrived, rents in NYC remain high, and tourism continues to grow. However, the law's full impact on housing remains debated.

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Switchplace's New Direction | Switchplace Unveils Strategic Rebrand

Uncovering how Switchplace's rebrand is positioning it to better meet the evolving demands of modern business travelers.

Switchplace , a female-owned corporate housing provider, has rebranded to better meet the needs of modern business travelers. Led by CEO Tammy Gillespie , the company offers flexible, customer-focused housing solutions for temporary stays and long-term relocations. As a WBENC -certified business, Switchplace aims to support the evolving, post-pandemic workforce with adaptable, fully serviced accommodations. The rebrand reflects its ongoing commitment to innovation and client success, emphasizing a seamless, home-like experience for business travelers globally.

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WaterWalk's Strategic Expansion | Management Arm WaterWalk Hospitality Launches

Detailing WaterWalk Hospitality’s new focus on operational excellence and growth within Wyndham's portfolio.

WaterWalk Extended Stay by Wyndham part of Wyndham Hotels & Resorts 's extended stay portfolio, has launched WaterWalk Hospitality , its hotel management arm. CEO Mimi Oliver announced this strategic move to enhance hotel performance by focusing more closely on operations. The new direction allows WaterWalk to address challenges, seize opportunities, and apply best practices. With experience as property owners, the brand aims to improve guest experiences and open new growth opportunities. The shift follows WaterWalk's partnership with Wyndham, joining other extended-stay brands like ECHO Suites and Hawthorn Suites by Wyndham .

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Relocation Industry Analysis | By the Numbers: Trends in RMC Moves

Exploring recent trends and legislative impacts on relocation management companies and their clients.

The article "By the Numbers: Trends in RMC Moves, 2016-2023" by WERC Staff highlights trends in relocation management. It discusses how the 2017 Tax Cuts and Jobs Act temporarily halted the moving tax expense deduction for non-military moves, prompting WERC to advocate for its reinstatement. Survey data from relocation management companies (RMCs) shows that total relocations grew over time, despite a pandemic-related dip. U.S. domestic moves remained stable, with Texas, California, and Florida consistently ranking as top relocation destinations. New hire relocations often outpaced those of current employees, with variations across the years.

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Data-Driven Corporate Housing | ReloQuest Launches RQ VantagePoint

Introducing ReloQuest's RQ VantagePoint, a new tool set to revolutionize how corporate housing providers understand and navigate market dynamics.

ReloQuest, Inc. , a leader in corporate housing solutions, will launch RQ Vantage Point on September 13, 2024, introducing a subscription-based model that helps suppliers make data-driven decisions, anticipate market trends, and optimize pricing. Through a new partnership with the CHPA | Corporate Housing Providers Association , the initiative offers CHPA members enhanced access to market data, joint education efforts, and support for legislative issues. Both ReloQuest CEO Darin Karp and CHPA CEO Nick Estrada, CAE, CMP emphasize the importance of real-time data for industry competitiveness and strategic decision-making, further strengthening CHPA's role in the sector.

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From regulatory changes in short-term rentals to strategic enhancements in corporate housing and mobility, this week's insights underscore the dynamic nature of the real estate and travel industries. We invite you to engage with us on LinkedIn to share your experiences and thoughts on these developments. Stay informed, stay connected, and continue to innovate with #StaySmart.

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