Zeus Living Releases Inaugural Future of FlexLiving Report
New data report reveals surge in demand for extended trips in 2022, ranks top destinations to live and work remotely
Zeus Living, a leading property management and hospitality platform, released its first-ever Future of FlexLiving Report based on proprietary data and a new study conducted among more than 1,700 U.S. residents who work remotely. Findings suggest that many Americans are pausing their house hunt in light of high prices and mortgage rates. Instead, a significant number of people with the opportunity to work from anywhere are living in a new location this year. Trips for 30 days or longer are on the rise, and cities are the top in-demand destinations for extended stays on Zeus Living’s website.
“The data tells us clearly that it’s about to be an incredible summer for FlexLiving as a category,” said Kulveer Taggar, CEO and Co-Founder of Zeus Living. “Since the pandemic began, people have commanded greater flexibility from their jobs, housing providers, and travel companies. The expectation for ease and flexibility is here to stay, and it’s why we’re working hard to offer increased options to our residents. Simultaneously, people are placing greater value on spending quality time with loved ones, and exploring new destinations. Looking at our own bookings this summer, length of stay is up 43% year-over-year. For these reasons and more, it’s clear to me that travel and living have become synonymous with each other — and I believe FlexLiving is the future.”
Takeaways from the report include:
1. Americans are more likely to live and work from a new city than they were prior to the pandemic.
- Sixty-seven percent of survey respondents would consider living and working from a new city in 2022, and one in two (48%) are more likely to book an extended stay now compared to pre-pandemic times.
- Meanwhile, nearly half (44%) report they’re less likely to buy a house now than they were before COVID-19 in light of current low inventory and high prices.
2. People are investing in experiences over material items.
- Eighty-four percent would budget up to $2,500 per month for an extended stay.
- Respondents would give up — or drastically cut back on — personal costs such as monthly subscriptions, alcohol, and shopping to afford an extended stay.
3. Length of trip is increasing.
- Looking at bookings on Zeus Living from June through September 2022, length of stay is up 43% compared to last year, totaling in 110 days on average.
- Searches for 30+ night stays on Zeus Living’s website are up 38% since the start of 2022.
4. Cities are back.
- Earlier on in the pandemic, Zeus Living experienced the greatest demand for less populated markets and cities with access to outdoor activities.
- Now, the top U.S. destinations based on searches through Zeus Living’s website for 30+ night stays are San Francisco, Seattle, L.A., Washington, D.C., and New York City.
5. Most FlexLiving residents are millennials who work remotely.
- In surveying its own residents, Zeus Living found that 78% work remotely and over half (52%) are millennials.
- Forty-one percent of respondents who stayed in a home managed by Zeus Living for 30 days or more were accompanied by a significant other, while a quarter brought their kids.
The full report can be found here, containing more data and insights about FlexLiving.
About Zeus Living
Zeus Living designs and manages modern homes that can be rented for 30 days or longer across more than 100 destinations in the U.S. Through its leading technology platform and the expertise of dedicated hospitality professionals around the country, Zeus Living strives to help people live well, and on their own terms. Zeus Living drives revenue for owners while taking care of their properties, and delivers unparalleled support to residents, ensuring memorable experiences wherever they choose to stay. Organizations trust Zeus Living to serve as an end-to-end corporate travel partner, with flexible options based on personalized needs. To date, Zeus Living has raised over $150 million in capital from leading investors and hosted more than 40,000 residents for 1.6 million nights. For more information, visit zeusliving.com or follow @zeusliving on Twitter.
