The Apartment Network boasts a global network of over 55,000 vetted, professionally managed serviced apartments and corporate housing options.
LONDON – A recent global survey conducted by The Apartment Network, a leading extended-stay accommodation booking agency, sheds light on the increasing adoption of Artificial Intelligence (AI) in pricing and revenue management among serviced apartment and corporate housing providers.
According to the survey findings, 85% of respondents expressed openness to exploring or expanding their use of AI in pricing and revenue management strategies. Notably, 21% of surveyed providers are already leveraging AI for these purposes, with the majority (75%) utilizing software programs that integrate AI capabilities.
AI offers businesses the opportunity to transcend traditional static pricing models by enabling dynamic and data-driven strategies that can swiftly adapt to market fluctuations. Among those currently utilizing AI in pricing and revenue management, 21% believe it provides significant added value to their operations.
While AI presents promising opportunities for informed decision-making and strategic revenue management in extended-stay housing, it is acknowledged that the human touch remains integral to this sector. Both agents and clients are expected to continue negotiating terms, even as AI becomes more prevalent.
For organizations yet to embrace AI, the survey identified several barriers. 35% cited a lack of understanding of how AI could assist, 36% expressed uncertainty about where to begin, and 29% did not consider AI a current priority.
Marcos Isaac, CEO of The Apartment Network, commented on the survey findings, stating, “AI represents a transformative force in our industry, yet there is understandable uncertainty surrounding its implementation. We recommend identifying an AI enthusiast within your organization to spearhead initial use cases. Having a dedicated advocate can focus efforts and drive successful integration.”
The survey conducted by The Apartment Network gathered insights and opinions from its global supply partners, reflecting the collective sentiment regarding the use of AI in pricing and revenue management.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
