America is in the middle of a housing crisis, with home prices soaring and foreclosures soaring.
But as a growing number of American households struggle to make ends meet, the hotel industry is finding new ways to stay in the game.
“The hotel industry has been doing a really good job of keeping pace with the changing climate and the growing demand for new housing,” said David Pinto, chief executive of the International Hotel Association.
This year, the industry has added more than 1,000 hotels in the United States, according to IHSA, which represents the industry’s main trade group.
That’s compared to just more than 400 in 2014.
In 2015, hotel sales were up more than 5% on the year, according the hotel trade group’s annual report.
And while the industry is trying to stay on top of supply, demand has also been growing.
With the economic downturn, the number of hotels in operation nationwide dropped to about 5,400, down from nearly 10,000 in 2014, according Topps International.
In the U.S., the average number of hotel rooms sold each month has fallen to about 2,600, down 4.7% from 2016.
Hotel industry leaders are taking notice of the increasing demand.
The National Association of Realtors, a trade group, said last month that hotel occupancy is up for the first time in seven years.
Pinto said that while some hotel chains are taking advantage of the current economy, others are trying to make the most of the supply glut.
“They’re doing everything they can to maximize the supply,” he said.
“Some have begun to sell off assets.
Some are reopening hotels.
But the supply is very, very limited.”
The housing boom has also created new problems for hotel companies.
There is a glut of vacant homes in many cities and suburbs.
In Los Angeles alone, there are roughly 3,200 vacant homes, according an analysis by real estate firm Redfin.
And a new generation of investors is turning to the market.
A new generation is coming of age in the era of the “gig economy,” where gig-workers are spending more time on the internet and more time online than in a home or office, according Redfin economist Ryan Hays.
“The housing market is a perfect storm,” Hays said.
“It’s the perfect storm for an online economy.”
Hotel workers and others who are not traditionally part of the hospitality industry are also getting used to the growing number, and affordability, of apartments.
Some are moving into rentals, while others are renting for short periods of time.
And as more Americans move to apartments, they are looking for affordable housing, said Liza Smith, vice president of marketing for Hotels.com, a hotel rental site.
For some of these older people, it’s not easy.
Liza Smith says she has a lot of frustration with older Americans who have been struggling to afford rent in the past.
“I think it’s time that they started to understand that the real estate market is not for them,” Smith said.
It’s not just older Americans, either.
At least 2.2 million Americans between the ages of 65 and 74 are living with their parents, according IHsa.
That is a huge percentage of the population, but for many of these young adults, it could be their only opportunity to make it financially.
As the economy picks up, some young people will be forced to move back to their parents’ home or take on housing responsibilities, according Tom Beutler, president of the National Association for the Advancement of Colored People.
But some may not be able to afford to move.
“Some young people are moving back to live with their grandparents and they’ll be forced into housing,” Beutzer said.
For those who are able to leave their parents and start living independently, the housing market may be a good place to start.
But for others, it may not.
That’s why some are going to take their chances and move to the suburbs.
Even with the housing crisis and the economic slowdown, the United Kingdom is experiencing a housing boom.
Home prices in the UK are up 6.5% year-over-year to reach a record high of 2,621.7 pounds ($3,845.1), according to Nationwide.
In 2016, the average UK house price reached a record $2.2m, according Realestate.com.
So many people are buying homes that it’s become a popular destination for holidaymakers.
A number of big names are renting their homes out to tourists and families in the U, including Beyoncé and Kim Kardashian, and The Rock, John Mayer and Rihanna.
Another popular trend is the “couchsurfing” phenomenon.
It’s a form of renting out rooms in public spaces like parks and sports arenas to people who are looking to meet up with