The Corporate Housing Providers Association (CHPA) recently released it’s annual Corporate Housing Industry Report for 2016. The industry overview report highlights market-specific benchmarking information on nearly 60 North American Metropolitan Statistical Areas and sub-markets.
According to the survey, the corporate housing industry remains strong. An increase in apartment supply and a small decline in occupancy meant that corporate housing unit demand increased 2.9% over the previous year. This helps to explain the US Corporate Housing Average Rate for a one bedroom unit increasing $4 in the US to $135 per day. Two bedroom units increased from $147 per day to $155 per day.
Highlights from the report include:
- The average stay in a US corporate housing unit was 84 nights in 2015, down from 96 nights in 2014 and the same as it was in 2013. The average length of stay has trended upward from 71 nights in 1999. Since 2007, average stay ranged from 80 to 90 nights except for 2009 and 2014.
- For the fifth successive year, relocation was the largest reason for using corporate housing in the US. Intern housing was the second most cited use of corporate housing in 2015.
- One-bed-room units accounting for between 48% and 51% of corporate housing inventory. This helps to explain why 3 bedroom units are so costly and difficult to source.
- Most corporate housing companies have a formal minimum notice to vacate term of 30 days but partial months are not uncommon.
For a complete copy of the report contact the CHPA by clicking here