The Corporate Housing Providers Association (CHPA) recently released it’s annual Corporate Housing Industry Report for 2017. The industry overview report highlights market-specific benchmarking information on 62 North American Metropolitan Statistical Areas.
According to the industry survey the US corporate housing average daily rate (ADR) increased to $150.44 from $142.00 the previous year. With temporary living expenses being a major component of most relocation budgets Relocation America International has partnered with Reloquest and it’s groundbreaking temporary housing procurement platform to help reign in this cost.
- The number of occupied units has increased 12.5% since 2012. As residential apartment construction increased, the availability of units grew, as did accommodated demand. Recent research by Integra Realty Resources reported that the cyclical peak of apartment construction is expected in the next one to two years, indicating unit availability for corporate housing should be higher in 2017.
- Survey data is collected on the various types of corporate housing units including studio, one, two, three-bedroom and other number of rooms. This mix has been fairly consistent for the past nine years, with one-bedroom units making up 48% to 51% of inventory.
- The average stay in a US corporate housing unit was 86 nights an increase of two nights from the previous year. The average length of stay has trended upward since 1999.
- For the sixth successive year, relocation was the largest reason for using corporate housing in the US. Project/Training was the second most cited use of corporate housing. Technology and healthcare are the largest generators of corporate housing demand by industry.
For a complete copy of the report contact the CHPA by clicking here
About Relocation America International:
Relocation America International is a full service relocation management company located in Southfield, Michigan dedicated to providing innovative relocation services, value-added support, and superior customer service to clients relocating families domestically and globally.
Visit http://www.RAInternational.com for more information.