Growth in supply, broadening distribution channels and brands targeting specific market segments are all covered in the eighth edition of the award-winning Global Serviced Apartments Industry Report (GSAIR), published by The Apartment Service.
The new GSAIR estimates that worldwide serviced apartment supply has increased by 14.75% since 2018 to 1,174,012, rising to 1,254,743 including corporate housing units.
The number of locations served by serviced apartments globally has increased by 17.5% to 15,464, although the rate of inventory growth has slowed from 23.7% to 14.7% in 2018 vs 2016.
Other subjects addressed in the new report include vacation rentals and home sharing; co-living and co-working developments; features on the trends driving the extended stay sector; data security and why serviced apartments are ideal for traveller well-being.
The 2020/21 edition is the eighth published by The Apartment Service. Once again, at the core of the report are the results of unique research amongst 6,000 corporates, 2,000 serviced apartment operators and 1,800 www. The GSAIR survey’s findings include:-
- Despite economic uncertainty, corporate use of serviced apartments and agency bookings continue to grow
- Business travel remains extended stay’s principal market but only one-third of corporates include serviced apartments in hotel RFPs.
- Corporates quantify the benefits of using serviced apartments by traveller/assignee preference, total cost of stay and rate.
- More than half of all bookings now being placed via an intermediary and self-booking tools being the fastest growing distribution channel
- Cost, price/quality comparison and location are corporates’ key factors in choosing serviced apartment over hotels.
Copies of the 2020/21 GSAIR can be downloaded, free of charge, from www.apartmentservice.com/GSAIR
A PDF of the report can also be requested by sending an email with your details to GSAIR@apartmentservice.com