Serviced Apartments - Market Research
To determine the number of serviced apartments there are in the US, preferably broken down by city or state, and also identify a list of websites and services that aggregate data on serviced apartments in the country, so as to be able to reach out to those services in the future.
- There are currently over 1,096,547 serviced apartments in 160 countries around the world. The US is the biggest market with 557,435 serviced apartment units in 7,173 locations across the country.
- According to the Wall Street Journal, there are 71,201 corporate housing units in the US. Corporate housing units are also serviced apartments but closer to the luxurious end of the market.
- The size of the US corporate housing market was $3.62 billion in 2017, and the average occupancy rate for the same year was 86.4%.
- The top reasons consumers stay in corporate housing are for relocation (33%), training (21%), and emergencies (10%).
- Corporate Housing by Owner is a website that aggregates corporate housing units in the US in its database which is open to public searching and booking. You may contact the service here.
- Furnished Quarters is a service that lists available furnished apartments for rent or lease in major US cities on its website. The website is also open to public searching and booking. You may contact the service here.
Summation Of The Availability Of Information Relevant To The Goals
- In our initial hour of research, we were able to provide the total number of serviced apartments and corporate housing in the US. We were able to also provide a few examples of companies that aggregate serviced apartments in the US where you can look up the names, locations, and prices of serviced apartments in the US.
- We were not able to find any publicly available report that provides the total number of serviced apartments by state or city, and we do not believe further research on this specific area would yield any additional results.
Proposed next steps:
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There is more publicly available information on the topic, we'd recommend continuing with this project by identifying 7 - 10 additional websites or services that aggregate on serviced apartments in the US.