Corporate Housing Industry Adapts to Changing Economy

Date: March 29 2010
Source: Corporate Housing Providers Association
Website: http://www.hotelinteractive.com/article.aspx?articleid=16572

The Corporate Housing Providers Association (CHPA) just released its annual statistical study, Corporate Housing Industry Report – 2010. Corporate housing is a $2.36 billion industry. While industry revenue peaked in 2007 and softened in 2008 through 2009, providers anticipate growth in 2010.
 
“This much anticipated 2010 report summarizes what really happened in the corporate housing industry in 2009.  The report highlights key business indicators for 55 U.S. and Canadian metropolitan areas  and illustrates  how our industry fared better than other segments of the lodging industry,” reports Adam Sherer, CCHP of Marriott ExecuStay and CHPA President.

The industry reduced its inventory by 16% in 2009, taking advantage of its flexibility to respond to market demand. As a result, occupancy held at 88% and average rate was $115, down only 1.7% in 2009.  Its quick inventory response positioned corporate housing to out-perform the lodging industry overall. The US corporate housing market is estimated at a total of 61,280 units on an average day in 2009.