Source: The Corporate Housing Industry Report - 2015
Overall, the corporate housing industry continues to gain in room revenues even as some metropolitan statistical areas (MSAs) reported declines. An increase in supply and demand allowed some MSAs more opportunities to provide housing for clients. US corporate housing revenues were $2.73 billion in 2014, a 4% increase over 2013.
Key 2015 stats:
- US corporate housing revenues were $2.73 billion in 2014, a 4% increase over 2013.
- Per survey respondents, US corporate housing inventory is estimated at over 61,000 rental units while Canada adds approximately another 7,300 rental units.
- The average stay in the US increased significantly to 96 nights.
- Occupancy in the US was up slightly to 88.6%.
- Relocation continues to be the main reason for client stays in both the US and Canada, with project/training the second reason clients stay in units.
- Overall, US corporate housing average daily rate (ADR) was $136.90 in 2014. ADR in Canada is estimated at $122.65.
For the fourth successive year, relocation was the largest reason for using corporate housing in the US. Project and training was the second most cited reason for using corporate housing. Combined project and training and relocation account for more than half of total demand. This has been consistent for several years. For the second year, oil & gas was the largest generator of corporate housing demand by industry.