The Corporate Housing Real Estate survey results indicate the trends, standards and the need for a monthly furnished lodging solution. The annual Corporate Housing report is now available for view or download.
Denver, CO, June 27, 2018 –(PR(dot)com)– Corporate Housing By Owner (CHBO), has recently completed its 9th annual Corporate Housing Real Estate survey, thanks to the largest number of contributors in its history. Participants included property owners with a single property, those with multiple properties and management companies. The survey was open to anyone who owned or managed a furnished, monthly residential rental in 2017 – not just to CHBO users. This diversity of input provides an excellent overview of this market which is significantly different from the short term vacation segment. Indicative of this, 60 percent of respondents indicated average stays were 3 months or longer. To get a better sense of where this market is headed and what opportunities it affords, CHBO urges a careful look at the survey results.
According to The Corporate Housing Providers Association (CHPA), “In 2017, the US corporate housing industry reported its fifth consecutive year of room revenue growth, hitting a new peak at $3.62 billion. In 2017, the 12.9% gain in revenues over 2016 was the fastest increase since 2011. This is comparable to the corresponding growth in extended-stay hotel revenues and far greater than the overall US hotel average 5% in 2017. For the fifth successive year, the supply of US corporate housing units increased. Average daily rate (ADR) rose 7.1% in 2017, more than tripling the growth in overall hotel ADR, according to STR, the premier company providing statistics on the lodging industry.”
Rental Success Starts with Understanding Data and Trends
A glimpse of the 2017 survey results indicates that new owners continue to enter the market, over 90 percent manage their own properties, over 44% are looking to buy new properties, larger homes have shown the biggest increases in rents, 60 percent of owners are renting without previewing the property. Amplification of these trends and many others, revealed in the survey, can provide valuable knowledge on how to navigate the corporate housing market in the future. The full report can be viewed and downloaded here
CHBO thanks everyone who took the time to complete the survey questions. The survey results give you an insight on the private owner segment of the corporate housing industry.
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