Global inventory hits 1.25 million units

George Sell George Sell Uploaded 27 March 2020

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UK: The eighth edition of the Global Serviced Apartments Industry Report (GSAIR), estimates that worldwide serviced apartment supply has increased by 14.75 per cent since 2018 to 1,254,743 units.

The report, published by The Apartment Service, found that the number of locations served by serviced apartments globally has increased by 17.5 per cent to 15,464, although the rate of inventory growth has slowed from 23.7 per cent to 14.7 per cent in 2018 compared with 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.

At the core of the report are the results of research among 6,000 corporates, 2,000 serviced apartment operators and 1,800 agents.

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, here.

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