Corporate Housing Industry Experiences a Double Digit Increase in 2006
JUNE 26, 2007. A new national statistical study, Corporate Housing Industry Report - 2007, was released by the Corporate Housing Providers Association (CHPA). Data collected from providers nationwide in 2006 reflects that corporate housing was a $2.5 billion dollar industry, up 23% over the previous year. This makes it the largest year on record. The corporate housing industry is projected to increase by 14% in 2007 to nearly 80,000 units, up from the 70,056 units in 36 metro areas in 2006. There was a 24% spread from the lowest to highest inventory across 2006. Flexible inventory is the hallmark of corporate housing, and permits the strong 90% occupancy nationwide. Overall, the average rate for this segment of the lodging industry is $109, up 9% from 2005.
Corporate housing providers partner with companies to easily accommodate business travelers and relocating families to provide fully furnished and equipped apartments with house wares, linens, and other optional services. Duration of these stays is typically a minimum of 30-days.
CHPA engaged The Highland Group, an independent research firm, to conduct this comprehensive study on this important lodging sector. The report is available for $395. Complimentary copies of the report are available to the press. For more information, please contact Peggy Berg at (404) 872 4631.
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