Companies have long known about the ease and convenience that corporate apartments offer business travelers, and hence, there has been a growing base of apartment inventory and consumer stays in the industry.
But how much do you really know about the corporate travel industry? These ten statistics will help you gauge the state of the short-term furnished rental market.
General Travel Statistics:
- Travel to and within the U.S. increased by 3.2% from December 2016 to December 2017. Source: U.S. Travel Association
- In 2017, 79% of people searching for travel info on mobile devices completed their booking, up from 70% in 2016. Source: Google
- The Transportation Security Administration (TSA) screened a record over 42 million passengers and over 30.6 million checked bags during the 2017 holiday season. Source: TSA
- Domestic business travel increased in December 2017 and is expected to gain an edge over leisure travel in the beginning of 2018. Source: U.S. Travel Association
Corporate Housing Statistics
- There are an estimated 826,759 corporate apartments in the world. Source: The Global Serviced Apartments Industry Report (GSAIR)
- Nearly 65% of business travelers used serviced corporate apartments in 2016 and 2017. Source: GSAIR
- The most significant obstacle cited by companies when it comes to corporate apartments is a shortage of inventory in key locations. Source: GSAIR
- The most crucial need for 88% of corporate travelers when looking for a place to stay is connectivity – the ability to have free Wi-Fi and easy ways to communicate. Source: GSAIR
- 42% of apartment operators consider an increase in competition to be the greatest concern challenging their business. Source: GSAIR
- 43% of corporate stays over 14 days were for one to three months; 19% of stays were for six months or more. Source: GSAIR