Short-term housing demand has increased across the U.S., as well as the average length of stay. There has been a steep increase in demand for short-term housing across North America. New tenant move-ins rose sharply by 26 percent during 2016 from 2015.
DENVER – Travelers Haven unveiled its 2016 Short-Term Housing Trends Report, evaluating average daily rates (ADRs), increase in demand, average length of stay, and extensions over 2014, 2015, and 2016.
"These trends clearly showcase the growth and strength of the short-term housing industry," said Elia Wallen, president of Travelers Haven. "As rates and demand rise, it becomes increasingly important to share these trends with businesses and their travelers to help them optimize for today's market climate, and to further inform and progress our industry as a whole."
ADRs
Overall, demand has increased while capacity has tightened, causing ADRs to continue to rise on average across the industry. Travelers Haven, however, has seen a slight softening in the market with a reduction in their ADRs by 50 basis points year-over-year. The top cities with the largest ADR increases year-over-year include: Seattle, Honolulu, Los Angeles, and San Diego.
Increased Demand
There has been a steep increase in demand for short-term housing across North America. New tenant move-ins rose sharply by 26 percent during 2016 from 2015. Demand in 2016 to 2014 grew at a staggering 67 percent. These metrics show an increase in the mobile workforce populous.
Length of Stay & Extensions
The average length of stay increased by seven percent from 2014 to 2016. Lease extensions also increased by 42 percent from 2015 to 2016, and 75 percent from 2014 to 2016. Both trends signal a shift in the U.S. mobile workforce taking longer assignments.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
