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Industry Overview
Serviced Apartments: An Industry on the Move
Like the software, telecommunications and Internet industries, Serviced Apartments have been a high growth sector for many years. In fact, the rise of hi-tech industries and the changing face of global business have fueled the majority of this growth. With total industry revenue of $2.5 Billion in 2004, BridgeStreet Worldwide is pleased to be a major part of this economic and cultural movement. We are poised for change and ready to adapt to new challenges.
Serviced apartment providers serve all major industries, including government, consulting, healthcare, insurance, engineering, relocation, information technology, financial, and many others.
The Industry at a Glance
Source: Smith Analytics 2004 data and The Highland Group Annual Report 2002 | US Data only |
- 71,900 + corporate housing units are leased / rented on an average day.
- 53.3% are one bedrooms and 46.7% are two bedrooms.
- Average stay in corporate housing apartments is 76 nights.
- Average one-bedroom monthly rent is $2,550 (US data).
- Average two-bedroom monthly rent is $2,760 (US data).
- Average combined monthly rent is $2,640 (US data).
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Today's Corporate and Government entities require key people in unique geographic locations in order to get business done. If anything, this trend will increase. As one of the largest providers of serviced apartments and temporary housing solutions, BridgeStreet Worldwide continues to improve services, expand locations and meet the growing needs of our diverse customer base.
A Serviced Apartment: What is It?
- All the amenities of a luxury hotel, with a larger living space (up to double the size) and less cost (up to half as expensive).
- Features fully furnished studio, one, two and three bedroom apartments.
- Well maintained properties, with paid utilities, housekeeping included.
- Providing superior residential living for that "like home" feeling.
- Many convenient locations in and around major metropolitan areas.
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Companies of all sizes partner with service apartment providers to accommodate their business travelers for all types of specific needs. A serviced apartment agreement includes rental of the physical living space as well as all the services that are needed to ensure a comfortable lifestyle away from home.
Contact us to discover how we can develop a custom solution for your organization or to find out more.
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