Worldwide: SilverDoor’s latest quarterly market update has revealed that corporate housing rates are up 15 per cent in EMEA and 27 per cent in APAC.
The market update for March 2023 gives a brief outlook of the state of the global accommodation market based on the corporate housing agent’s booking data. The average length of stay is up by 12 per cent on last year to 46 nights, and requests for pet-friendly accommodation are up five-fold since 2019.
Budgets are sensitive with some companies enforcing stricter rate caps and others having hiring freezes. But bookers still have plenty of options because of the high amount of stock being brought onto the market. We’ve essentially seen a decrease in the unprecedented demand that followed the pandemic, but the cost-of-living crisis has created factors that have ensured rates are still higher than the same period last year.
Serena Dines, group head of revenue, said: “Whilst published rates are punchy across the board as providers seek growth on 2022 yield with rising costs of operating, they are definitely levelling off in EMEA & Americas, although APAC continues to command the strongest rates, we have seen for the region.”
The report suggests that Amsterdam, New York and Singapore are still busy markets while Sydney, Cork and Cape Town are seeing high levels of demand as well. However, London, Dublin and Berlin rates are all going down and Hong Kong pricing remains steady due to the low demand. China has to been able to rise up to its expected level yet.
The full report can be found here.
