Corporate Apartments Averaged 91 Percent Occupancy in 1999, According to the Highland Group in the First Ever Published National Study On the US Corporate Housing Industry.Business Editors ATLANTA--(BUSINESS WIRE)--Oct. 5, 2000 The Association of Interim Housing Providers (AIHP AIHP Association Internationale d'Histoire de la Psychanalyse (International Association for the History of Psychoanalysis) ) sponsored the research, which revealed that average occupancy for corporate apartments was 16 percentage points above extended-stay hotel average and well above the overall US hotel average of 63 percent in 1999. The study showed corporate housing to be a $2.3 billion industry growing at close to 15 percent per year. The research covered the US market and 24 of its largest Metropolitan Statistical Areas (MSAs). More than 8 percent of the estimated 76,421 corporate apartments in the US are in the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. , which also boasted the highest average rent after New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Chicago and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. were other MSAs where corporate apartment supply was more than 5 percent of the US total. New York, Austin and Northern New Jersey are areas where supply is expected to increase the most rapidly from 1999 to 2001. Houston and Seattle were the only MSAs to report a decline in supply in 2000 compared to 1999. All MSAs expected supply gains in 2001. Austin and San Francisco reported relatively low average vacancy of 5 percent. At the upper end were Cleveland, Detroit and Seattle, which reported vacancy averaging 13 percent. Nearly three quarters of corporate apartment units in the US are leased, enabling operators to adjust inventory quickly in response to anticipated changes in demand. On average, companies reported increasing available units by 10 percent during peak season and decreasing by 18 percent in low season. The Highland Group is a hospitality research and consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that publishes semi-annual reports on the US extended-stay lodging sector. Reports include supply, demand, occupancy, average rate, mix of business, length of stay, investment returns and income and expense statements by price segment. The corporate housing report features unit supply and rent by class, type and location, occupancy, average stay and prices of maid service Maid service, also known as a cleaning service (such as for an office or home), is a business which provides cleaning services as a convenience to homeowners who do not have (or do not wish to spend) the time to clean their own homes. and one time fees for the US and 24 MSAs. AIHP is an association of companies providing corporate housing and other firms related to the corporate housing industry. AIHP commissioned this research to provide better information on the corporate housing industry. |
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