DENVER, Sept. 29, 2016 /PRNewswire/ -- Travelers Haven® today 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.
About Travelers Haven Founded in 2008, Travelers Haven is a tech enabled, full-service housing firm that manages every aspect of the short-term housing process. Travelers Haven is guided by the needs of its customers, and works to save them and their travelers money, time, and stress. Travelers Haven's outsourced solutions help thousands of businesses across North America save an average of 52 percent off of corporate rates at over 100,000 properties and hotels in metropolitan and rural areas. They offer the industry's lowest prices, unparalleled support, and a full suite of tools and features to inform and optimize every housing program.
Research Methodology Short-term housing trends are based on the statistical analysis of proprietary Travelers Haven data over 2014, 2015, and 2016. As indicated above, these trends are based on information gathered from various internal sources. The trends report represents a sample of U.S. mobile workers and is not a holistic representation or warranty as to the accuracy of the trends made herein.
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