Prestige Blog
- February 2011
Growth in the serviced apartment sector
Posted: 13 February 2011 by Alexandra Wood
ASAP has reported continued growth in the serviced apartment sector which is great news for the coming year.
Final 2010 figures released by the Association of Serviced Apartment Providers (ASAP) confirm that demand for serviced apartments continued to increase steadily last year. Average overall occupancy in serviced apartments for London was 89% for the year overall, up three percentage points on 2009. Quarter 3 delivered the highest occupancy for the year, averaging 94% from July to September. The average net weekly rental rate in London was £907, showing an increase of 7.5% on the 2009 figure of £843. For the rest of the UK, the overall occupancy in Serviced Apartments for 2010 was 76% (up four percentage points on 2009), with Quarter 3 once again proving to be the best-performing quarter, achieving an average occupancy of 81% for July, August and September. The average net weekly rental rate for the regions grew to £594, an encouraging 10% increase on the 2009 figure of £538.
2010 saw the serviced apartment sector expand to many secondary cities in the UK. Recent new openings by ASAP's members include properties in Nottingham, Windsor, Norwich, Salisbury, Farnborough, Bournemouth and Swansea.
For more information visit: www.theasap.org.uk
By Alexandra Wood
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