After 18 months of contracting supply and falling prices in both the Serviced Apartment and Long-Term Rental Markets, we’re beginning to see an upward push on pricing.
London & Regional Serviced Apartment Rate Forecast
Members of the Association of Serviced Apartment Providers reported a 2% increase in occupancy in 2009.
Serviced Apartment rates in 2009 fell by 5% in London & by 8.5% in the Regions.
As portfolios have contracted, we are beginning to see a gentle upward push on pricing.
We forecast modest growth in 2010 of 2% for London Serviced Apartments and 0% growth regionally.
Long Term rental rates in 2009 fell by 7.5% in London and 8% regionally.
We forecast modest growth in 2010 of 2 – 4% for London long-term rental rates and marginal growth regionally.