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Serviced Apartments in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Serviced Apartments Market Research Report | ANZSIC H4404 | Feb 2016

In service: Demand for serviced apartments has risen as consumers seek lower prices

IBISWorld’s Serviced Apartments market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 11-16
5.8%
Annual Growth 16-21
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Profit
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Employment
17,651
Businesses
694
Industry Analysis & Industry Trends

The Serviced Apartments industry has grown strongly over the past five years. The industry has steadily drawn market share away from other operators in the Accommodation subdivision such as hotels and motels, which have struggled with fluctuating levels of domestic travel, a high Australian dollar over much of the period and global economic uncertainty. The industry's strong growth is due to the generally low prices charged by providers, and serviced apartments' greater offerings of in-room facilities and privacy compared with other accommodation. These factors make serviced apartments more attractive to guests. As a result, in the five years through 2015-16, industry revenue is expected to increase by an annualised 5.8% to $3.0 billion, with 5.6% growth anticipated in the current year... purchase to read more

Industry Report - Industry Key Buyers Chapter

The Serviced Apartments industry exhibits a low level of market share concentration, with IBISWorld forecasting that the industry's top four players collectively account for less than 40% of industry revenue. While there are many large chains that operate and manage a significant number of rooms through lease agreements, these operators earn comparatively less revenue than owner-operators. Owner-operators are typically independent establishments that earn more revenue than leased serviced apartment operators, who also tend to pay lease and/or franchise fees.

Market share concentration is expected to increase slightly over the next five years... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Serviced Apartments Industry?

The Serviced Apartments industry comprises establishments that operate self-contained apartments for short-term (one to six nights), medium-term (seven nights to one month) and long-term (longer than one month) stays. Serviced apartments contain a kitchen or kitchenette and usually have separate lounge or dining facilities. Serviced apartments are generally cheaper than equivalent hotel rooms due to fewer complex facilities and fewer daily services provided.

Industry Products
Food and beverageOther star-rated accommodationFour-star accommodation
 
Industry Activities
Operating self-contained apartments Operating serviced apartments


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