Data for 2011 released by the Association of Serviced Apartment Providers (ASAP) confirms that the sector continues to perform well in spite of the overall challenging economic climate.

The average net weekly rental figure for London (£945) was 4% up on the 2010 figure, although overall occupancy was slightly lower - down from 89% to 84%.

 

Encouragingly, the results for the sector's performance in the rest of the UK showed a 2% increase in overall occupancy, and a 3% increase in the net weekly rental figure, which climbed to £611.

Said David Smith, chairman of ASAP, "Last year was one of the most exciting years for our sector in terms of growth, stock and quality.
2012 will be a challenging year as a result of the prevailing economic climate but the serviced apartment industry is in a good position to ride it well by continuing to deliver the best value product in terms of overall cost per stay."

ASAP's 50 members collectively represent over 11,000 apartments in the UK & Ireland. The Association is delighted to have a record 14 partners exhibiting as part of the ASAP Serviced Apartment Pavilion at the Business Travel Show in London next week.

Find out about serviced apartment developments overseas and the Olympics picture in the spring issue of Re:locate published end March.