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Serviced Apartment Market
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Serviced Apartment Market

Author: Vineet Pandey - Business Consultant, Report ID - DS1601004, Published - December 2024

Segmented in Stay duration (Short-term stay, Medium-term stay, Long-term stay), Accommodation type (Studio apartments, One-bedroom apartments, Multi-bedroom apartments), Package offerings, Target Population and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034

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Global Serviced Apartment Market Outlook

In todays changing landscape of business and travel trends to meet the needs of modern day consumers in the 21st century also sees advancements in the hospitality industry with Serviced Apartments emerging as a transformative option. The market, for Serviced apartment was estimated at $143.1 billion in 2024. It is anticipated to increase to $312.6 billion by 2030 with projections indicating a growth to around $599.5 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 13.91% over the forecast period. Offering a mix of opulence and practicality while allowing personalization options and flexibility; Serviced Apartments are reshaping how people travel and relocate by catering to the desire, for an atmosphere paired with top notch professional services.


Essentially defined as a furnished apartment suitable for short or extended stays is the concept of a Serviced Apartment. It is characterized by offering privacy and ample living space while providing flexibility and practicality through amenities like well equipped kitchens and laundry facilities to establish a comfortable home like ambiance away, from home.


Market Size Forecast & Key Insights

2019
$143B2024
2029
$526B2034

Absolute Growth Opportunity = $383B

The Serviced Apartment market is projected to grow from $143.1 billion in 2024 to $526 billion in 2034. This represents a CAGR of 13.91%, reflecting rising demand across Extended Stay Provisioning, Corporate Housing and Leisure and Tourism.

The Serviced Apartment market is set to add $383 billion between 2024 and 2034, with manufacturer targeting Tourists & Students Target Population projected to gain a larger market share.

With Increasing demand for long term accommodation, and Adoption of technology in serviced apartment market, Serviced Apartment market to expand 268% between 2024 and 2034.

Opportunities in the Serviced Apartment Market

Serviced Apartments for the Remote Work Culture

The growing trend of work and the increasing number of digital nomads are creating new possibilities for the serviced apartment industry to expand its offerings with extended stay options and office equipped living spaces as well, as shared coworking areas.

Serviced Apartment Market Meets Millennials and Gen Z and Customized Living Experience

The newer generations are leaning towards serviced apartments than sticking to traditional hotels more and more these days due to their need for flexibility and space as well as the value they offer for the money spent. This shift in preference presents an opportunity for the serviced apartment industry to attract untapped customers who seek such accommodations. Businesses that can adapt well to these changing preferences and foresee their needs are expected to see a rise, in demand and notable expansion.

With the increasing desire for individuals to find living spaces that align with their lifestyle preferences comes a rise in the potential for serviced apartments to provide customized services tailored to meet their needs and preferences. This may involve versatile interior designs along, with smart home functionalities or unique amenities that cater to specific interests including pet friendly options and environmentally sustainable solutions or creatively themed decorations.

Growth Opportunities in North America and Europe

Europe Outlook

In Europe's Serviced Apartment sector thrives on demand in key cities such as London, Paris and Berlin with a blend of local and global chains vying for business. Navigating shifts and property rights poses hurdles and chances for growth in this industry. The rising preference, for friendly lodging could pave the way for a fresh market segment to emerge.

North America Outlook

The serviced apartment industry in North America is experiencing growth due to the rise in business trips and tourism activities in the region. The competitive landscape is influenced by leading companies and ongoing technological progress. Nevertheless there are still prospects, in numerous medium sized and smaller urban areas.

North America Outlook

The serviced apartment industry in North America is experiencing growth due to the rise in business trips and tourism activities in the region. The competitive landscape is influenced by leading companies and ongoing technological progress. Nevertheless there are still prospects, in numerous medium sized and smaller urban areas.

Europe Outlook

In Europe's Serviced Apartment sector thrives on demand in key cities such as London, Paris and Berlin with a blend of local and global chains vying for business. Navigating shifts and property rights poses hurdles and chances for growth in this industry. The rising preference, for friendly lodging could pave the way for a fresh market segment to emerge.

Growth Opportunities in North America and Europe

Established and Emerging Market's Growth Trend 2025–2034

1

Major Markets : United States, United Kingdom, Australia, Germany, China are expected to grow at 12.5% to 16.7% CAGR

2

Emerging Markets : Vietnam, Nigeria, Colombia are expected to grow at 9.7% to 14.6% CAGR

Market Analysis Chart

The main factors driving this trend are the increase in travel and urban development that lead to a higher demand, for short term yet cozy and budget friendly lodging options.

Recent Developments and Technological Advancement

December 2024

Marriott International has broadened its range of apartments with the purchase of 20 additional sites, in Asia and Europe.

October 2024

Hyatt Residences introduced three serviced apartments, in New York City, London and Sydney catering to upscale business travelers and wealthy tourists.

August 2024

AccorHotels has formed a partnership with Airbnb to blend traditional hospitality, with contemporary and adaptable serviced apartment offerings.

In years the serviced apartment industry has seen steady expansion due to the growing global business landscape and the surge in international travel for work and leisure purposes alike. A significant trend in the market involves shifting from the idea of serviced apartments, to a more lifestyle focused perspective.

Impact of Industry Transitions on the Serviced Apartment Market

As a core segment of the Tourism & Entertainment industry, the Serviced Apartment market develops in line with broader industry shifts. Over recent years, transitions such as "Rise of the Digital Nomad and Emergence of Eco-Friendly Initiatives have redefined priorities across the Tourism & Entertainment sector, influencing how the Serviced Apartment market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.

1

"Rise of the Digital Nomad:

With the rise of work as a common practice thanks to technological progress and the impacts of the global pandemic in recent times; there has been a noticeable surge in the popularity of serviced apartments. The market is witnessing an influx of nomads who are looking for accommodations that offer flexibility and comfort with all necessary amenities included during their journeys. These individuals tend to gravitate towards the atmosphere provided by serviced apartments, over brief hotel stays; thereby contributing to the growth of this market segment.

2

Emergence of Eco-Friendly Initiatives:

The industry of serviced apartments is embracing sustainability as consumer awareness grows in this area prompting providers to adopt eco practices such as energy efficient settings, with green amenities and recycling initiatives aimed at reducing water usage.

Global Events Shaping Future Growth

The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Tourism & Entertainment industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Tourism & Entertainment industry cascade into the Serviced Apartment market, setting the stage for its future growth trajectory.

Market Dynamics and Supply Chain

Driver: Increasing Demand for Long Term Accommodation, and Changing Guest Expectations and Preferences

The increase in corporate travel demands well as long term work placements and international relocations has also led to a rising need for serviced apartments that cater to extended stays. These equipped apartments, with top notch facilities provide a home like environment and are also becoming increasingly popular among travelers.
The changing desires and needs of employees and contemporary travelers are also key drivers pushing the serviced apartment industry ahead in growth and development. The desire for rental agreements nurturing spaces, for pets, social gathering spots and health focused amenities strongly impact the evolving landscape of serviced apartments.
The incorporation of technology into serviced apartments has also greatly improved the user experience by offering contactless check ins and digital concierge services along with high speed Wi Fi and modern tech equipped rooms that are also crucial, for the growth of the serviced apartment sector.

Restraint: High Operational Costs

Serviced apartments differ from ones by requiring a range of extra amenities and services such as concierge assistance and regular housekeeping along with utilities like electricity and water usage; all of these contribute to higher operational expenses that could pose a challenge for market expansion since not all providers can manage these added costs without potentially making the apartments too costly, for most customers.

Challenge: Stiff Competition from Hotels and Other Rental Services

The serviced apartment sector is encountering rivalry from well known hotels and, up and coming online rental platforms. They frequently present rates, lucrative loyalty programs and robust promotional campaigns giving consumers numerous appealing choices.

Supply Chain Landscape

Real Estate Sourcing & Development

Brookfield Properties

CapitaLand

Interior Design & Furnishing

IKEA

Pottery Barn

Service Management & Staffing
Hilton Worldwide / Marriott International
Marketing & Customer Acquisition
Google Ads / Facebook Advertising
Real Estate Sourcing & Development

Brookfield Properties

CapitaLand

Interior Design & Furnishing

IKEA

Pottery Barn

Service Management & Staffing

Hilton Worldwide

Marriott International

Marketing & Customer Acquisition

Google Ads

Facebook Advertising

Banner LogoBanner Logo

Leading Providers and Their Strategies

Application AreaIndustryLeadingProvidersProvider Strategies
Corporate Housing
Business/Corporate Sector
BridgeStreet
Offering flexible leasing options and customizable living solutions
Luxury Accommodation
Tourism/Luxury Travel
Oakwood
Providing high-end furnishings, housekeeping services, 24/7 concierge service
Extended Stay
Tourism/Long-term Travel
Ascott Residence
Focusing on offering a homely environment with kitchen facilities and living spaces
Short Term Rentals
Real Estate/Hospitality
Fraser Residence
Offering online booking, flexible stay duration, various locations, and affordable rates

Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Serviced Apartment market's present and future growth.

Our research is created following strict editorial standards. See our Editorial Policy

Applications of Serviced Apartment in Corporate Housing, Leisure and Tourism and Extended Stay Provisioning

Corporate Housing

The corporate housing industry heavily relies upon serviced apartments to provide cozy lodging options for employees relocatin gor embarking upon lengthy business travels. They provide an convenient setting that fosters productivity for working professionals while also allowing them to unwind. Oakwood and BridgeStreet are known companies, in the market that offer top notch corporate housing services worldwide.

Leisure and Tourism

Serviced apartments are a choice in the travel and tourism sector as they offer tourists extra room to move around comfortably and enjoy some privacy compared to typical hotel accommodations. These apartments are usually situated in areas near tourist hotspots and convenient transportation options to give visitors a cozy home like setting when theyre away from their own homes. Known names like Frasers Hospitality and Citadines Apart’hotel are top players in this field by offering top notch lodging options, for leisure travelers across the globe.

Extended Stay Provisioning

Staying in serviced apartments is an option for people who need to stay somewhere for a long time because they offer home like comforts such as a fully equipped kitchen and separate living space with laundry facilities included to make guests feel at home and ease the challenges of being away from home for an extended period of time. Popular names in this sector, like Marriott Executive Apartments and Ascott Limited are known for their top notch accommodations designed for stays that offer luxury and comfort in various locations worldwide.

Serviced Apartment vs. Substitutes:
Performance and Positioning Analysis

Serviced apartments combine the coziness of home with the luxuries of a hotel stay. Stand out from standard hotels and Airbnb accommodations by offering unique amenities tailored for both business and leisure travelers.

Serviced Apartment
  • Hotel suites /
  • Vacation Rentals /
  • Extended Stay Hotels
    Flexible and fully-furnished, high-end amenities and services like housekeeping and maintenance
    Lack of private outdoor space, higher rental
    Flexibility in length of stay, access to home-like amenities
    less private, higher cost

Serviced Apartment vs. Substitutes:
Performance and Positioning Analysis

Serviced Apartment

  • Flexible and fully-furnished, high-end amenities and services like housekeeping and maintenance
  • Lack of private outdoor space, higher rental

Hotel suites / Vacation Rentals / Extended Stay Hotels

  • Flexibility in length of stay, access to home-like amenities
  • less private, higher cost

Serviced apartments combine the coziness of home with the luxuries of a hotel stay. Stand out from standard hotels and Airbnb accommodations by offering unique amenities tailored for both business and leisure travelers.

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Research Methodology

This market research methodology defines the Serviced Apartment market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.


Secondary Research Approach


We begin secondary research by defining the targeted market at macro and micro levels. As part of the Tourism & Entertainment ecosystem, we analyze Serviced Apartment across Studio apartments, One-bedroom apartments, and Multi-bedroom apartments Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.



Key Sources Referenced:

Annual Reports / Industry Magazines / Country Level Ministerial Sources

Interviews of Industry Stake Holders

Industry Views of Consultants

Analyst Views

• Annual Business Surveys (US, EU, Japan)

• NAICS - Economic Statistics (US, Canada)

We benchmark competitors such as Ascott Limited, Bridgestreet, and Frasers Hospitality by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.


Primary Research Methods


We conduct structured interviews and surveys with industry stakeholders, including Real Estate Sourcing & Development, Interior Design & Furnishing, and Service Management & Staffing. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.


Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.


Market Engineering & Data Analysis Framework


Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.


Top-down & Bottom-Up Process


In Top-down approach, we disaggregate global Tourism & Entertainment revenues to estimate the Serviced Apartment segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.


We evaluate the supply chain, spanning Real Estate Sourcing & Development (Brookfield Properties, CapitaLand), Interior Design & Furnishing (IKEA, Pottery Barn), and Service Management & Staffing. Our parallel substitute analysis examines Hotel suites, Vacation Rentals, and Extended Stay Hotels, highlighting diversification opportunities and competitive risks.


Company Market Share & Benchmarking


We benchmark leading companies such as Ascott Limited, Bridgestreet, and Frasers Hospitality, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.


Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Serviced Apartment market.


Quality Assurance and Compliance


We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.


Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.

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Serviced Apartment Market Data: Size, Segmentation & Growth Forecast

Report AttributeDetails
Market Value in 2025USD 163 billion
Revenue Forecast in 2034USD 526 billion
Growth RateCAGR of 13.91% from 2025 to 2034
Base Year for Estimation2024
Industry Revenue 2024143 billion
Growth OpportunityUSD 383 billion
Historical Data2019 - 2023
Growth Projection / Forecast Period2025 - 2034
Market Size UnitsMarket Revenue in USD billion and Industry Statistics
Market Size 2024143 billion USD
Market Size 2027211 billion USD
Market Size 2029274 billion USD
Market Size 2030312 billion USD
Market Size 2034526 billion USD
Market Size 2035599 billion USD
Report CoverageMarket revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments CoveredStay duration, Accommodation type, Package offerings, Target Population
Regional scopeNorth America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country scopeU.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Companies ProfiledAscott Limited, Bridgestreet, Frasers Hospitality, Quest Apartment Hotels, Oakwood Worldwide, Citadines, Homelike, iQ Student Accommodation, SilverDoor Apartments, Synergy Global Housing, TheSqua.re and Treetop Development
CustomizationFree customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value

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Table of Contents

Industry Insights Report - Table Of Contents

Chapter 1

Executive Summary

Major Markets & Their Performance - Statistical Snapshots

Chapter 2

Research Methodology

2.1Axioms & Postulates
2.2Market Introduction & Research MethodologyEstimation & Forecast Parameters / Major Databases & Sources
Chapter 3

Market Dynamics

3.1Market OverviewDrivers / Restraints / Opportunities / M4 Factors
3.2Market Trends
3.2.1Introduction & Narratives
3.2.2Market Trends - Impact Analysis(Short, Medium & Long Term Impacts)
3.3Supply Chain Analysis
3.4Porter's Five ForcesSuppliers & Buyers' Bargaining Power, Threat of Substitution & New Market Entrants, Competitive Rivalry
Chapter 4

Serviced Apartment Market Size, Opportunities & Strategic Insights, by Stay duration

4.1Short-term stay
4.2Medium-term stay
4.3Long-term stay
Chapter 5

Serviced Apartment Market Size, Opportunities & Strategic Insights, by Accommodation type

5.1Studio apartments
5.2One-bedroom apartments
5.3Multi-bedroom apartments
Chapter 6

Serviced Apartment Market Size, Opportunities & Strategic Insights, by Package offerings

6.1Basic services
6.2executive services
Chapter 7

Serviced Apartment Market Size, Opportunities & Strategic Insights, by Target Population

7.1Business travelers
7.2Tourists
7.3Students
7.4Temporary residents
Chapter 8

Serviced Apartment Market, by Region

8.1North America Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.1.1U.S.
8.1.2Canada
8.2Europe Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.2.1Germany
8.2.2France
8.2.3UK
8.2.4Italy
8.2.5The Netherlands
8.2.6Rest of EU
8.3Asia Pacific Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.3.1China
8.3.2Japan
8.3.3South Korea
8.3.4India
8.3.5Australia
8.3.6Thailand
8.3.7Rest of APAC
8.4Middle East & Africa Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.4.1Saudi Arabia
8.4.2United Arab Emirates
8.4.3South Africa
8.4.4Rest of MEA
8.5Latin America Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.5.1Brazil
8.5.2Mexico
8.5.3Rest of LA
8.6CIS Serviced Apartment Market Size, Opportunities, Key Trends & Strategic Insights
8.6.1Russia
8.6.2Rest of CIS
Chapter 9

Competitive Landscape

9.1Competitive Dashboard & Market Share Analysis
9.2Company Profiles (Overview, Financials, Developments, SWOT)
9.2.1Ascott Limited
9.2.2Bridgestreet
9.2.3Frasers Hospitality
9.2.4Quest Apartment Hotels
9.2.5Oakwood Worldwide
9.2.6Citadines
9.2.7Homelike
9.2.8iQ Student Accommodation
9.2.9SilverDoor Apartments
9.2.10Synergy Global Housing
9.2.11TheSqua.re
9.2.12Treetop Development