SilverDoor's Market Update - December 2022

SilverDoor's Market Update - December 2022

SilverDoor's Market Update - December 2022
13th December 2022

In our final market update of 2022, we outline the current trends, statistics, and developments within the global serviced apartment sector during Q4 2022.

Accommodation rates continue to be high across all global regions and the competitive rates the market was enjoying in 2020/2021 may not return for some time. Rates are up by 2.5% since our last update in August and are up 25% on the same period last year; from on average £129 in Q4 2021 to £162 in Q4 2022 (Source: SilverDoor). 

serviced apartment stats

In part, this can be attributed to sustained demand for serviced accommodation, as well as inflation. Business travellers do continue to take fewer trips, but of a longer duration, a trend which has endured for over a year and we are confident will continue. The focus on sustainability has factored into this, with many corporates looking to demonstrate a reduction in air miles and travel frequency. This trend is reflected in our average length of stay rising from 38 nights in 2021 to 40 nights in 2022. We predict volumes will stay healthy but a strong pipeline of new openings make for improved availability in primary locations in 2023.  

The trend for combining business & leisure travel is still with us; it’s also increasingly common for family to accompany travellers and to extend the trip with annual leave, meaning demand for two-bedroom accommodation continues to be healthy.

temporary housing stats

Since our Summer Market Update, we have onboarded 57 brand new property operators and 4,009 new apartments to our portfolio. The trend for combining business & leisure travel is still with us; it’s also increasingly common for family to accompany travellers and to extend the trip with annual leave. 

We do expect greater cost scrutiny from clients over the next 6–12 months and ‘discretionary’ and transient corporate travel – which has not returned to pre-pandemic levels anyway – will continue to be squeezed. 

Read on for SilverDoor’s international market experts' perspectives on the current status of all things global mobility – including summarising the rates, demand and supply within key representative cities in each region.

EMEA Region Focus


Serena Dines, Group Head of Revenue

"Great new openings make for an improved 2023 portfolio within London, particularly in previously low-supply areas like Southwest London, and North and West London areas such as St. John’s Wood and Notting Hill. Longer lead times allows for better rates, and corporate behaviours around lead times is shifting. We continue to recommend anticipatory booking for corporate travellers looking to secure rates whilst operators offer favourable winter terms."

London Demand

Medium – All districts of London are experiencing medium demand. Film production and media in central locations have meant sustained demand for properties in those postcodes. Business volume in Canary Wharf and The City of London has eased slightly, although some reports suggest that the Elizabeth Line could lead to a resurgence in popularity for Canary Wharf in 2023 among corporates looking to relocate from prime central London locations. SilverDoor is seeing longer lead times from corporates for group business, likely a reaction to high demand we have seen throughout 2022. Rates are steadying though; while they are not back to 2019 levels, they are at a mid-point between the standard of 2019 and the all-time high of summer 2022.

The leisure and tourism sector also continues to influence availability of apartment accommodation, with some central locations retaining high demand. December will see occupancy slip as corporate travellers leave the city, however healthy demand from international leisure travellers – in part due to the strong foreign exchange market for international travellers – has meant sustained occupancy.

London Supply

Improving– London supply continues to flourish, with significant international investment into the serviced apartment market. Whilst there is a strong AST (Assured Shorthold Tenancies) market - meaning landlords and building owners can have strong revenue from a more diverse tenant set - 2022 has demonstrated unprecedented income opportunities in the serviced apartment market, there are many new entrants poised to launch into the market during Q4 and it is encouraging to see the return of previously ousted stock.

Increased utility bills are now being felt, and we have begun to see the accompanying rent inflation as a result. Recent interest rate rises have meant a reduction of mortgage products on the market and more people extending in their private rentals. This has led to an increase in extended stays in serviced apartments, with the sourcing of permanent housing becoming more complex for corporate relocations.

SilverDoor has been recommending longer initial booking periods (30-45/60 days) to offer more flexibility and grace for corporates moving into the city on a permanent basis. Last-minute extensions are subject to availability and cannot always be fulfilled.

The good news, however, is that the SilverDoor team has never been busier viewing new properties and onboarding new property providers – all while existing partners expand their offering. Much of this new stock is in prime corporate locations within the City.


Alex Neale, Group Head of Partner Relationships

"Rates are reducing as crisis travellers disperse into long-term housing and as we move into the traditionally quieter winter months. Dublin faces challenges in the residential rental market. The entry of many large, multinational corporates has unbalanced the housing market. The influx of demand has created tension around the use of residential housing for corporate accommodation, with local government pressure to protect stock for local communities."

Dublin Demand

High – The impact of the Ukraine crisis meant the influx of requirements for Dublin properties spiked, but this urgency has now settled. Continued travel and relocation into Dublin means the European hub has never been more popular for corporates.

Dublin Supply:

Medium – Availability has increased considerably, with new entrants into the Dublin market providing a better choice than ever. There is significant investment in the area, with continual new developments continuing to bolster supply. Family and individual apartments are providing a wider choice within the Irish capital.


Sunny Nair, Senior Account Support

"Even though there is limited availability, now more than ever SilverDoor is able to leverage our strong partner relationships to ensure that our clients are offered a wide variety of options to suit their needs. This often means securing availability where it may not otherwise be available. Rates are higher than usual winter months, in part due to inflation and the added pressures of the FIFA World Cup; agents have had to negotiate hard to minimise the increase for clients."

Dubai Demand

High and Rising – At present, availability in Dubai is limited. Our partners are seeing strong demand and high occupancy, and this extends until February 2023. Corporate business is more resilient in Dubai compared with other areas, in part due to regional tail winds. This means that even as uncertainty looms in the rest of the world, businesses are continuing to relocate into Dubai.

Dubai Supply

Solid – We have a strong network of partners and good diversity of units available in the city. Looking forward into 2023, we are expecting even more rooms to become available, with key partners in the city adding to their portfolios. This is particularly evident in popular neighbourhoods such as the Marina and the Palm Jumeriah.

Americas Region Focus

New York

Stephen Homsey
Regional Manager – North America

"After the high demand and increased rates of Q2 and Q3, New York City has begun to stabilize. Demand has decreased as expected as we enter the winter months, and therefore rates have been decreasing from the busy season. It is expected that dates spanning busy weeks over the holidays and New Year in New York City may see a bump in rates. We forecast, based on previous seasonal trends, that demand and rates will begin to increase again come mid-February.

By considering alternative boroughs to Manhattan, additional options can be offered at even lower rates. We recommend enquiring for accommodation at least 30 days in advance of planned check-in. Decisiveness when selecting accommodation and early planning for any extensions to stays is key to ensuring availability without disruption. Similarly, providing good booking windows in advance of travel is also an excellent way to guarantee booking preferred accommodation."

New York Demand

Medium - New York continues to experience demand from business travellers, relocating assignees, and project groups but has cooled off a bit from the surges in Q2 and Q3. In addition, international and domestic leisure travel has also contributed to increased demand for accommodation.

The New York events calendar creates demand spikes that can interrupt availability for long stays – with December seeing holiday celebrations and shopping, events, parades, and the New Year celebration. Q1 will see demand levels steadily settle.

New York Supply

Medium – After a strong year of sourcing new stock, SilverDoor has a varied portfolio across Manhattan, as well as in nearby, commutable areas such as Brooklyn, Jersey City and Hoboken. The market moves quickly, and rental options do not remain available for long. Q1 forecasts expect supply to remain steady with exception to the second half of December into the first week of January.

APAC Region Focus


Sophie Brinsley
Vice President - APAC

"Singapore has been living with eased pandemic restrictions for a few months and most measures have now been lifted. Business travel and relocation into Singapore has been extremely strong throughout Q3 2022 and, although we expect a slight pull back, we recommend our clients to plan extended lead times for the securing of serviced apartments in Singapore and to also increase their budget expectations, particularly for 2- and 3-bedroom units required for 30 – 90 days."

Singapore demand

High – Compared to Q3 2022 we have seen a slight decline in demand for Singapore apartments as we move towards the end of 2022. Overall, however, occupancy levels are still very high compared with pre-pandemic levels. Although the reduction in demand is typical during the winter months this may also be caused by the recent easing of COVID restrictions in HK and China. SilverDoor expects demand to remain high in Singapore and pick up slightly in 2023, while not necessarily reaching the all-time hight levels we saw in Q2 and Q3 2022.

Singapore Supply

Low – With strict government regulations and a small geographic footprint, supply cannot quickly adapt to heightened demand. SilverDoor has seen a strong property market in Singapore, with property prices increasing around 10% year-on-year. Residential stock is in high demand from long-term renters, limiting any additional supply. Equally, residential buildings only alleviate the supply issues for stays of 90 days or more, due to minimum stay restrictions. This is mildly alleviated by the growth in corporate housing and co-living over the past few years. Under these inflexible supply conditions, rates have increased, and terms have become more stringent, particularly in 2- and 3-bedroom markets.

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