The global hospitality market is undergoing a significant shift, with alternative accommodations projected to reach $924 billion by 2034, driving substantial growth in the sector. Reside and Reside, a Wyndham Residence is at the forefront, enabling property owners to capitalize on this demand, fueled by:
A growing desire for home-like stays with added comfort and flexibility.
Increased demand for flexible, short-term rental options tailored to modern lifestyles.
By 2027, the U.S. will require an estimated 250,000 upscale extended-stay rooms to meet traveler demand. (Skift)
The average daily rate (ADR) for hotels in the United States is ~$106 per night. (CoStar)
The average monthly rent for a two-bedroom apartment in the United States is $1,807, or approximately $60 per night. (Apartments.com)
The alternative accommodations market is expanding rapidly, with demand outpacing supply growth by 1.5:1 and serviced apartments achieving a 10% annual growth rate.
Serviced apartments deliver 10–20% higher profitability compared to traditional hotels and demonstrate greater resilience during economic downturns. (Skift)
Upscale extended-stay hotels generated $932 million in May 2024 alone, marking a 3.7% year-over-year increase and outperforming other hospitality segments. (Skift)
Extended-stay hotels saw less than 0.5% supply growth over the past year, while demand increased by an average of 2.6%. (Skift)