Occupancy rate refers to the percentage of available units or space that are currently occupied by tenants or users. It is a commonly used metric in real estate, hospitality, and related industries to measure the utilization of a property or facility.
In the context of the hospitality industry, occupancy rate typically refers to the percentage of available rooms in a hotel or other lodging facility that are currently occupied by guests. It is calculated by dividing the number of occupied rooms by the total number of available rooms, and multiplying by 100 to express the result as a percentage.
