Despite the impact of COVID-19 on economies in 2020, the average occupancy and rental rates of our US assets improved from 2019. We expect to continue improving our portfolio performance with increased and active management.
For strong performing properties, we are able to further increase rental yield without compromising on occupancy rate with Asset Enhancement Initiatives as well as Flexible Pricing strategies. By adopting the above strategies, we maintained an average rental uplift of 13% over the past three years in the UK.
We implement multi value-add asset enhancement programmes to drive rent uplifts, which contributes to a 6% rent increase. These initiatives also allowed us to maintain high demand for rooms and achieve more than 95% occupancy despite strong competition from new developments.