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Benefits from the vacation rental industry for serviced apartments
Benefits from the vacation rental industry for serviced apartments
The serviced apartment industry isn't the newest kid on the block, so don't be deceived. Serviced flats, which haven't been around as long as holiday rentals, have been meeting a particular demand for travelers for more than a decade.

The serviced apartment industry isn't the newest kid on the block, so don't be deceived. Serviced flats, which haven't been around as long as holiday rentals, have been meeting a particular demand for travelers for more than a decade.

A serviced apartment is what it sounds like.

Serviced apartments, as defined by the ASAP (Association of Serviced Apartment Providers), are furnished apartments available for long or short-term stays, which offer amenities, cleaning, and a variety of services for visitors and cover the majority of taxation and utility costs.

 

There are serviced apartments to fulfill business travelers' demands, whether on an extended trip or moving for their job.

 

An estimated 826,759 serviced apartments may be found across the globe, according to the Global Serviced Apartment Industry Report (GSAIR). There are rising numbers of them throughout Europe, Australasia, and Asia, however, they are concentrated in the Americas and Canada.

 

Serviced apartments are becoming more popular yearly, but their adoption rate is slowing. "Too lengthy" wait times for bookings, uneven service, and a scarcity of well-known brands are all to blame. Could the vacation rental and internet travel agency industries aid in the removal of these roadblocks?


Did you know people are making ridiculous amounts of money in the Airbnb industry without ever owning a vacation rental property? Find out more.

What role can online travel agencies (OTAs) like Airbnb and Booking.com play in the expansion of this market?

"Vacation Rentals" was used to refer to homes in beach, lake, or mountain regions before the phrase was coined. If you live in a major city, you're unlikely to be affected by this policy.

 

Hosts and visitors alike are finding new ways to work together in cities because of the unexpected emergence of home-sharing platforms like Airbnb. Paris, London, New York City, Rio de Janeiro, Los Angeles, Barcelona, Rome, Copenhagen, Sydney, and Amsterdam are the most popular cities for active listings on the site.

 

While Airbnb and Booking.com have already entered the corporate housing market with their Work and Business solutions, many serviced apartment providers are still missing out on this potential. However, as more upscale apartment complexes turn to online travel agencies (OTAs) to promote their properties to the millions of additional passengers they want to attract, the sector will become more concentrated. Because of this, the distinctions between work and pleasure travel will continue to blur in the future.

Vacation rentals and serviced apartments both have their advantages.

Several characteristics of serviced apartments make them ideal for both short-term stays and long-term stays as holiday rentals. Both of these alternatives provide more space and freedom than a standard hotel room. But, what more can you do to make your home appealing to business visitors (and their companies)?

Possess a high return on investment

In most cases, renting a home or apartment rather than staying in a hotel can save you money. To put it another way, this is true when comparing things like lodging quality and total duration of stay. In addition, as a private owner, you may go one step further and offer discounted prices for longer-term rentals. Makes you an attractive option for visitors who can only afford a few days in your home. Some people even leverage Airbnb rental arbitrage to make even more income without owning the vacation rentals.

Set up a well-stocked kitchen

Staying at a hotel and having to eat out all the time is a major annoyance. If a client has unique dietary needs, having a fully equipped kitchen in their accommodations is a huge asset.

Laundry should be a simple task.

All long-term guests should have access to laundry facilities. A washer and dryer are a bare minimum need. You may, however, add a dry cleaning and ironing service to your repertoire. If you're a business traveler, this might be just what you need to stay looking your best while away from home.

Offer more services to compete with the best hotels

Amenities such as a private pool, a gym, and a concierge service may help you demonstrate to your visitors why your vacation rental or serviced apartment is a better alternative than the competition. For business travelers, ease of use is critical, so be sure you provide quick access to these additional services.