Serviced Apartments Increase!
But can they be as good as a hotel? It’s possible they’re not the first kind of property you look for when considering a weekend away, or when you’re travelling with work. Hotels are all well and good, but they will always be just that: a single room. Serviced apartments – with that home-away-from-home feeling and a personal, intimate space that is completely yours – are on the rise in comparison to hotels. So what, or who, are bucking hotels in favour of home-styled apartments?
Apartments are Fastest Growing Accommodation in Europe
Despite hotels having a massive presence online and in our town and city centres, serviced apartments have been the fastest growing temporary accommodation class in Europe in the last 12 months. The reason? Simple: serviced apartments on the whole cost less than hotel rooms, offer up to 30% more space, and are more readily available for workers or travellers who need to be outside a city centre. They also encourage families to stay together and in an easier way that they’d be able to in a hotel. When considering occupancy rates, apartments won there too: serviced apartments in the UK averaged an occupancy rate of 81% in 2016, outperforming hotels which lagged behind at 77.2%.
Length of Stay is greater in an apartment
Hotels simply can’t keep with serviced apartments in terms of ease of use, the lack of operational complexity and value for money – and especially when it comes to occupancy time: consultancy HVS provided data at a recent industry event that showed that over half of serviced apartment stays are around 10 nights. The same time period in a hotel is around 7.2 nights, mainly down to tourists visiting large UK cities like London and Edinburgh.
The Sector is Expanding
Up to 36% of serviced apartment operators are reporting that they’re accelerating expansion plans for the coming year as demand for apartments has exceeded expectations, to the tune of 10,000 units that are currently “in the pipeline” across Europe, 37% of which will open by the end of this year. There’s confidence in this market as more businesses use serviced apartments above hotels, and tourists – turned to alternative accommodation by companies like Airbnb – look for a high class, roomier property to stay in for a foreign trip. Of course, serviced apartments win out against budget options like Airbnb due to the fact that they are not already someone’s permanent residence. A good serviced apartment should feel like it was made especially for your visit.
Different groups benefit from apartments
Hotel rooms are a one-size-fits-all kind of deal. Guests are flocking to serviced apartments is because they offer a bespoke experience to a number of different groups, not least of which is the millennials, who prefer exciting, tailored accommodation to the kind you’d find in a hotel, and families, who can separate into their bedrooms and take advantage of communal dining or living space.
iStay serviced apartments are part of this phenomenon sweeping the hospitality industry right now. We have a number of options that will suit millennials to tourists, executives and beyond. Call us today to set up a stay in one of our apartments – we promise to let you in on everything Northampton has to offer!