Although the concept of serviced apartments is not new, it has been receiving a lot of attention in recent years. Sitting between hotel offerings and residential apartments, serviced apartments have gained a lot of momentum, with developers working hard to raise awareness among potential customers. Although there are still significant challenges like minimum stay regulations and planning restrictions, the serviced apartment sector will continue growing.
A Better Alternative to Hotels for Many
There are several reasons why serviced apartments are a better alternative than hotels for those who prefer them. The feeling of a home away from home that serviced apartments affords you is something you cannot get in a hotel. The freedom and room to cook, sleep, relax, and work is a huge plus for a lot of people. Also, studies have shown that guests get about 30% more space in a standard serviced apartment than they would get in a hotel.
Furthermore, serviced apartments are usually about 20% cheaper than hotels. This, coupled with no extra charges for services and amenities such as room service and gyms, makes serviced apartments appealing, especially for those who are looking to stay for longer.
Demand and Supply Are Both Growing
The demand for serviced apartments is growing, especially in Europe. This is thought to be because of an increasingly mobile workforce that is leading to a boost in both travel and relocation. Additionally, those travelling for leisure prefer the additional space and amenities offered by serviced apartments.
To meet this demand, businesses and investors are taking note and providing more serviced apartments. These businesses and investors understand that different people have different needs and this is what is leading to the diversification of the types of serviced apartments you can get in different markets. For example, if you are travelling alone or living alone while on business, businesses like Dream Apartments offer one-bedroom or studio serviced apartments in cities like Manchester and Liverpool. If you are travelling with family or need more space, you can also get in touch with them for their two and three-bedroom serviced apartments Manchester and other cities in the UK.
Opportunities for Mixed-use Developments
Serviced apartment providers are also looking into expanding their businesses by combining offices and serviced apartments in one building. This concept seems like a natural fit because the serviced apartment providers need those working in the offices to opt for their apartments while they provide tenants for the office located in the same building. This arrangement is especially appealing for serviced apartment providers targeting corporate clients.
Appeal to Guests on Smaller Budgets
Serviced apartment providers are offering new options for those on smaller budgets. Serviced apartments are becoming smaller as operators look to make the most use of the space that they have available. Smaller apartments and studios are often cheaper and thus they both become a great option for those travelling on a budget and do not need a large space, especially if they intend to stay for a short period.
The serviced apartment sector is growing and there are no signs that it will slow down any time soon. And, with more operators providing apartments that appeal to different types of guests, serviced apartments are poised to become a key player in the overnight stay as well as short and long-term stay sectors.