Do not be misled; the serviced apartment market is not a newcomer. Although they haven’t been around as long as vacation rentals, serviced apartments have been meeting a particular demand of travelers for more than ten years.
A serviced apartment is what?
A “serviced apartment” is a kind of furnished apartment that is offered for long or short-term stays, offers amenities, cleaning, and a variety of services for visitors, and where most taxes and utilities are included in the fee.
Serviced flats are often designed to accommodate the requirements of business travelers, whether they are making lengthy journeys or moving for a job.
There are now thought to be 826,759 serviced apartments available globally, according to the Global Serviced Apartment Industry Report. The majority of these are in the Americas, particularly in Canada, but they are also becoming more common in Europe, Australasia, and Asia.
The data also demonstrates that, despite serviced apartment use increasing year over year, the pace of adoption is decreasing. This is a result of challenges including “very lengthy booking times,” “inconsistent services,” and “a lack of recognizable brands.” Could the sector for vacation rentals and internet travel agents aid in removing these obstacles?
How might OTAs like Booking.com and Airbnb aid in the expansion of this industry?
Previously, beach, lake, or mountain homes would have been referred to as “vacation rentals.” It would seldom ever apply to homes in major urban areas.
But there are more chances for both hosts and visitors in metropolitan areas because of the unexpected rise of home-sharing websites like Airbnb. Paris, London, New York, Rio de Janeiro, Los Angeles, Barcelona, Rome, Copenhagen, Sydney, and Amsterdam are the leading markets on the website regarding active listings.
While Booking.com’s Work and Airbnb’s Business products have already made inroads into the corporate housing market, many serviced apartment providers are still missing out on this chance. However, the sector will concentrate further as more executive apartment providers utilize OTAs to advertise their lodgings to millions of prospective tourists. As a result, the distinction between work travel and vacation travel will remain hazy.
Vacation rentals and serviced flats have mutual advantages
Serviced flats have several characteristics that make them acceptable as holiday rentals and vice versa. Both alternatives usually provide greater room and freedom when compared to a standard hotel room. But what more can you do to entice business visitors (and their firms) to your property?
Provide excellent value for money
Typically, vacation rentals and serviced flats are less expensive than hotel stays. In comparison to the lodging quality and duration of stay, that is. You may take it a step further as an independent owner and provide discounted prices for longer-term reservations. As a hotel won’t be able to provide the same deal, this makes your property very competitive.
Have a fully equipped kitchen
Having to eat out often during hotel stays is one of the biggest annoyances. A bonus is giving visitors access to a kitchen that has everything they need to prepare a meal, particularly if they have specific dietary needs.
Make doing laundry simple
Laundry facilities are a must for any visitor staying a long time. There should be washing and dryer on-site, at the absolute least. You may, however, also provide a separate dry cleaning and ironing service. A business traveler may just need this to maintain their professional appearance when away from home comforts.
Additional services to compete with top hotels
The extras you provide give you a chance to convince your visitors that your vacation rental or serviced apartment is the superior choice, from local gym and private pool access to concierge services, drivers, and other travel arrangements. For business travelers, convenience is essential, so make sure it’s easy to use these additional services.