Trend Analysis- Serviced Apartments As A Rising Industry
The hotel sector is in a perpetual state of evolution to accommodate new market groups and travel patterns. In recent years, the demand for longer-term visits and the desire to explore local culture have been two of these changes. As a result of the hospitality industry’s growth, there has been an influx of serviced flats and apart-hotels.
In this month’s trend summary, we examine the origins of the demand for serviced flats, the benefits for travellers and owners, Airbnb’s role in this market, and some aspirational examples.
TREND MAPPING IN THE SERVICED APARTMENT INDUSTRY
During the past decade, serviced apartments have gone from a hospitality industry outlier to one of the fastest-growing market segments.
The serviced apartment industry has been experiencing significant growth in recent years, and this trend is expected to continue in the coming years. As more people travel for business and leisure, serviced apartments offer a comfortable and convenient alternative to traditional hotel rooms.
One of the major drivers of this growth is the rise of the sharing economy and the popularity of platforms like Airbnb. Serviced apartments provide a similar level of flexibility and convenience, but with the added benefit of professional management and a range of amenities and services.
Another key factor is the increasing demand for longer-term stays. Many travellers, particularly those on business trips, require accommodation for several weeks or even months at a time. Serviced apartments offer a cost-effective and practical solution, as they are often priced lower than hotel rooms for extended stays.
In addition, the growing trend towards remote work and digital nomadism has also contributed to the rise of the serviced apartment industry. With more people working from home or on the move, there is a greater need for flexible and comfortable accommodation that can accommodate both work and leisure needs.
Overall, the serviced apartment industry is expected to continue its upward trajectory in the coming years, as more travellers seek out the convenience, flexibility, and cost-effectiveness of this type of accommodation.
WHEN TRAVELLING, WHY SHOULD YOU RENT A SERVICED APARTMENT?
There are numerous benefits for properties that invest in the expanding sector, but increased traveller interest is one of the greatest. The benefits of serviced apartments for guests include space and family-friendly options, as well as simpler, healthier, and more affordable dining options.
IT’S BECOMING INCREASINGLY DIFFICULT TO DISTINGUISH BETWEEN THE HOTEL BUSINESS AND AIRBNB
Many attribute the shift in the sector to Airbnb’s growing profitability and popularity. There is little doubt that Airbnb influences the hospitality business, causing many hospitality workers to compete with the home-sharing website. However, not all hoteliers view Airbnb as an adversary, and as the sector shifts toward a broader serviced apartment and aparthotel offering, there are some hoteliers that view the trend as an excellent opportunity for expansion and investment.
Serviced apartments offer a convenient and cost-effective alternative to traditional hotel rooms, and they are well-suited to meet the needs of various individuals. As such, we can expect to see more and more serviced apartments popping up around the world, providing a comfortable and flexible accommodation option for those on the move.