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Serviced apartment daily rate sees increase

The serviced apartment industry is seeing an impressive rise in occupancy rates, leading to an increase in daily rates.

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A growing industry

According to the Association for Serviced Apartment Providers (ASAP), the industry is seeing a rapid expansion around the world as business and leisure travellers are beginning to appreciate the benefits that a serviced apartment offers over the more traditional hotel model.

Some industry pundits believe that the rapid growth of alternative accommodation sites online, such as Airbnb, has helped to fuel interest in the serviced apartment sector. People have started to realise that there are options other than a hotel room when travelling. Airbnb is credited with supplying visitors with a unique insight into local living, which many travellers embrace wholeheartedly, but for business travellers and families, sharing occupancy with the property’s owner is not always desirable. Business travellers in particular appreciate having room to sit at a desk and work on projects, while families enjoy the extra space and home comforts that a serviced apartment can provide.

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Daily rate increase

ASAP has released figures indicating that the average rate for a UK serviced apartment has increased by a little under 4 per cent to £139.08. This rise is partly fuelled by an increase in London of just over 10 per cent to £185.58.

Occupancy levels are currently running at an impressive 81.5 per cent within London and 79.2 per cent for the rest of the UK, indicating that the industry is enjoying a surge in popularity, with demand often exceeding supply.

Why are serviced apartments so popular?

Around 55 per cent of the UK’s serviced apartments are in and around London, but other cities also provide this service. They are often found in the most select locations, such as the serviced apartments in Birmingham at http://www.8waterloostreet.co.uk/serviced-apartments-birmingham-city-centre.html, which are in the centre of Birmingham’s most select shopping region close to high-end boutiques and Michelin-starred restaurants.

Unlike hotels, a serviced apartment offers visitors the chance to relax in an apartment or studio that is comfortably fitted out with chairs, tables and kitchen facilities, which can vary from a small kitchenette to a fully-equipped kitchen complete with a dishwasher. Housekeeping services are provided, making the experience similar to a hotel stay but with the advantage of being able to stretch out, relax and even prepare meals if desired.

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