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The rise of short-term serviced apartments

The number of people using short-term serviced apartments instead of hotels is increasing. A new report published by property experts Knight Frank found that, worldwide, the market for serviced apartments has risen by 80% since 2008, with the European market being the fastest growing in 2015 – up by 42%.

However, awareness of serviced apartments amongst business travellers is outgrowing that of leisure travellers. A survey conducted by global real estate firm Savills found that only 59% of consumers were familiar with serviced apartments, but there was more awareness amongst business travellers – 72%. They also found that the number of international visitors staying in serviced apartments in London has been rising consistently over the past three years.

In 2015, Knight Frank concluded that the rise in the popularity of serviced apartments was down to two main factors. Firstly, since the financial crisis, businesses have become much more cost conscious and have been looking for ways of cutting back on expenses. A serviced apartment compares favourably in comparison with hotels, especially for employees with medium- and short-term corporate accommodation needs on business trips and in the event of a company’s relocation.

Staying in serviced apartments doesn’t just save the company money. Whilst employees get the luxury offered by a hotel, they’re in a more homely environment which makes business trips more attractive. The size of the apartments also makes it possible for families to visit for short breaks, increasing employee buy-in to the prospect of being away for so long. And if a company is relocating, staying in serviced apartments allows employees time to get to know the area before they commit themselves to long-term accommodation. In fact, there are increasing numbers of companies relocating to London, making serviced apartments excellent corporate accommodation solutions.

The second reason cited by Knight Frank for the rise of short-term serviced apartments is the change in travel habits by the new generation of employees who are much more flexible when it comes to business and leisure travel. Their attitude is encouraging companies to deploy people around the world on shorter-term assignments and serviced apartments provide a much cheaper solution than hotels.They are also much easier for a company to manage than rented housing.

Buying Business Travel recently surveyed 182 European travel managers and found there were 4% more serviced apartment bookings in 2015 than there were in 2014, with 48% of companies insisting their staff stay in serviced apartments when their trip exceeds a certain duration.

With so many global companies based in London and Watford, it’s unsurprising that our apartments are increasingly in demand to provide short-term corporate accommodation. As all our apartments have allocated parking, spacious rooms, unlimited WiFi and fully fitted kitchens, they make excellent bases for business travellers looking for somewhere to stay for more than three nights.

Click here if you’re looking for a short-term apartment in Watford, Elstree, Finchley and Muswell Hill call us on 020 8144 9514.

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