What is Serviced Accommodation
Serviced accommodation refers to fully furnished, self-contained properties that can be rented for short or long periods. These properties may offer services comparable to those provided by hotels, including regular cleaning and access to on-site amenities such as swimming pools, gyms, or spas.
Serviced apartments are frequently situated in residential buildings and their availability of on-site staff may vary. The operator typically coordinates the meeting with guests upon arrival, provides a safety deposit box, and occasionally provides keyless entry options.
When renting out a property as serviced accommodation, it is important to note that this is different from “short-term lets” that can be established through various legal agreements, such as an Assured Shorthold Tenancy agreement. The arrangement for serviced accommodation is more similar to that of a hotel.
Serviced accommodation, such as the reputable Farnborough service apartment, is often categorized as apartments on hotel booking websites, but its offerings go far beyond a typical living space. This type of accommodation has gained immense popularity among business travelers and individuals relocating for corporate purposes.
Serviced apartments are becoming more widely accepted as a reliable and economical option for hotels. They are particularly suitable for extended stays and situations where it is preferable to have access to all the amenities one would have at home and experience the local lifestyle.
Serviced accommodation is categorized in the same way as furnished holiday lets (FHL), making it subject to identical planning regulations and tax obligations. Our blog article, “Is a holiday let better than a buy to let?” discussed the advantages of furnished holiday lets in detail.
What is typically included in serviced accommodation?
To effectively communicate with tenants, landlords should provide clear guidelines regarding the inclusions and expectations for individuals residing on their property.
Serviced accommodation essentially offers a comfortable living space that resembles a home environment. In most instances, the rental price covers all expenses related to taxes and utilities.
Serviced apartments have become increasingly popular among business travelers who require longer stays in a particular location. These accommodations provide a desirable combination of privacy and convenience. However, even individuals with shorter stays may find serviced apartments appealing if they desire more spacious living quarters and the option to prepare their own meals. Guests with knowledge of the general domain can anticipate specific features in a serviced apartment.
In a studio apartment or a living area, there is a distinct and designated sleeping space, which could be One or more bedrooms that are separate. In a well-stocked kitchen, you will find all the necessary items for storing and cooking food. This includes Pots, pans, plates, and utensils. Additionally, having A dishwasher and washer/dryer is typically anticipated.
To facilitate remote work, it is essential to have amenities such as a television, WiFi, and a dedicated workspace with a desk. The cost should cover all the necessary utilities, such as water and electricity. Frequently, a housekeeping service is commonly provided, with many operators scheduling it on a weekly basis.
What factors contribute to the popularity of serviced apartments?
If you’re contemplating the possibility of investing in this particular property strategy or renting out your investment as a furnished apartment, it would be worthwhile for you to understand the key factors that contribute to the widespread popularity of these property types.
Space
As we have previously pointed out, serviced accommodation provides a comfortable and familiar environment that cannot be achieved in a hotel. Most importantly, it offers significantly more space.
According to reports, furnished apartments typically offer around 30% more living space compared to hotels. During their stay, guests appreciate the convenience of having a personal space where they can work, unwind, prepare meals, and rest.
Value
Knowledgeable travelers often appreciate the cost-effectiveness of choosing serviced apartments over hotels, as the prices are typically about 20% lower for a comparable stay. Additionally, there are no hidden expenses, such as charges for the minibar or room service, which would be added to the final bill.