Serviced accommodation fully furnished apartments or rooms are available for both short-term as well as long-term stays. How it works, instead of renting out your room or apartment on a monthly basis you can rent it out per night just like you would at a hotel but with the luxury of having a kitchen, lounge and parking facilities. If you have a room which you rent for £500 pcm across a month you’re making £16 per day. Imagine you rent the room as serviced accommodation to someone looking to stay in the area 3 or 4 days on business or vacation at £70 per day then within 8 days you would have already made more money than a tenant renting for a month. As you can see this is a lucrative business and one that is growing rapidly.
Serviced accommodation is set to expand faster than any other segment of the UK hospitality market over the next two years. With the help of sites such as Air BNB, which has massively increased the profile of serviced accommodation and has over 100,000 properties registered throughout the UK making it makes it easy to book an apartment or room anywhere any time with the home comforts of a serviced apartment or room instead of being in a costly hotel.
To make sure you achieve the greatest return from your serviced accommodation it’s very important that you present and market your accommodation professionally.