It seems that the first half of this year saw the serviced apartment sector record a 5.5% growth in terms of revenue per available room. London, which accounts for 55% of all serviced apartments in the UK, is a significant contributor of that growth, with the regions performing strongly, too.
Serviced apartments are performing particularly well. Demand is currently exceeding supply. The 2016 Knight Frank Global Cities Report showed that nearly two thirds of global serviced apartment operators are experiencing year-on-year growth. The number of serviced apartments around the world has grown by 80% since 2008 – so the fact that demand is exceeding supply is especially impressive. It seems the world really is waking up to the benefits of serviced apartments over hotels.
For professional serviced apartment providers, Airbnb has been a game-changer
It’s now widely accepted that Airbnb has helped traditional serviced apartment providers like Smart Stay, by raising the profile of what we can offer travellers. And whilst it is making things more competitive, it’s also making travellers think beyond the traditional hotel stay, and those travellers that are seeking a ‘guaranteed’ quality and standard of accommodation are choosing ASAP Quality Marque approved providers such as Smart Stay, rather than risking the unregulated Air BnB market place. Experts do tend to agree that this change in perception is a significant factor in the growth of serviced apartments in the UK and across the world.
Get on board and find out what Smart Stay serviced apartments have to offer
With serviced apartments in Hull getting booked up well in advance, it’s important to plan ahead if you’re heading to the UK City of Culture. Our ever-popular apartments in throughout the City of Hull are growing in popularity year after year, so take a peek at what we offer and book while you can! Have a look at our serviced apartments in Hull now.