The Serviced Accommodation industry is booming! It’s an ever growing sector and one of the fastest growing markets in the property industry. You’ve probably heard the term thrown around, but what exactly is Serviced Accommodation?
In a nutshell, Serviced Accommodation is a self contained property rented out on a short term basis. It’s perfect for people who need somewhere to stay but would prefer their own space and facilities, opposed to that of a hotel room. It’s essentially a home away from home. Typically it’s a place to relax, with must have amenities such as cooking equipment and Wi-Fi, and includes utilities in the nightly price.
So why is the industry booming? Firstly, the profitability of renting out your property on a short term basis to ‘guests’, rather than to long term tenants, allows you to demand a higher price for your property. On top of this, there are a bunch of tax efficient benefits to renting out your property this way. This is obviously very attractive to landlords. (You can read about how tax efficient serviced accommodation is in another blog post, stay tuned).
So who stays in Serviced Accommodation? There are numerous reasons why people choose to use Serviced Accommodation opposed to staying in a hotel room. Guests are not just on holiday or ‘staycations’, so the location of the property does not have to be in a so called ‘tourist area’. They are visiting family in the area, in town for a course, or working locally on a contract. They could be an actor starring in the latest theatre production, or a producer filming the next blockbuster. They could be in town for medical reasons and need their home comforts. Maybe they’re already local but their house is under renovation and require temporary accommodation, or they’ve just sold their property and looking for something temporary before buying or renting elsewhere.
Any home can be used as Serviced Accommodation, as long as it has the right amenities, and that is another reason why many landlords up and down the country are switching to renting out their property in this way.
If you own a property and are interested in renting it out as Serviced Accommodation, get in touch to see how we can help. At Switch Property Management, we specialise in helping landlords Switch to Serviced Accommodation (the proof is in the name) and earning more from their property.
Get in touch today and we can offer you a zero obligation and free evaluation of your property.
In a nutshell, Serviced Accommodation is a self contained property rented out on a short term basis. It’s perfect for people who need somewhere to stay but would prefer their own space and facilities, opposed to that of a hotel room. It’s essentially a home away from home. Typically it’s a place to relax, with must have amenities such as cooking equipment and Wi-Fi, and includes utilities in the nightly price.
So why is the industry booming? Firstly, the profitability of renting out your property on a short term basis to ‘guests’, rather than to long term tenants, allows you to demand a higher price for your property. On top of this, there are a bunch of tax efficient benefits to renting out your property this way. This is obviously very attractive to landlords. (You can read about how tax efficient serviced accommodation is in another blog post, stay tuned).
So who stays in Serviced Accommodation? There are numerous reasons why people choose to use Serviced Accommodation opposed to staying in a hotel room. Guests are not just on holiday or ‘staycations’, so the location of the property does not have to be in a so called ‘tourist area’. They are visiting family in the area, in town for a course, or working locally on a contract. They could be an actor starring in the latest theatre production, or a producer filming the next blockbuster. They could be in town for medical reasons and need their home comforts. Maybe they’re already local but their house is under renovation and require temporary accommodation, or they’ve just sold their property and looking for something temporary before buying or renting elsewhere.
Any home can be used as Serviced Accommodation, as long as it has the right amenities, and that is another reason why many landlords up and down the country are switching to renting out their property in this way.
If you own a property and are interested in renting it out as Serviced Accommodation, get in touch to see how we can help. At Switch Property Management, we specialise in helping landlords Switch to Serviced Accommodation (the proof is in the name) and earning more from their property.
Get in touch today and we can offer you a zero obligation and free evaluation of your property.
