New research by specialist lender Together reveals that there is rising demand for serviced apartments with almost three-quarters of UK adults valuing their benefits over hotels.
Why people want serviced apartments over hotels
According to the study, people would rather stay in serviced apartments so that they can cook in their own kitchen, have space for friends and family, and come and go as they please.
Nearly half (47%) of guests preferred serviced apartments so they can make their own meals, while over a third (34%) feel serviced apartments are more cost-friendly than hotels and 33% like being able to come and go as they please. A quarter like having the extra space to entertain friends and family, instead of what’s offered in a standard-sized hotel room.
Although hoteliers are showing signs of a strong recovery now that most legal restrictions have been lifted after lockdown, two-thirds (67%) of UK adults say there are aspects about hotels they don’t like.
Almost a third (29%) were put off by the expensive cost of hotel bookings and just under a fifth (19%) were worried about noisy neighbours. A further 16% were not impressed by the overall quality of hotel food or having to always dine out when staying away from home.
Impact of lockdown
The survey results follow the fact serviced apartments were permitted to stay open to paying guests throughout the pandemic, whereas much of the hotel and leisure industry was forced to close due to ongoing social distancing restrictions.
The majority of adults use serviced apartments for holidays, but 13% have used them for business travel and 12% for both an event or just due to the ease of lifestyle.
And with a recent study revealing 26% of adults are still unable to picture their pre-pandemic lifestyles returning at any point soon, having an alternative accommodation option for business or leisure is highly valuable.
Marc Goldberg, commercial chief executive officer at Together, comments: “After a year and a half of living with all our ‘at-home comforts’, it’s highly likely the end of lockdown and eventual removal of travel restrictions will result in a shift in the types of accommodation people want to stay in while travelling for business or pleasure.”
Goldberg continues: “We’re on the cusp of a different kind of normal – a hybrid workplace – meaning we’re either less obliged to travel for work, and when we do, can redefine our ‘work space’ if we’re not going to the physical office. In addition, UK holidays are already seeing unprecedented demand this summer, following a similar boom in 2020 which saw nearby residences booked up in popular holiday spots. Whether the trend is here to stay or not, what’s clear is how invaluable serviced apartments are to people before and during the pandemic.”