The last couple of years have been tough for the hospitality-and-travel industry, with luxury hotel rooms standing empty across the globe. But there have been unexpected winners, too— serviced apartments available for short-term rentals. Fully furnished residences that come with all the bells and whistles of your favorite high-end hotel, from fresh flowers to an on-demand masseuse, are proving more appealing than ever, even in markets such as Europe and North Africa, where serviced apartments used to be a rarity.
Agents report continuing high demand for ultraluxury rental properties including a kitchen, living quarters, and space to work remotely. They also cite the assurance of a high level of hygiene control compared with, for example, Airbnb properties. Many of those requesting such properties are high-net-worth buyers who want a holiday home combined with the opportunity for high yields when they aren’t in town.
In London, Guy Bradshaw, managing director of United Kingdom Sotheby’s International Realty, says his rentals team has seen a “massive increase” in people requesting short-term stays in service-driven apartments rather than hotels, for vacations and business trips or a combination of both—the so-called “bleisure” (business and leisure) traveler.
“We see that people increasingly prefer to be in boutique-driven private spaces rather than public hotels,” Bradshaw says. “Serviced apartments offer just that.”
He cites the Four Seasons–branded 10 Trinity Square, in Tower Hill London, available for £29,900 per unit per month.