So what is serviced accommodation exactly? Serviced accommodation is essentially the meeting point between long-term buy-to-let accommodation and hotels, and in the past, have been called ‘aparthotels’.
They are fully-furnished properties rented out to tenants for a short-term period and include amenities that you’d expect from a hotel in the cost.
Unlike traditional buy-to-let properties, where the most common kind of contract is an assured shorthold tenancy, or AST, where the tenant lets the property for between 6-12 months, serviced accommodation allows the guest to decide how long the occupancy will last.
Serviced accommodation gets its name due to the fact that the resident is offered “services” for staying in the property. Things like housekeeping, Wi-Fi, laundry and concierge services may be included, and what other services are provided depends on the landlord and the property, with some offering a bespoke experience typical of high-quality hotels.
This is popular with those looking for a shorter stay than renting, as you get the services of a hotel combined with the personal space and privacy of an apartment or house.
While you maybe haven’t heard of the term serviced accommodation before, you’ve probably heard of one of the largest providers of it. Airbnb is one of the most popular ways for travellers to find accommodation nowadays and has grown massively in recent years.
Indeed, many properties intended as buy-to-let property, such as HMOs, have been converted to serviced apartments as property owners look for the higher returns that serviced accommodations can offer.
Serviced accommodation can come in many forms, with serviced accommodation types such as apartments, houses, cottages, caravans, and even houseboats being popular options.