Hotels are already feeling the crunch from the rise of online, furnished housing rental options that allow travelers to book a stay in everything from premium apartments in world-famous cities to gorgeous private homes in desirable locations. In fact, this is so lucrative that investors are opting to purchase apartments, condos and single-family homes in some of the most in-demand areas and then rent them to travelers on business or leisurely holidays.
This, naturally, is evolving and becoming a sort of hybrid of hotel stays and private accommodations, with the serviced apartment emerging as one of the most desirable alternatives. Taking furnished housing to a new level, it is a way for anyone to enjoy a short or long term visit along with the kind of housekeeping, specialized services and “at home” feeling that a hotel never provides.
This also happens to represent one of the next big things to cash in on, especially in areas where travel and corporate housing are in constant demand.
The idea of the premium serviced apartment is not new, and is not even limited to one part of the world. For example, furnished housing with upscale services has become a major area of investment in parts of Kenya in Africa. Essentially, anywhere in the world where “leisure, business and conference tourism is vibrant” and active is a great spot to invest in furnished housing that can be offered as a serviced apartment or private home.
Obviously, it is never just a matter of having a space to rent. It has to be a property chosen with a few key issues in mind:
- Viability as a rental
- Services available
As a fully-furnished and serviced apartment, a property has to be in a region close to the top destinations or business areas. It has to be legally operable as a rental. For example, does a housing authority or building board allow rentals? If so, and if it is easy enough to arrange for the kinds of services needed, it is likely a savvy investment.
Keep in mind that studio apartments, multi-bedroom apartments and condos as well as free-standing homes are all ideal furnished housing options. The key is to be sure that the furnishings are part of the appeal and create a home-like setting for those enjoying lengthier stays. There are many cities with thriving business communities and corporate entities, cultural activities and natural appeal – all of them make great options for furnished housing rentals.