Temporary Housing Research Round-up: Best of 2018
Anyone who’s part of the temporary housing world will tell you: the industry is a truly dynamic one. For apartment providers, trends and technology are changing constantly. As a global furnished apartment market for professionals, Urbandoor has a finger on the pulse of the industry – so we’ve gathered our favorite articles insights of 2018 to share with you. Read on to hear from top industry leaders and publications, and discover ways you can improve your own properties.
- HBAA – How Serviced Apartments Help business Travellers Feel Part of a Community
- NewsBlaze – Current Serviced Apartment Trends
- Relocate Magazine – The Rise of the Mid-market Apartment
- Travel Weekly Asia – Serviced Residences: Views From the Top
- NMHC – Explaining High Apartment Returns
What we’re seeing is move away from conventional serviced apartment models in favour of more flexible property designs. Many operators that SilverDoor partners with have introduced lifestyle-focused spaces and services. Cuckooz, for example, tailors all of its apartments to their local areas, and offers guests curated location guides. Saco has, similarly, put the focus of its Locke brand on neighbourhood culture, providing access to a number of events and experiences close to its properties.
As more people take up travelling and with companies increasingly requiring their employees to be more flexible and willing to move around, the demand for serviced apartments will keep increasing. To respond to this, serviced apartment providers need to keep offering a service which is competitive by focusing on comfort and affordability.
“People are interested in more of a lifestyle approach to where they live and work,” says Stephen Hanton, chief executive officer of SACO, The Serviced Apartment Company. “While people are on assignment they might want to join a yoga class, a running club, attend a TED talk, or a cocktail party for other residents in the block.” … Authentic experiences within the new city have become more important to those looking to move, with the idea of living like a local and fully immersing yourself in the heart of the culture being a major factor for those looking to move, he points out.
We are seeing a rising demand for co-living spaces, driven by a mobile generation of young people who demand flexibility, openness and collaboration. Millennials no longer draw distinctions between business and pleasure, work and play. They have no qualms about being digital nomads, travelling frequently or relocating for work. More than anything else, they seek out experiences and value being part of a community,” said Ascott’s Goh. While Airbnb usually springs to mind when one thinks of unique living spaces, operators are giving it a run for its money with their own interpretations of ‘homes away from home’ that are imbued with distinctive designs and local touches and evoke a sense of community.
Over the last three decades, apartments have become a recognized and desired asset class among real estate investors, both domestic and foreign. One reason for the investor interest is that apartment returns have outperformed other property-types… The authors find that this stems in part from investors under-estimating capital expenditures for both office and industrial properties.
And there you have it: Urbandoor’s favorite temporary housing insights of 2018. And if you enjoyed the read, be sure to share with colleagues and friends!