April 11 2024 saw the public release of the first ASAP Independent Review of the Role and Value of Serviced Apartments in the UK, a groundbreaking report into the scale and economic value of the serviced apartment sector.
Produced by global research experts BONARD, who specialise in rented residential asset classes, the first aim of the report is to establish a clear definition of the sector and then quantify the sector’s economic and social contributions.
This study brings to light new insights on market dynamics, customer profiles, their underlying motivations, and the sector’s substantial role in both the UK economy and local communities, providing policymakers with a comprehensive view to help guide regulatory decisions. As such, the report offers evidence-based recommendations to ensure that it can develop to its full potential, and continue benefitting the national and local economies.
James Foice, ASAP CEO, says: “While business travellers traditionally comprise almost half of all guests, tourists and professionals relocating to the UK are also increasingly choosing serviced apartments, with an average length of stay in 2022 of 3 days but ranging to six months or more.
“The hotel sector is long-established and understood; flexible living options less so. What ASAP’s first ever study reveals is that serviced apartments are the preferred option for many FTSE 100 & Fortune 500 businesses, insurance companies and film production crews, and provides flexible options for modern travellers to add a leisure element to business stays.
“We’re currently working with policymakers to make sure the value and contribution our members make to the economy are understood, when decisions are being made around changes to regulation and planning. When guests stay in serviced apartments they invest in the local economy, in restaurants, gyms, shops and theatres; it is essential that we avoid any unintended consequences for this professional sector, when legislation changes.”
Steve Lowy, ASAP Chair & CEO of The Residence Apartments, says: “The release of this report is very timely, and so important not just for the sector in the UK but around the globe. It has been hard to quantify the size and value of this growing sector for many years and this in-depth research allows us to start understanding the full scope.
“Now the travel industry, policymakers, investors and even guests will have a much clearer idea of how important the sector is to the UK, and how influential it can be to build back the UK economy after the trauma of Brexit and Covid-19.”
The Report can be viewed by clicking here >>
