The serviced apartment sector in the UK saw a 5.5% increase in revenue per available room during the first half of 2017, driven mainly by the growth in London, according to the Association of Serviced Apartment Providers.
In comparison to the first half of 2016, the serviced apartments sector in the UK grew 1.7% in occupancy to a level of 79.2%.
London accounts for roughly 55% of the UK’s serviced apartments supply and appears to be the driving force for such tremendous growth. This growth in the serviced apartment sector follows the success of the UK’s hospitality and leisure sector, which has blossomed since the weakening of the pound after the Brexit vote due to a more favourable exchange rate.
Serviced apartments offer a lot of flexibility to those coming to work in the UK. Unlike renting private property, you don’t need to commit to a minimum period of rental, and having the ability to live like you’re at home when you’re miles away makes everything feel a lot easier.
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