Why the serviced apartment industry in New York is ready to expand in light of new demand

Large cities are normally not short on options when it comes to accommodation, however finding the right type can often be a challenge depending on where you live. This challenge is faced by many living in the city of New York; a city where the skyline and accommodation options are being constantly redeveloped.

Moving to New York on a permanent basis means you will inevitably want to expand your domicile at some point. However given the length of time it can take get to process planning permission and perform the actual work, many find themselves needing a place to stay while their home is being worked on. This is where the rise in demand for serviced apartments has come from.

Serviced apartments meet the short-term accommodation needs of residents

One renter in the city of New York found themselves in need of a serviced apartment after their expected date of development completion was forecasted way over what they expected. This is, unfortunately, very ‘typical of new developments’ within the city. Ms Lau found herself in need of a furnished apartment that could be signed on an indefinite basis without the complications of an unfulfilled long term lease.

During her research, she found that hotels offered unrealistic rates and often came with the lack of long-term amenity needs like utility rooms and fully equipped kitchens. The temporary renting accommodation in the city also offered too much of a ‘holiday’ feel.

After some more digging, Ms Lau found serviced apartments which could be rented from a month to much longer periods. The presence of serviced amenities like kitchens and washing facilities appealed to Ms Lau who felt the serviced apartments offered more of a homely feel. The apartment complex had the added benefit that it was populated by other New York residents and not business travellers or leisure visitors.

Ms Lau’s experience is typical of many cities around the world

Although the rise of sites like Airbnb has expanded the non-hotel based accommodation market, they are still typically made for short term stays. Many residents of the world’s large cities will find themselves in need of serviced apartments that are available at short notice and are flexible in terms of the length of stay. Whilst there is a lot of expert serviced apartment’s providers out there, there is still demand for new providers to service local residents and their accommodation needs.

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Meredith Weisser

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