What is a short-term rental apartment?

Abstract: Short-term rental apartment is a new form of house rental with flexible lease period, simple rental procedures, simple, convenient and fast. Short-term rental apartments have changed the characteristics of traditional rentals, making renting faster and more convenient. There is no need to worry about buying furniture and appliances. In terms of accommodation experience, it feels like home and is warmer. The accommodation price also has great advantages compared with traditional hotels. Let’s take a look at the differences between short-term rental apartments and hotels. 1. What is a short-term rental apartment?

Short-term rental apartments, also known as serviced apartments, are a way of renting houses on a daily basis. The rise of short-term rental apartments has broken the single pattern of the guest service market and provided new options for people temporarily living in foreign lands.

Short-term apartment rental is an emerging way of short-term residence for tourism. The house facilities are relatively complete, such as kitchen, bathroom, living room, dining room, air conditioner, TV, etc. At the same time, since the rise of short-term rental apartments, information has also been posted on a large number of rental travel platforms, bringing great convenience to people's travels. At the same time, the rooms in short-term rental apartments are mostly concentrated in residential areas with hotel-style management. They have independent spaces and are free from disturbance. The comfort level is unmatched by ordinary hotels. The price is low, the transportation is convenient, the facilities are complete, the freedom is comfortable, and you feel the warmth and comfort of home.

2. Characteristics of short-term rental apartments

1. Short-term rental apartments have the characteristics of diverse housing types, low decoration costs, move-in ready, and coexistence of commercial and residential property rights. There are various forms of obtaining housing, including leasing and sharing. It is emphasized that you can move in with your bags: washing machines, water heaters, TVs, refrigerators and other household appliances are fully equipped. Show the owner's personality and feelings.

2. Commercial and residential property rights coexist. One and multiple bedrooms, flat floors and duplexes, apartments and villas coexist. Short-term rental apartments are located in central areas of the city. Short-term rental apartments belong to the category of B&Bs, but they are not exactly the same as B&Bs.

3. The difference between short-term rental apartments and hotels

The differences between short-term rental apartments and hotels include management standards, business models, development areas, functionality and personalization, operating costs, and single suites. There are differences in source revenue.

1. In terms of management, many short-term rental apartment brands are still in a vague stage. Apartment products and services are of varying quality. There is a lack of unified standards in terms of quality grading and service specifications, as well as a lack of unified industry standards and service training.

2. In terms of business model, short-term rental apartments mostly exist as individuals or couples are the main operating entities.

3. In terms of development areas, short-term rental apartments are currently concentrated in major tourist destinations in first- and second-tier cities across the country. Landing cities, such as Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou and other cities with rapid economic development. But hotel apartments are basically found in every city across the country.

4. In terms of functionality and personalization, short-term rental apartments place more emphasis on daily life such as cooking and laundry, and pursue larger activity space and more private living space. Hotels, on the other hand, place more emphasis on residential properties.

5. In terms of operating costs, short-term rental apartments have higher operating costs. It is believed that for short-term rental apartments in dispersed or tourist destinations, labor costs and cleaning fees will be 48% higher than those of hotels, and energy consumption will also be 20% higher.

6. In terms of revenue from a single unit, most short-term rental apartments are 20% to 100% more expensive than surrounding similar hotels. At the same time, short-term rental apartments also have the ability to adjust at any time based on market prices and length of stay. Price advantage.