Six Emerging Trends in the Serviced Accommodation Market in Newcastle and the North East
- Robin Lawson
- Jul 7, 2024
- 5 min read
Updated: Sep 17, 2024
Stay Ahead of the Curve: Latest Trends and Innovations in the Serviced Accommodation Market in Newcastle and the North East
The serviced accommodation market in Newcastle and the North East is evolving rapidly. With changing guest expectations and technological advancements, staying informed about the latest trends is crucial for both providers and investors. This article explores the key developments shaping the market, providing insights that can help you make informed decisions.
Table of Contents
1) Rise of Flexible Booking Options
Catering to a Dynamic Clientele
Flexibility in booking is now essential in the serviced accommodation market. Business travellers often need last-minute stays, and holidaymakers may want to extend their trips. To meet these needs, providers offer flexible terms, including short-term lets and longer stays, appealing to a wide range of guests.
Leveraging Technology
Advanced booking systems make this flexibility possible. Real-time reservation adjustments enhance the guest experience and help keep occupancy rates high. Properties using these technologies can quickly adapt to guest demands, making them more attractive and competitive.
2) Emphasis on Sustainable Practices
Eco-Friendly Stays
Sustainability is now a priority for many travellers. Guests are choosing accommodations that actively minimise their environmental impact. To address this, many serviced accommodations have adopted eco-friendly practices like energy-efficient lighting, waste reduction programmes, and sourcing goods locally. These efforts not only protect the environment but also appeal to the growing number of eco-conscious guests.
Certification and Standards
Many properties seek sustainability certifications to show their commitment to eco-friendly practices. These certifications provide guests with reassurance that the accommodation meets specific environmental standards. As awareness of sustainable travel grows, this trend is likely to become even more important.
3) Enhanced Guest Experience through Smart Technology
Smart Room Stays
Smart technology is changing the way guests experience their stays. Features like keyless entry, automated lighting, and climate control are becoming standard. These innovations add convenience and comfort, making the stay more enjoyable and hassle-free for guests.
Personalised Service
Properties can now offer personalised services thanks to smart technology. Automated systems can adjust room settings to suit individual guest preferences, providing a more tailored experience. This level of personalisation helps set properties apart in a competitive market.
4) Focus on Health and Wellbeing
Wellness Amenities
Health and wellbeing have become a priority for many guests, especially post-pandemic. Guests now look for accommodations with wellness amenities like fitness centres, spas, and yoga rooms. These features help guests maintain their routines while travelling, leading to a more enjoyable and healthier stay.
Hygienic Standards
The importance of hygiene has grown due to the pandemic. Serviced accommodations have responded by implementing strict cleaning protocols and offering contactless services. These measures reassure guests that their health and safety are a top priority, increasing their trust and likelihood of booking.
5) Growth of Local and Authentic Experiences
Promoting Local Culture
Travellers are looking for more than just a place to sleep; they want to experience the local culture. Serviced accommodations are meeting this demand by offering unique local experiences, like guided tours, food tastings, and cultural workshops. These activities help guests connect more deeply with their destination.
Supporting Local Businesses
Partnering with local businesses is another way accommodations enhance the guest experience. By collaborating with local restaurants, shops, and tour operators, they can offer guests exclusive deals and packages. This not only improves the stay but also supports the local economy.
6) Investment Opportunities in the Serviced Accommodation Market
Attractive Returns
The serviced accommodation market in Newcastle and the North East offers compelling investment opportunities. High occupancy rates, flexible pricing, and the ability to cater to a wide range of guests can lead to strong returns. With the right strategy, investors can benefit from these trends and achieve significant financial rewards.
Market Insights
Staying informed about market trends like flexible booking, sustainability, and smart technology is crucial for investors. Understanding these developments can help identify lucrative opportunities and optimise investment strategies.
The Serviced Accommodation Market is Evolving
The serviced accommodation market in Newcastle and the North East is rapidly evolving. Providers who embrace trends such as flexibility, sustainability, smart technology, health and wellbeing, and local experiences will be well-positioned to succeed in this dynamic environment.
For investors, these trends offer numerous opportunities for growth and profitability. Clarice Carr & Co, with its extensive expertise in property sourcing, project management, and investment consultancy, is committed to helping clients navigate this ever-changing market. Our deep understanding of the latest trends ensures that you can make informed decisions and maximise your returns.
Want to know more? Check out Serviced Accommodation on our website or get in touch.
Frequently Asked Questions
What are the latest trends in the serviced accommodation market in Newcastle?
The latest trends include flexible booking options, sustainable practices, smart technology, wellness amenities, and local experiences. Clarice Carr & Co can help you invest in properties that align with these trends.
How can smart technology enhance serviced accommodation in Newcastle?
Smart technology, like keyless entry and automated systems, enhances guest convenience and satisfaction. Clarice Carr & Co identifies properties equipped with these innovations to maximise your investment returns.
Why is sustainability important in the serviced accommodation market?
Sustainability attracts eco-conscious travellers and reduces operational costs. Clarice Carr & Co sources properties that implement eco-friendly practices, ensuring your investment meets current market demands.
What investment opportunities exist in Newcastle's serviced accommodation market?
High occupancy rates and diverse clientele make Newcastle's market lucrative. Clarice Carr & Co provides expert guidance on selecting profitable investment properties in this dynamic sector.
How does Clarice Carr & Co support property investors in Newcastle?
Clarice Carr & Co offers property sourcing, project management, and investment consultancy services, ensuring you capitalise on the latest trends in the serviced accommodation market.
What are the financing options available for investing in serviced accommodations?
Investors can explore various financing options such as traditional mortgages, bridging loans, and private equity. It's crucial to work with financial advisors to choose the best option that aligns with your investment goals.
How do seasonal trends affect the serviced accommodation market in Newcastle?
Seasonal trends can impact occupancy rates and pricing. Understanding peak travel seasons and local events can help investors optimise pricing strategies and occupancy rates throughout the year.
What are the key factors to consider when selecting a property for serviced accommodation investment?
Key factors include location, property condition, proximity to amenities and attractions, local demand, and potential for high occupancy rates. Working with experts like Clarice Carr & Co can help identify the best properties.
How important is property management in serviced accommodation investments?
Effective property management is crucial for maintaining high standards, ensuring guest satisfaction, and maximising returns. Professional property management services can handle day-to-day operations, marketing, and maintenance.
What legal considerations should investors be aware of in the serviced accommodation market?
Investors should be aware of local regulations regarding short-term rentals, health and safety standards, insurance requirements, and any specific licensing needed for operating serviced accommodations. Consulting with legal experts is advisable.
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