For landlords in Cambridge, the rental market offers a variety of opportunities. However, the choice between traditional rentals and serviced accommodation has become a key consideration. With evolving tenant preferences, regulatory challenges, and the rising demand for flexible stays, serviced accommodation is quickly gaining traction as the more lucrative and hassle-free option. Here are five reasons why serviced accommodation beats traditional rentals and how Cambridge Stays can help landlords maximise their property’s potential.
1. Higher Income Potential
One of the most compelling reasons landlords are turning to serviced accommodation is the opportunity for significantly higher returns compared to traditional rentals. While long-term tenants typically pay a fixed monthly rent, serviced accommodation can charge a premium nightly rate.
How It Works:
A property earning £1,200 per month as a traditional rental could generate £100 to £150 per night as serviced accommodation. Even with a 70% occupancy rate, this can translate to £2,100 to £3,150 per month.
Why It Matters:
Serviced accommodation allows landlords to leverage seasonal demand, charging higher rates during peak periods such as holidays, university events, and business conferences in Cambridge.
2. Flexibility for Landlords
Serviced accommodation offers unparalleled flexibility, giving landlords greater control over how and when their property is used. Unlike traditional tenancies that often require lengthy agreements, serviced accommodation allows landlords to adjust availability to suit their needs.
Benefits Include:
Personal Use: Block out dates for personal use or family stays without disrupting long-term tenancy agreements.
Short-Term Commitments: Cater to business travellers, tourists, and short-term residents, avoiding the rigidity of long-term leases.
Why It Matters:
This flexibility ensures landlords can maximise income while retaining full control over their property.
3. Reduced Tenant Risks
Traditional rentals come with tenant-related challenges, including late payments, property damage, and disputes. Eviction processes can also be time-consuming and costly. Serviced accommodation significantly reduces these risks:
Why Serviced Accommodation is Safer:
Short Stays: Guests typically stay for a few days to a few weeks, minimising the risk of prolonged disputes.
Upfront Payments: Payments are made in advance through booking platforms, ensuring landlords receive their income without delays.
Professional Oversight: With Cambridge Stays managing guest interactions, landlords can rest assured that their property is protected.
4. Enhanced Property Maintenance
In traditional rentals, wear and tear often accumulate over long periods, with landlords addressing issues only at the end of a tenancy. Serviced accommodation, by contrast, requires frequent cleaning and upkeep between stays, keeping properties in excellent condition.
Advantages of Frequent Maintenance:
Regular Cleaning: Professional housekeeping ensures the property remains in top condition.
Proactive Repairs: Any issues are identified and resolved promptly, preventing costly long-term damage.
Why It Matters:
Consistent maintenance not only enhances guest satisfaction but also preserves the property’s value over time.
5. Meeting Evolving Market Demands
Cambridge’s rental market is changing. Today’s travellers and short-term residents value flexibility, modern amenities, and convenience. Serviced accommodation is perfectly positioned to meet these demands.
Key Market Trends:
Rise in Remote Work: Business travellers and remote workers seek short-term stays with high-speed Wi-Fi and comfortable living spaces.
Tourism Growth: Cambridge attracts a year-round influx of tourists, creating consistent demand for short-term rentals.
Academic Events: The city’s academic calendar brings students, researchers, and visitors looking for flexible accommodation options.
Why It Matters:
Serviced accommodation caters to these diverse needs, ensuring landlords benefit from a broader, more dynamic tenant base.
Why Cambridge is Perfect for Serviced Accommodation
Cambridge’s unique combination of tourism, academia, and business creates the ideal environment for serviced accommodation. Key advantages include:
Year-Round Demand: With its historic attractions, prestigious university, and thriving tech sector, Cambridge attracts visitors throughout the year.
Diverse Tenant Types: Serviced accommodation appeals to tourists, professionals, and academics alike, reducing reliance on a single tenant demographic.
Premium Rates: Properties in central Cambridge or near the university command higher nightly rates, boosting income potential.
How Cambridge Stays Can Help
Transitioning to serviced accommodation can seem daunting, but Cambridge Stays makes the process simple and rewarding. Here’s how we help landlords maximise their returns:
1. Property Assessment
Our team evaluates your property’s potential for serviced accommodation, including expected income, target markets, and necessary upgrades.
2. Professional Management
From marketing and guest communication to cleaning and maintenance, we handle all aspects of property management.
3. Dynamic Pricing
We use data-driven strategies to set optimal nightly rates, ensuring you maximise income during peak periods while maintaining competitiveness.
4. Compliance and Legal Support
Cambridge Stays ensures your property meets all legal and regulatory requirements, including safety certifications and licensing.
5. Guest Satisfaction
Our focus on delivering exceptional guest experiences translates into positive reviews and repeat bookings, boosting your property’s profitability.
Success Stories: Landlords Thriving with Serviced Accommodation
Case Study 1: Doubling Rental Income
A landlord with a two-bedroom flat in central Cambridge transitioned from a traditional tenancy to serviced accommodation. With Cambridge Stays managing the property, their income increased by 60% within six months, thanks to dynamic pricing and consistent bookings.
Case Study 2: Reducing Risks and Simplifying Management
A landlord with a riverside property faced challenges with late-paying tenants. After switching to serviced accommodation with Cambridge Stays, they enjoyed hassle-free income through upfront payments and professional management.
Tips for Landlords Considering Serviced Accommodation
Invest in Quality Furnishings: Modern, comfortable furniture and amenities attract higher-paying guests.
Choose a Reliable Partner: Work with Cambridge Stays to ensure your property is marketed, managed, and maintained professionally.
Understand Market Trends: Keep up with demand patterns to adjust pricing and maximise occupancy.
Focus on Guest Experience: Positive reviews drive future bookings, so prioritise cleanliness, comfort, and convenience.
Why Partner with Cambridge Stays?
Cambridge Stays is the trusted choice for landlords looking to make the switch to serviced accommodation. With expertise in Cambridge’s dynamic rental market, we provide comprehensive management services that maximise income while minimising effort.
Unlock the Potential of Serviced Accommodation Today
Serviced accommodation offers landlords higher income, reduced risks, and a more flexible, rewarding experience compared to traditional rentals. With Cambridge Stays, transitioning is easy and profitable.
Contact Us Today to discover how we can help you maximise your property’s earning potential with serviced accommodation.
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