By The dust is slowly settling after the pandemic and we are all getting accustomed to a different way of living.
One emerging trend is ‘flexible living’.
Taking mini breaks while working remotely has become increasingly common as many push the boundaries of flex living and the blend between home and work, with companies choosing not to embrace returning full-time to the office.
With this change in life and work has come an accommodation demand.
The need for flexible accommodation that suits the life of a so-called ‘digital nomad’ with home-from-home features such as a kitchen, a living & work space with a desk and comfortable, design-led interiors, and of course fast, reliable wifi has grown.
It is expected that many of UK workers will choose the life of a digital nomad and mix work, play and travel, with studies finding that as of February 2022, 38% of the workforce aged between 30 and 49 are working from home or remotely.
Progressive companies and switched on investors are stepping into the short-term and flexible rental industry, exploring the new flexible working and living trend, and the opportunity it presents.
Essentially, the demand for flexible accommodation has never been higher and if you own a property that could be desirable to a digital nomad, there’s a significant opportunity to increase your income.
However, property managers are finding that the demand for flexible properties exceeds the actual supply, meaning property developers are scrambling to find different and more creative ways of producing flexible accommodation.
The clear winner to cope with a flexible lifestyle has been the short-term rental sector.
Over the last year the growth of this lodging vertical has been astronomical.
There is a predicted rise of 20.5% for the number of short-term rentals listed in 2022.
To meet this rising demand, operators and owners in commercial real estate are looking at turning their business towards short-term rental-like units and developing new strategies for their bricks and mortar.
Flexible rentals
To cater to the flexible living market, property developers have to be creative in their accommodation choices, with some looking at promising restoration projects.
An example of this, which can be directly attributed to the pandemic and the ‘work from anywhere’ lifestyle, is taking underused offices and transforming them into short and medium term rental apartments.
Amenities that the office originally contained, such as gyms, kitchens and parking facilities can all be repurposed to support this growing nomad style living environment.
However, there can be challenges of re-purposing newer office space to create large enough apartments to meet the expanding demands of travelers.
Older traditional, warehouse style buildings are becoming much more sought after for repurposing into more spacious apartments which reflect the history and character of the building and area.
An example of this repurposing can be found in Manchester, at High Street Townhouse in the heart of the city center.
The building contains a rich history, dating back to 1897 when it was used as a millinery warehouse, it has been transformed into an aparthotel, containing 19 self-catering apartments.
High Street Townhouse is being re-launched in October using Jetstream‘s technology which will enable it to operate without any staff on site.
The Townhouse is undergoing a full internal refurbishment and will be marketed on the largest booking platforms including Airbnb and Booking.com
Technology that meets expectations
Technology, including keyless entry with remote access, guest communication apps, guest screening, noise and air monitoring and workflow management means less staff are required to manage a property.
The High Street Townhouse is completely unstaffed.
With smart technology, guests no longer require round the clock front desks, and automation makes checking in far quicker and hassle free.
Management of housekeeping and maintenance becomes seamless.
Final thoughts
The needs of renters have changed.
Property owners and developers who understand how the market has shifted will be a step ahead of the curve.
Investing in flexible accommodation will meet the need for consumers that want more than a classic hotel.
Increasingly, the demand is there for places to stay that are flexible in terms of time commitment, feels homely, has a kitchen and is a perfect place to work comfortably.
Flexible will be the buzz world in property for many years to come.
Comments