There’s a reason that Build to Rent (BTR) and Co-living are the new hot topics within real estate right now. We’re currently seeing the merging of two lucrative industries, residential lettings and hospitality. The gap is closing even further between guests and tenants due to the latest trends in both stakeholders' demands. Since the recent pandemic, we are seeing more guests looking for a place that feels like a home, and tenants seeking a service similar to a hotel. That’s why at CoStays, we firmly believe co-living with a hospitality approach is the future.
If we take a look back over the last two years, we can see that the short-term rental industry experienced growth. However, the hospitality industry struggled massively due to the closure of many hotels that weren’t able to fully operate during the lockdown periods. This saw a rise in guests searching for hotel alternatives who were still allowed to operate under strict COVID regulations. Some hosts began to offer flexi-monthly stays to guests, which also appealed to tenants looking for flexibility, and a service-based offering to enhance their lifestyle.
This gave birth to a new breed of guests and tenants who are now searching for a place they can call home, coupled with the flexibility and perks they get when staying in a hotel. This is the sweet spot between a hotel and a home, which is something we at CoStays like to call ‘Hospitality Living’. The demand for this new kind of living experience has grown rapidly over the last year and we believe this is the future of the convergence of residential lettings and hospitality...
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