Bondi Beach is an icon in Sydney’s tourism landscape. It is one of the destinations that draw in the most number of tourist visits every year. But when the coronavirus pandemic hit Bondi, it halted all tourist activities in the region. Many businesses were badly hit but none as much as the tourism accommodation businesses. A few months in, it is a good time to reflect and look back on how the Bondi rental market is doing and what the rest of 2020 looks like for the serviced apartments and other forms of accommodation in the area.
Why Serviced Apartments Are Going to Be Big?
As Bondi prepares for the end of the pandemic and a return to normalcy, serviced apartments emerge as the top option for tourists and local renters. There was a time when serviced apartments were viewed as an alternative option to hotels. But it seems that things are about to change soon because it is now a go-to option for short- and long-term stays in Bondi.
Struggling landlords are enticing more renters to book their serviced apartments through a number of marketing strategies. It is undoubtedly a tough rental market right now in Bondi but Sydney and the Bondi area has transformed into a renter’s paradise with many enticing options. Whether you are staying for a few days or up to weeks, serviced apartments can be your home during that period of time.
Owners of serviced apartments have fully equipped their space to make it as comfortable for the would-be renters. The kitchen, bathroom, and any other room in the house are fully furnished. Therefore, you have everything you need to feel like you are at home and be as comfortable as possible during your stay. In addition to well-furnished rooms and interiors, you can also enjoy other perks such as cable subscription, outdoor spaces, entertainment units, and more. All of these you can enjoy during your stay without having to worry about paying the bills and other utilities. You can get the best experience during your stay at the same price when renting your own place.
Therefore, serviced apartments have proven to be an ideal choice for those who are staying out of their place when moving into a new one. Or, for those who are staying in Bondi for an extended period of time but do not want to commit into a lease contract with a rental property. You can get more flexibility with a serviced apartment because you can enter into a monthly rental basis rather than be tied up to a long-term contract and incur more fees.
Future Outlook for Serviced Apartments and the Rental Market
Serviced apartments have evolved into more than just a place for tourists to stay when on vacation in Bondi. With the number of tourist visits to the region dropping due to the travel bans, owners of these accommodations have to adapt and make their property open to local renters, as well.
The same goes for hotels, too. Hotels are opening their doors to locals who are looking for a place to quarantine to or as their temporary place of work while social distancing measures are still in effect in the workplace. Many employees of companies are forced to convert hotel rooms into quarantine facilities and/or co-working spaces. This is part of these companies’ efforts to provide a comfortable place for their employees to stay in or do their work remotely.
This is why there is an ongoing trend of more serviced apartments and hotels opening up their doors once again. While the end of the pandemic might still be far from reality, hotels and serviced apartments (as well as other tourism businesses) have now adapted to the new normal by changing how they market their services and spaces to prospects.
Experts also predict that this will continue to be the case for the rental market in Bondi for the remainder of 2020. It is too early to tell right now if things will change once 2021 comes in. But if you are a local looking for a place for a short-term stay or you want more flexibility with your rental options, this might be worth looking into.
This is a great opportunity to exploit for renters because landlords will continue to dish out enticing deals to get more people to stay in their properties. The economic fallout has prompted them to become flexible and that is the only way they can bounce back from this crisis, especially if they want the rental market industry to thrive amidst the crisis.