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Serviced apartment operators: the ideal tenant?

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Serviced apartment operators: the ideal tenant? Tuesday, 21st February 2023

Since 1999, we’ve offered serviced accommodation across London and the South-East. We’re now one of the UK’s largest serviced apartment operators, with an expansive award-winning portfolio of more than 400+ apartments – a growth trajectory we’re continuing in 2023 and beyond.

Working with around 60 landlords across our portfolio, we’re highly experienced in managing and maintaining properties and building strong, lasting relationships. But we also know that potential landlords may be uncertain about leasing to a serviced apartment operator (SAO). Here our Head of Real Estate, John Harrington, expands on why SAOs just might be a landlord’s dream tenant.

Frequent guests = more wear and tear?

I could extol the virtues of our industry and of SAOs as tenants but first, I’d like to address one of the biggest objections I hear when discussing a possible lease with a landlord: the idea that SAOs have hordes of tenants streaming through our apartments on a regular basis – and with it usually comes the horror at the supposed additional wear and tear on the building and furnishings.

Compared with an assured shorthold tenancy (AST) our guests, whether corporate travellers or leisure stays, may well spend more time out of the apartment while visiting the local area. Serviced apartments also tend to have a longer length of stay than, say, a hotel – our portfolio attracts corporates working on longer-term projects and relocations looking to stay for a few months. Furthermore, I’d point out that every apartment is an investment in our own business and in return, that investment will only pay dividends if it is well maintained. For Viridian Apartments, providing an excellent guest experience is at the heart of what we do, and that starts with the apartment itself. 

Operational excellence – maintaining your asset

We put an extraordinary amount of effort and time into ensuring every apartment is kept in as good a condition as when we took on operating it. Our in-house housekeeping and maintenance professionals typically service the apartments on a weekly basis and conduct an end-of-stay clean, as well as attending to any maintenance issues as they arise. I’d argue that an AST, on the other hand, may well only have the apartment inspected once or twice a year in most cases.

Partnerships based on trust

Taking great care with a landlord’s asset builds trust and a strong track record, which in turn produces excellent references. For a landlord considering partnering with an SAO, nothing beats the comfort of hearing from another landlord how well you treat their property. References can be provided, of course, but if they’re still unsure, offering a tour of current apartments under lease gives landlords a chance to see this for themselves.

So when it comes to asset management and maintenance, I’d say SAOs are most definitely a landlord’s dream tenant -  if your interest is piqued, I’d welcome the opportunity of answering any questions you may have.

Interested in partnering with us?

If you are interested in learning about the key benefits of Viridian Apartments operating your property portfolio, please get in touch with our Head of Real Estate, John Harrington:

+44 (0) 7503 645 922

john.harrington@viridianapartments.com

Connect with John on LinkedIn


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