Learn about actual and potential costs
How much should I pay for Serviced Apartments?
What is the average price of Serviced Apartments?
This procurement report includes pricing information to help you purchase Serviced Apartments. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Serviced Apartments been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Serviced Apartments yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Serviced Apartments?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Serviced Apartments with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Market share concentration among the estimated 605 suppliers of serviced apartments is high, with the top four firms collectively holding more than 50.0% of the market. Moderate capital intensity and high brand loyalty underscore high market share concentration. According to Hospitality Valuation Services' (HVS) Hotel Development Cost Survey, covering 2018... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
What furniture is included in the apartment?
How is the apartment cleaned between guest visits?
How have your cleaning protocols changed amid the coronavirus pandemic?
Who is responsible for the apartment's utility charges?
How big is the available apartment? How many people can stay in the apartment at once?
What types of cooking and cleaning equipment are available in the apartment?
How noisy should I expect the complex to be during my stay based on the building's occupancy rate during that period?
How do you recruit and retain high-quality staff?
How many of your employees have customer service backgrounds?
How does your firm mitigate the risks of high employee turnover?
How often do you conduct background checks on your employees?
What is the availability of your front desk staff? Are they available 24/7 or only during certain hours?
What types of housekeeping and laundry services are available for guests?
Is parking available at your facility? If so, how much does it cost?
How accessible is the internet in the complex? Does it cost extra?
What other amenities does your complex provide? Are they included in the cost of rent?
Have you scaled back any amenities to accommodate social distancing expectations during the coronavirus pandemic? If so, which amenities?
Is there a minimum stay requirement at your facility?
Are your apartments provided on a lease basis?
Do you offer special group rates or corporate discounts?
Will staying at your facility qualify me for any reward program for frequent guests?
What are your check-in and checkout times? Do you accommodate early check-ins or late checkouts?
What is your cancellation policy?
How long has your company operated in the market for serviced apartments?
Have you ever had a claim filed against you for noncompliance with a government standard?
What advantages do you offer in terms of apartments and services compared to your competitors?
Have you received any awards from industry associations or outside firms such as J.D. Power and Associates?
How have your previous guests felt about their experiences with your complex? Do you have any testimonies from them?
Is your company at risk of bankruptcy? How has your bankruptcy risk changed since the onset of the coronavirus pandemic?
How does your company maintain profit during economic downturns?
Has your company diversified its purchases among multiple suppliers to reduce supply chain risk?
How has increasing globalization affected the profitability of your firm? How have you responded?
How does your company respond to fluctuations in the price of key inputs, such as soap and cleaning compounds? Do you pass cost increases down to buyers?
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Key elements for every RFP
What should my RFP include?
Buyers should specify their budget, if possible.
Buyers should outline payment schedules.
Buyers can reference the Benchmark Price and Total Cost of Ownership sections of this report for assistance in creating a budget.
Buyers should evaluate suppliers based on the locations of their properties.
Buyers should ensure that the provider's accommodations meet their specifications.
Buyers should ensure that suppliers are financially stable.
Buyers should request references from current and former clients.
For detailed selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should outline the length of the contract, including the start date.
Buyers should indicate a cancellation policy, if applicable.
Buyers should indicate the date by which proposals must be submitted.
Buyers should indicate when bid awards will be posted.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Serviced apartment providers have moderately risky supply chains. Suppliers rely on relatively few inputs to provide their service to buyers. Primarily, suppliers need real estate for their facility, property management services (including janitorial and lawn-care services) and furniture. While frequent changes in the real estate market contribute to price uncertainty,... Subscribe to learn more.