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?
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?
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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.