Is a new short-let accommodation provider in the capital likely to prove a further threat to traditional landlords?
Stayo - described as “an urban collection of thoughtfully designed apartments in key postal addresses throughout London” - is backed by a former Countrywide estate agency chief but was created by four Italians who became frustrated at the UK capital’s shortage of short-let accommodation.
Stayo says what distinguishes it from its competitors is a “comprehensive end to end management service”.
Currently with 43 units across 10 buildings in central London, the target is to grow the portfolio to 300 units in London over the next three years, before expanding into other UK and European cities.
The firm says it had 61 per cent occupancy rates across all buildings in August and around 65 per cent in September - the exact figure for last month has yet to be confirmed - and the operation is now seeing demand for ‘mid-stay’ bookings ranging from one to six months.
Self-check-in removes the need for any unnecessary guest-staff interaction and a professional company specialising in deep cleaning and decontamination of commercial buildings ensures optimum cleanliness of the units. In addition, there is a 24/7 reception facility and night security patrolling all buildings.
Prices for Stayo units range from £99 per night to £800 per night with price incentives for longer stays.