Tourist East River Place Apartments: Challenges And Opportunities

Posted by East River Place Apartments on January 9th, 2019

We can find great defenders around this new tourist "product", but also great detractors. To approach the question of tourist apartments in a correct way, the phenomenon must be analyzed in depth . For this, a global vision is required, which avoids biases and takes into account all the agents involved. Only then can we correctly address the challenge of vacation rentals and detect the opportunities that it generates. For all this, if you are thinking of buying a home, we recommend you consider very seriously to seek professional advice such as the one we can give you in River Place .

Agents interested in the phenomenon of holiday rental

Taking advantage of this opportunity is to try to establish  synergies and networks that also benefit the city and its inhabitants .  All the agents involved know that the solution is complex, because you have to take into account multiple perspectives and sensitivities. To solve this question,  the answer can not be the prohibition of tourist rentals. Understanding the factors that intervene in the great demand that these VUT have, it will be easier to find a satisfactory solution.The owners of VUT

The owners of apartments that are rented for use by tourists have seen an interesting opportunity. These temporary rentals allow them to obtain a significant economic return on their homes (higher than that obtained with a conventional rental) without having to renounce the use of these permanently.

This fact has brought new business opportunities , thanks to a new form of  collaborative economy . It has also allowed to attract investment of companies and funds interrelations, which can be positive for the whole of the city.

Users of tourist apartments

The users , as we say, have found thanks to the VUT the possibility to travel in a more economical way. They can also make a greater immersion in the culture of the city they visit. This new reality opens the door to new business opportunities within the tourism sector. In fact, we have witnessed how the tertiary fabric has been adapted to serve these new users. New businesses have emerged to cover the consumption needs of these new occupants.

Also, do not forget that these houses also cover other demands that previously lacked an answer. The tourist east river place apartments can serve other types of users who are not tourists to use. There are other types of users that we find more and more frequently in our cities.

The role of administrations: the regulations

The authorities should take into account that tourism is an important economic activity. Tourism, as an industry, is capable of attracting large investments to urban centers. It is the responsibility of the different organisms to find  the balance so that tourism can coexist with the rest of the activities of the city or town, integrate with them and enrich them, establishing a win-win relationship .

We will be very attentive to the final approval of the legislation in charge of regulating the use of tourist housing. This new legal framework is being developed by the different administrations that have competence in the matter.

Some cities or autonomous communities already have approved laws. In others, as in Madrid ( Capital and Autonomous Community ), we have known the drafts of future legislation . Some of these laws, in development, are in a period of allegations, generating an interesting debate around them. Hopefully all the "tug of war" that we are contemplating among the different interest groups, will be resolved successfully. The desirable thing would be that all this analysis and debate leads to a Normativeable to take advantage of the opportunities that this type of housing represents for society as a whole, including all the parties involved and contemplating the different sensitivities. The new law should also minimize the impact that the apartments may have on neighbors and neighborhoods.

Other businesses related to the tourism sector

The competition of the VUT (hotels, for example) can benefit from increased activity in the tourism sector. In addition, the service offered by a hotel is different from the tourist apartments, also varying the customer profile.

Any business focused on tourists can win if they put in value, not only the physical space of the city, its streets, parks and buildings , but also its idiosyncrasy (cultural life, economic and social characteristics, uses and customs, etc.) or the own industry of each place. This opens the possibility of participating in the tourist circuit to new towns or new neighborhoods of the cities . We can therefore think about new opportunities, job creation and, ultimately, to democratize the benefits.

The tourist apartments and the city

For citizens , the economic profitability of the VUT can bring other multiple benefits in addition to those already mentioned.

For example, the interest of small investments in these tourist apartments has led to an increase in housing reforms. We know it first-hand, for having designed several east river place apartments reforms for tourist rental . Thanks to this phenomenon, works are being carried out on buildings that remained empty or in poor condition. The interest of large capitals in these apartments, well managed, can contribute to the integral rehabilitation of old buildings. This prevents the presence of buildings in poor condition (or even in ruinous condition), improving security. Rehabilitation also provides the opportunity to improve energy performance of the real estate park. Less polluting buildings represent, again, a benefit for all the residents of the city.