Looking for accommodation in Canary Wharf? - Know your options
Published: 06 Mar 2018
Category: Serviced Apartment Information
If you are looking for accommodation in Canary Wharf for any length of time, this guide from PROTEM Apartments is here to help you find the solution which would best suit your needs.
The type of accommodation that would best suit you will depend on a few things:
- Your length of stay. How long do you need your accommodation in Canary Wharf?
- Your budget. How much are you looking to spend on your Canary Wharf accommodation?
- What level of furnishing do you require?
- What level of service provision do you require? Cleaning, WiFi, fast response times for issues?
Depending on your answers to the above questions, we summarise below the various accommodation options available to you, their benefits, and costs, and hopefully this will help you to decide which would be best for your particular circumstances.
Hotel in Canary Wharf
Most suitable for stays of:
Budget hotel - £70 per night
Mid range Hotel - £180 per night
Luxury Hotel - £300 per night
Length of Stay: If you are staying for between 1 and 3 nights, our recommendation would be that you stay in a Canary Wharf Hotel. Some professionally operated serviced apartments and Airbnb properties will also cater for stays of less than 4 nights, however, when your trip is relatively short, this is certainly the most hassle free option. The check in process will be more straight forward in a hotel than in an apartment because the hotel itself will be branded and very easy to find. Serviced Apartments and Airbnb properties are of course not branded and can therefor be harder to find and identify. When you are staying for a long period of time of course this is not an issue, but if you are only staying for a night or two you do not want to waste too much time trying to find the property.
Budget: Budget will not be an issue if you choose to stay in a Hotel in Canary Wharf, as you will be able to find anything to suit your budget, as indicated above, whether this is a budget hotel or something more luxurious.
Service Provision: You will also benefit from the usual full service provision in Canary Wharf Hotels, with reception, concierge, restaurants, bars and room service. This is of course ideal of you are staying for a night or two, however, beyond a few nights, having the benefits of self catering apartments and the privacy that comes with it, really does begin to make a difference.
Flexibility: Hotels in Canary Wharf will also offer very flexible cancellation terms, providing you have booked a flexible (as opposed to a non-refundable) rate. If your plans change or your trip shortens, you can change your hotel reservation very easily.
Hotels in Canary Wharf will also, of course, have 24-hour receptions, so there will be someone there at all times to meet you and check you in. Again, with apartments, arrangements will need to be made prior to your arrival for someone to meet you there. This is straight forward enough, but of course not quite as straight forward as walking in to reception and picking up your key!
Professionally Operated Serviced Apartment
Most suitable for stays of:
4 nights – 6 months
Studio Apartments – From £80 + vat per night
One Bedroom Apartments – From £100 + vat per night
Two Bedroom Apartments – From £160 + vat per night
Full service without food and beverage
Medium flexibility. Less flexibility than a hotel flexible rate, but significantly more flexible than long term rentals.
This is where PROTEM Apartments can help you! As well as our own managed Serviced Apartments in Canary Wharf, we have a wide network of trusted and quality accredited partners who we can place you with for your stay in your Canary Wharf short term rental.
Length of Stay: Professionally managed serviced apartments in Canary Wharf really come in to their own when staying somewhere for a week or more. Some serviced accommodation in Canary Wharf will allow stays as low as one night, more information on the minimum length of stay is available on the property page on our website. If you are staying for a week, a month, or a year, you really want to be somewhere comfortable that you can call home for the time being (this is where our company name comes from! Pro-temporeis Latin for ‘for the time being’), then our professionally managed serviced apartments are the ideal solution for your Canary Wharf short term rental requirements.
We have many professional tenants staying with us for longer than 6 months as well. The benefits of additional flexibility over and above long term rentals, and also the provision of all furniture, cleaning and services such as WiFi, provides the perfect option for hassle free accommodation in Canary Wharf.
Budget: Whereas the price range of Hotels in Canary Wharf is quite wide, the spread in cost of a Canary Wharf serviced apartment is relatively narrow. Given that professionally managed serviced apartments in Canary Wharf are primarily targeted at a very specific market, ie. those relocating or working on projects for large organisations, and the fact that they tend to be modern apartment blocks with very little difference in provision of service level, the product is quite uniform across the market. Differentiating factors tend to be specific location, availability (occupancy rates for serviced apartments are high) and small differences in rate which can affect the decision of the decision maker, whether that is the tenant themselves, or the company that they work for who is paying for the accommodation. There are discounts available the longer you stay, so rates for a typical one bedroom serviced apartment in Canary Wharf might look something like this:
1 – 6 nights: £140 + vat per night
7 – 28 nights: £130 + vat per night
29 – 89 nights: £125 + vat per night
90 + nights: £120 + vat per night
These rates are of course fully inclusive of council tax, electricity and gas usage, TV licence, WiFi/Broadband, full furniture package including kitchen equipment and TV, fully fitted kitchen with all appliances, weekly cleaning and servicing, bed linen and towels (changed once per week) and 24 hour emergency contact with the management company should it be necessary. All of the Canary Wharf serviced apartment properties which we work with (including our own) are accredited by the Association of Serviced Apartment Providers (ASAP) which is the established industry body. In order to attain ASAP accreditation, a vigorous annual inspection is undertaken to ensure that the properties comply with necessary regulations and service provision. More detailed information on this process can be seen on our article ‘Book your serviced apartment in Canary Wharf with confidence – ASAP accreditation'.
Service Provision: Fully serviced apartments in Canary Wharf include all of the above provisions and services, however in most cases you will not have 24 hour receptions (some do), restaurants and bars on site, mini bars or room service. Some serviced accommodation in Canary Wharf does have access to a gym, please ask at the time of your enquiry of this is required.
Flexibility: Want the option to extend month by month? No problem. Want the option to cut your accommodation short with 7-14 days notice? No problem! Don’t want to go through a lengthy contract and referencing process? Great! All of these issues are solved by using serviced apartments in Canary Wharf rather than long term leases. If you are renting for more than 6 months, you may pay more than you would do in a standard rental property, but many of our corporate customers feel that this is a price worth paying for ultimate flexibility and service.
Airbnb and Homesharing Services
Most suitable for stays of:
4 nights – 6 months
Studio Apartments – From £60 per night
One Bedroom Apartments – From £80 per night
Two Bedroom Apartments – From £100 per night
Varies for each individual property.
Varies for each individual property.
Length of stay:The length of stay possible in an Airbnb or a privately rented short term flat in Canary Wharf is very similar to those available from professional serviced apartment providers. Again, apartment accommodation for short stays in Canary Wharf is really suitable for anything from four nights and more, although many listings will be available for less than this. Airbnb does have a maximum length of stay in London of three months, however.
Budget: Rates for apartments in Canary Wharf tend to be lower than those you might pay for a professionally managed apartment. There are a couple of reasons for this. The first is that professionally operated serviced accommodation businesses are required to charge VAT on the rate that they charge, therefore adding 20% to the cost (incidentally the rate of VAT reduces to 4% for stays of 29 nights consecutive night or more). The second is that professionally operated serviced apartment companies in Canary Wharf, will carry overheads to run the business and provide the service that they do. A typical Airbnb host might be an individual renting out their place for a short period of time, therefore incur no overheads. Professional companies of course need to employ staff, have offices and the associated cost of these operations means that this is reflected in the rate that is charged.
Many professional serviced apartment operators do indeed use Airbnb and similar sites as a marketing channel, however it is very difficult for them to be competitive on price with an owner of one apartment who is renting it themselves. This is why you will more than likely see some large disparities in terms of pricing, as the host attributes and motivations are very different from one end of the scale to the other.
Service Provision:The serviced provision will vary sometime quite drastically from one listing to the next. This is very much at the discretion of the host, so do make sure you check this thoroughly before making your reservation. Whereas professional serviced apartments in Canary Wharf have standard service levels as described above, Airbnb listings can range from those that do not include linen, WiFi and weekly servicing, to those that do. Naturally the more service included within the listing, this would reflect in the cost. Airbnb and other similar sites do have an excellent review function, which allows guests to book properties managed by hosts who have a visible track record, this does make the decision making process much more straight forward and can help to give you the confidence that you do need when you are booking your short term rental apartment in Canary Wharf.
Flexibility:Flexibility also varies quite a bit between different sites and listings. It is down to the discretion of the host to set their cancellation policy, so just be sure to check before you book, what would be the penalty should you need to cancel your accommodation.
Long Term Rental Property
Length of stay:If you know you are going to be staying in Canary Wharf for a long period of time, then this is definitely the recommended option. Once you have dealt with the hassle of finding a place, signing contracts, getting reference checked and adding the furniture which is not already provided, you can then enjoy your home for the length of your contract.
If you are signing to a conventional rental apartment in Canary Wharf, the minimum commitment will be 6 months, but usually it would be 8 months. This would depend on the discretion of the landlord to allow you to have a break clause at some point within the contract. It is normal for contracts to be signed for one to two years, with a break clause to allow earlier termination, if agreed with the landlord.
Budget: If you are staying in Canary Wharf for a period of time more than 6 months, this is certainly the most cost-effective option, but it does not offer anywhere near the flexibility or convenience of a serviced apartment. There is a big range of rental prices, depending on size of the property and quality of the property and services that might be included in the building. Rough price ranges can be seen below:
Studio apartments in Canary Wharf:
£200 per week - £350 per week
£866 per month - £1,516 per month
One bedroom apartments in Canary Wharf:
£275 per week - £500 per week
£1,191 per month - £2,166 per month
Two bedroom apartments in Canary Wharf:
£350 per week - £1000 per week
£1,516 per month - £4,000 per month
On top of your monthly rental cost, other costs to consider when renting an apartment on a long term contract are as follows:
- Council tax
- TV licence
- Letting agency administration and referencing costs
- Monetary deposit (usually 6 weeks rent)
Service provision: When taking up a long term rental agreement, service provision is minimal. Of course, your agent or landlord should take care of any maintenance problems you have during your tenancy, but beyond this there are no other services or benefits that should be expected. You can of course choose to live in a building that may have additional benefits such as porters, receptions, gyms etc, and many of the new canary wharf apartment blocks do provide such services. Naturally, the more services a particular building has, the more your rent will be.
Flexibility: This is the least flexible option, and once you have signed your rental contract you are legally obliged to see out and pay for the term which the lease is signed for. If you have negotiated a break clause in the agreement at some point, then 2 months notice will ordinarily need to be served to activate that clause. If you do not have a break clause, you will be committed for the entire length of the contract.
We hope that this guide simplifies the process of booking your accommodation in Canary Wharf, regardless of your length of stay. Please feel free to contact us for any further advice in finding the accommodation that is most appropriate for you.