City Spotlight: Halifax, Nova Scotia Canada Corporate Rentals

As a Canadian I love to find great new cities to visit both for business and vacation travel and even better is to have it all… A business trip to a great city that I get to explore and love. Today we get to learn more about one of these amazing must see cities…

Halifax, Nova Scotia Canada is the perfect city for business corporate housing travel or for travel fun. A must visit place in the Spring.

Ever thought of just taking off and heading to the coast? Well as this winter is melting away there is no better place to do that than Halifax, Nova Scotia. Renowned for not only the beautiful beaches and scenery, eateries, watering holes and shopping, Nova Scotia is literally famous for its hospitality. And there is no better place to stay when visiting Halifax that in one of the beautiful options offered by Moore Executive Suites.

Halifax Corporate RentalsWith a great variety of suite options, from cost effective bachelors (studios) in the historic property of the Mary Queen of Scots Inn, to high end corporate condominiums at Bishop’s Landing right on the Halifax waterfront, Moore Executive Suites has something for the business person relocating, student visiting to study, or adventurer ready to explore.

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Great Corporate Housing Rentals: Unique Styles a Must

If you have been following this blog you know I am extremely passionate about great corporate housing rentals!!!  If you are a corporate housing renter you should expect cool, unique and stylish rentals.  If you are property  owner you should provide cool, unique and stylish rentals.  More great news is that you have just survived the winter and now it is time to get out and enjoy spring and your corporate housing rental should be no exception.  This month Karrie Kelly, a professional interior designer, gives us great advice about creating unique style in your rental’s outdoor space…

Great Corporate Housing Rentals have Great Outdoor Seating to Suit Your Unique Style
By Kerrie Kelly, ASID

One of the best features of a corporate housing rental property is that there generally isn’t Unique Corporate Rentalsmuch to worry about regarding outdoor upkeep, but that doesn’t mean you won’t want some space for fun and festivity in the fresh air. With a little thought, even a small patio or balcony can add real living space and style to your apartment. In fact, managing a smaller outdoor space can be a real advantage. Much less time and expense are required to get everything in place, which means a solid return on the investment-and because it’s a rental, you can take it all with you when you go!

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Wikipedia Corporate Housing: What do I call it and do I care?

Did you know Corporate Housing has been around longer than Extended Stay Hotels?

Did you know there used to be more corporate housing rentals in the United States than there were extended stay hotel rooms?

The world is ever changing and changing faster than most of us can keep uCorporate Housing p with.  5 years ago if you had said Airbnb to anyone they would have had no idea what you were talking about and the idea of a company name that combines “Air Mattress” and “Bed and Breakfast” would have had no connection to you.

What the success of Airbnb proves is that as travelers we love to stay in residential rentals not just commercially zoned hotel rooms!

Well those of us in the corporate housing industry have been pontificating the virtues of short term residential furnished rentals for decades.  Just because the term “Corporate Housing”  hasn’t been a traditional lodging term for the recreational traveler doesn’t mean the professional business traveler hasn’t been experiencing the extended benefits of staying in a residential furnished rental through corporate housing providers.

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Tenants: Who is sleeping on the sofa and where is Fido?

Yes, we love our pets and yes, corporate housing tenants frequently can’t live without their animals.

Corporate Housing Pets

Sorry just a fact of life.  In today’s world we all want to live, shop, travel, drive and even dine with our pets and corporate housing tenants are no different. If fact one of the ways CHBO property owners get their properties rented more often is by accepting pets!

69% of CHBO properties accept pet to get the properties rented!

Warning:  Parrots! Yes I once had a parrot eat the blinds in one of my rental units. So always get ARDI (Accidental Rental Damage Insurance) as long as the tenant discloses the pet in advance and pays for a policy with a pet clause you can easily have rental damage caused by a pet fixed!!!

Learn about tenant ARDI (Accidental Rental Damage Insurance)!

Who is a CHBO Corporate Housing Tenants?

  • Experiences with Corporate Housing Tenants. Corporate housing tenants continue to be relatively “painless” tenants. In 2014, 92% of respondents say they had a positive experience with their corporate housing tenants – slightly lower than 2013.
  • Renter Types. In 2014, the top reason for renting was business assignments at 67%. We were surprised to see relocation renters at an all-time low of 42%. We saw all-time highs with: family (35%), healthcare professionals (29%), snowbirds (19%), renters due to divorce (18%) and professional athletes (15%). And yes, “marijuana tourism” made the list in 2014 as a reason why people were renting corporate housing.
  • Lengths of Stay. Consistent with last year, two out of three respondents say their tenants stayed an average length of three months or more. We found that 28% of properties could be rented nightly or weekly. However, on average, 79% of properties were actually rented for one month or more.
  • Security Deposits, Travel Insurance and ARDI. Similar to the last two years, 82% of respondents say they required some form of a refundable security deposit, and 6% of respondents say they required Accidental Rental Damage Insurance (ARDI) as an alternative to a security deposit. 65% of respondents say they collected a security deposit of $500 to $1000 or one month’s rent. 12% didn’t collect any type of deposit.
  • Credit & Background Checks. In 2014, 36% of respondents told us, “Yes, they always run credit checks on potential tenants” and 34% said, “Yes, they always run background checks.” Both these numbers are all-time highs for this report.
  • Credit Cards. Approximately 63% of respondents say they accept some form of credit card payment from their renters, up slightly from last year. In 2014, MasterCard and Visa replaced PayPal as the most popular credit solution by an 11% margin.

Pets

  • Pets Trends and Pet Fees. While many renters continue to travel with pets, we’ve seen a gradual decrease in the number of property owners who accept pets over the last four years. In 2014, 36% of survey respondents say they accept pets (down from the all-time high of 50% in 2011). The most common rental period for renters with pets is one to 30 days. The average, non-refundable, one-time pet fee that property owners charged was $262 (up from $204 in 2013). The average pet refundable deposit was $386 (up from $343 in 2013).

Learn more about rentals and pets

Trending: Minions and Property Management

Happiness is great property management, profitable real estate and cute little yellow guys called Minions.

Property Management Happiness

Did you know July 10th the Minions are back in their own feature film! Yes those little yellow dudes make me smile.

What is also back this year? According to the CHBO Annual Corporate Housing Real Estate Report so it DIY Property Management up 10% from the previous year.

Read more about Property Management

What do these Property Management Trends look like?

  • Management of a Property. 82% of respondents say they do all their property management themselves, up 10% over 2013, but consistent with 2011 and 2012. Respondents also use property managers (17%) and corporate housing management companies (7%) to manage their properties. Only 1% use friends and family.
  • Property Management Software. Similar to the past two years, the majority of respondents (51%) say they do not use any form of property management software to manage their rental properties. 24% use basic spreadsheets, followed by 19% who use accounting software, such as QuickBooks™.
  • Rental Documents. We asked respondents, where did you get your rental documents, such as leases? The most (35%) say they found their documents on the Internet, followed closely by 34% who say they wrote their own documents. Only 16% say they paid an attorney to have their documents drafted.
  • Leasing Trends. 44% of respondents say they meet potential renters before leasing their properties (down from 53% in 2013). While many property owners still rely on email as the primary method of communicating with potential renters, other forms of communication are becoming popular, including FaceTime, Skype and texting. We’ll continue to watch these trends in 2015.

What do these Corporate Housing Real Estate Properties look like?

  • Property Size / Number of Bedrooms. The highest percentage of independent corporate housing real estate rentals continues to be two-bedrooms (41%). Consistent with 2013, 29% of respondents say their rental properties have three bedrooms or more. In contrast, in the full-service corporate housing industry, 50% of the rentals are one-bedrooms. The availability of additional bedrooms makes the independent corporate housing segment an attractive option to renters.
  • Property Type. Whereas the majority of corporate rental properties in the full-service corporate housing industry are apartments, only 17% of rental properties are apartments in the independent corporate housing real estate market, according to survey results. Single-family homes continue to make up the largest percentage of properties (26%) accounted for in this survey, followed by low-rise condominiums (19%).
  • Property Locations. Consistent with previous years, independent corporate rentals are fairly even distributed between urban, business districts (46%) and suburban areas (45%).
  • What’s Included in Your Rental. This year, we saw all-time highs in respondents who offer property manuals (52%), welcome gifts (39%) and iPod docks (24%). We were surprised to find that offering high-speed Internet in corporate housing rentals hit an all-time low, while offering Netflix as a rental item débuted on the list with an 11% inclusion rate.

Find Property Inspection Forms to track all that is included in your rental by logging into your CHBO Dashboard.

City Spotlight: San Francisco Corporate Housing

The San Francisco corporate housing market is one of the brightest and most active in the country. There’s a simple reason for that—money. Due to the large number of tech firms and other corporations in the area, homeowners, landlords, and property management companies are seeing great profit potential in offering temporary lodging. Some of the short term tenants are tourists and visitors, and others are corporate executives who are transitioning to new permanent housing in the area. In any case, the San Francisco corporate housing companies are growing quickly and doing very well in a crowded market.

Because of the shortage of housing and apartments in the area, many people coming to San Francisco are looking towards temporary lodging, and that is only encouraging more homeowners to get involved. Currently there are almost 5,000 properties in San Francisco that are offered on Airbnb. When considering all of the other websites that advertise San Francisco corporate housing, the total number may approach 6,000 or 7,000 properties. In addition, over half of the properties on Airbnb are full house or full apartment rentals. The days when Airbnb users only rented a spare bedroom or living room are coming to a close, as companies and homeowners want to offer more expensive temporary lodging.

Real estate prices have been very high for a long time in San Francisco, and that allows short term rental owners to charge high prices. In the city, whole house, or apartment prices per day average over $225. Of course, the specific prices depend on the wealth and luxury of the neighborhood. North Beach and Russian Hill properties have the most expensive prices, while areas like Sunset District and Parkside are much cheaper. The area continues to be a very profitable location for temporary lodging, and if you are considering entering the San Francisco corporate housing market, you should do some research and see if it’s right for you.

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Real Estate: Profit, Vision and Stock Loss

Real Estate is better than the bull!  

Real Estate is Better than the bullWhere will real estate profit be in 2015?  What is the right investment for me?  Why should I care? What does everyone else think?

Yes, it is time to sell those stocks and start buying more real estate!  Did you know that most Bull Stock Market trends only last 4 years?  Did you know we are on year 6 of our current Bull Market?  Bummer.

No worries, just sell some stock and buy some real estate.

Yes you can buy real estate with money in your 401K and not pay taxes! Read more on investing…

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Real Estate Secrets: Details of the Successful CHBO Property Owner

The real estate secret is revealed as CHBO details what a successful Corporate Housing Property Owner looks like.

Frequently we get asked, “Can my rental be a successful corporate housing rental and how do I compare to other successful CHBO real estate property owners?”

Great questions and here at CHBO we love to know how thinks work, why they are the way they are and what other people are doing to be successful and how that information can make everyone more successful.  So a huge “Thank You” to the hundreds of real estate investors across the worSuccessful CHBO Property Ownersld who took the time to complete the annual CHBO Real Estate Corporate Housing Survey.

For years travelers needing corporate housing only had access to standard furnished apartments.  Today the qualified corporate housing renter knows the have numerous lodging solutions available the the CHBO property system.

Who took the annual CHBO Corporate Housing Real Estate Survey?

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Corporate Housing Tends: Getting Started With Real Estate Rentals

Corporate Housing Real Estate Rental Success Starts With Understanding Rental, Real Estate and Marketing Trends

 

Whether you’ve owned or managed a corporate housing rental for 10+ years or you’re new to the industry, we believe that success starts with understanding trends. Just because something has worked in the past doesn’t mean it will work in the future. If you pay attention to the trends and avoid getting stuck doing the same thing over and over, you greatly increase your opportunities for rental (and financial) success.

And that’s where this report becomes so valuable. It’s designed to help Corporate Housing Trendsindependent owners and property managers, like you, learn from emerging trends, so you can increase your rental success.

For example, it’s important to follow rental rate growth. We often see property owners get into the habit of not raising their rates. Yet the data in our report suggests that rental rates are going up in many markets. In high-growth markets, such as San Francisco, you may be greatly underpricing your rental property if you aren’t aware of what’s going on in your market.

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Corporate Housing Must Know: The Walking Score

What is my corporate housing property’s walking score and how can that help me get my corporate housing rental property rented? Questions and Answers!

 

Rental Marketing about Walking Score

Is your neighborhood walkable?

How much fun is your neighborhood?

Must I have a car?

What is the quality of life around the rental?

How can I have fun?

 

They call it “Walking Score” or “Walkability” and it is not only great information to know it will help you connect with your next qualified corporate housing renter. There are also “Bike Scores” and “Transit Scores” all of these are easy to find on the internet and great additional information to add to your rental property marketing description.

Definition: Walkability is a measure of how friendly an area is to walking. Walkability has many health, environmental, and economic benefits. Factors influencing walkability include the presence or absence and quality of footpaths, sidewalks or other pedestrian rights-of-way, traffic and road conditions, land use patterns, building accessibility, and safety, among others.

So how does a walk score work?

A property “Walk Score” is a number between 0 and 100 that measures the walkability of any address.

90–100 Walker’s Paradise:
Daily errands do not require a car.

70–89 Very Walkable:
Most errands can be accomplished on foot.

50–69 Somewhat Walkable:
Some errands can be accomplished on foot.

25–49 Car-Dependent:
Most errands require a car.

0–24 Car-Dependent:
Almost all errands require a car.

Learn more corporate housing rental marketing tips on the CHBO Blog. Just Search Marketing.