Watch for These Five Corporate Housing Rental Trends

Corporate Housing

Watch for These Five Corporate Housing Rental Trends

Times change. Keeping up with today’s market forces can go a long way in determining your level of success as an owner in the corporate housing world.

The Supply and Demand for Short-Term Housing Will Remain On the Rise

As homes become more expensive to own and interest rates rise, demand increases for rentals. Overall demand for furnished housing continues to increase each year. Total revenues have risen to $3.2 billion, and that’s a 10.2% increase from two years ago. Generational trends could explain part of this rise. Millennials have become a larger part of the market, and they’ll be half the workforce by 2020. They’ve shown a desire (so far) to not be tied down by home ownership. Another possible cause is that as technology allows us to keep in touch from anywhere in the world, so our workforce has more mobility than it’s ever had before. Other possible ca

Even though more renters have flooded the market, there’s room for rent increases, as these haven’t kept pace. Average rents have increased 6.3% since 2015. One possible reason is that supply has increased to an all-time high of around 67,000 properties, spurred by an increase in residential construction of luxury homes and apartments. The supply increase still hasn’t kept up with the demand for corporate housing however, which makes up a full 20% of the temporary accommodation market, growing 11% in 2016 alone – at twice the rate of hotel demand.

Temporary Housing

There will be More Temporary Housing Demand in Tech and Healthcare

The pace of growth in technology has always been at breakneck speed; exceeding Moore’s Law and creating a high need for specialized and trained technology workers all over the country. This has been true for temporary placements or project workers, whose specialized expertise means getting sent to advise on projects regularly for thirty or more days. As a result, tech company staff has been one of the largest customers for furnished housing.

The other group that will continue to demand executive stay housing is Health Care workers. Aging boomers have flooded the market with demand for better and more specialized healthcare. Travel nursing is in high need, as detailed in previous articles, and that’s also expected to continue.

We’ll See More Non-Traditional Tenants

As corporate housing gets “on the radar” for more consumers, you can expect the types of tenants will grow. Corporate relocations, training trips, and temporary projects will continue to be popular, but also expect new categories such as:
* Expatriates. Many Americans working overseas, who no longer own a home in the U.S., return for summer during their children’s school vacations and stay for two to three months. 71% of Millennials have expressed a desire to work internationally at some point in their career;
* Seasonal travelers who are well-to-do in Ski Season or Surf Season looking for a convenient place to live while taking up a seasonal hobby;
* Emergency stays due to severe weather or family emergencies that displace individuals for more than thirty days; and
* Travelers with children, who don’t want to share a hotel room with the kids for a month or more, want to save on food costs, and provide a feeling of home.

More Self-Bookings Will Lead to Greater Customization

Data shows that around 69% of all tenants are self-booking. This number as steadily increased and it’s expected to continue to slowly rise. When an individual is booking their own executive stay, they can be much more focused in meeting specific needs. For example, choosing a location near a great summer school, or with a pool, or near a workout facility where they are members. Consumer demand for higher quality of life, even when it comes to temporary housing, will continue to affect the market.

Furnished Housing

Laws and Regulations Will Increase

Recent vacation rental law changes like “Primary Residence” laws and hotel taxes are dogging the holiday rental industry. These laws, passed in different cities nationwide, are in response to a variety of problems arising from vacationers such as trashed homes, misuse, and high turnovers lowering property values. Expect that some attention will come the way of corporate housing too, which is far better positioned to manage the demands of lawmakers and the HOA due to higher quality properties, stricter rules, and more responsible clients.

Landlords can best position their executive rentals by anticipating trends and changing their offerings and approach to meet them. Start with CHBO, who since 2006 has the most trusted source in the industry for great properties. List your property today by calling CHBO at 1-877-333-2426 to speak with a property specialist to answer all your advertising questions.

Sources:

* http://www.move.com/rentals/apartment-search-tips/corporate-housing-its-not-just-for-business-travelers.aspx
* https://www.chpaonline.org/industry-statistics/
* http://blog.travelershaven.com/corporate-housing-trends/
* https://travelhelp-corporatehousing.com/category/in-the-news/

Property Spotlight: A Prime Penthouse on Puget Sound

A Prime Penthouse on Puget Sound

This Seattle fully furnished studio on the waterfront boasts gorgeous views of Puget Sound, a location that couldn’t be more perfect, and amenities galore that add up to far more than the sum of its parts. The exclusive penthouse community of Waterfront Landings, a full service residence, is right on the water. It’s a four- minute walk to Pier 66 or the Seattle Aquarium, and a seven-minute walk to the Pike Place Market or the Great Wheel. Yes, you read that correctly. This studio rental is right in the heart of the most prime location of this epic city, and it can now be your home during your time in Seattle.

The names that spring to mind when you mention Seattle include Amazon, Starbucks, and Microsoft. These are some of the world’s most famous brands. However, there is much more to this city than those heavyweights. Paccar, Costco, Nordstrom, Expeditors International, and Weyerhaeuser each qualified for the Fortune 500. And that’s not all. Boeing, Joint Base Lewis-McChord (JBLM), and Providence Health and Services keep economic guard here, while the nearby University of Washington is a great place to learn economics and many other subjects. Service providers like the aforementioned Pike Place Market, the Seattle Aquarium, the Ferry Terminal, Bell Street Harbor Center, and dozens of incredible restaurants are within walking distance and this would be a great corporate rental to work from during your assignment.

Waterfront Landings makes your stay so much more special with some fantastic perks. There’s an indoor Club Room, a hot tub and full fitness center. Just outside your door there’s even the Skyview Terrace rooftop patio with a barbecue grill where you can entertain new coworkers and friends. This highly secure building also features a full time concierge to help you explore. Five courtyards offer residents a private park space, and there is underground garage parking.

corporate housing seattle

Seattle at its best

If you’d like to make even more new friends, a social committee arranges ongoing events like holiday parties, movie nights, dinners out at local restaurants, and more. The 94-walk score means you won’t have to wait in traffic or go far to see sights that tourists come thousands of miles to see. Aside from the views of Puget Sound, you’ll see the Olympic Mountains, the Port of Seattle, the Pier 66 cruise ship terminal, and Mt. Rainier. Further afield, but not much further, you can visit other iconic sights like the Space Needle, Key Arena for sports and concerts, and the Paramount Theater. Just a few blocks north, you can tour the harbor on the Victoria Clipper, walk the Pacific Science Center or the Museum of Pop Culture, but be sure to bring your SLR camera because the iconic Space Needle is across the street.

Your time at home will be equally spectacular to its surroundings. Yours are 750 square feet of high ceilings, a massive private deck with a view of the waterfront, and elegant finishing. From the hardwood floors, the granite countertops, the upgraded cherry wood cabinetry, to the stainless steel appliances, this flat is appointed with high-end furnishings for your enjoyment. Not only is the space quite ample, it’s used efficiently as evidenced by the Murphy wall bed and California closets that tuck away when you don’t need them, enabling you to have a formal dining area. There’s even an office area with an Apple desktop computer and printer so you can work from home or just Google up your next adventure. The atrium features two seating areas, one of which has a day bed if you have a guest stay. The wall mounted LCD TV is subscribed to Showtime, HBO, Netflix, and Apple TV, and you can stream via high speed Wi-Fi. This is mounted above a gas fireplace where you can warm up after a cool evening lounging on your private patio. When you get hungry, the luxury kitchen provides you everything you need for a meal, including a gas stove, microwave, dishwasher, and coffee maker. Cherry wood cabinetry stands out from the neutral grays and sets off the kitchen beautifully.

seattle furnished rental

Unlike many other studio apartments, you have your own stackable washer and dryer, and bi-weekly maid service leaves the deep cleaning to others so you can focus on working hard and playing hard here on Puget Sound. This furnished studio rental is certain to be hot, so be sure contact the owner at (253) 569-1045 to reserve your place on Puget Sound today!

How to Get Tenant Reviews for your Corporate Rental (And Why You NEED Them)

Review rental property

As a landlord or a corporate rental or just as a person living life, you’re busy. Sometimes you’re too busy to sweat the details. When a tenant moves out after an enjoyable stay, you’re preparing for the next tenant, and maybe marking the departed client off your mental to-do list. Maybe you lack time, or maybe you don’t want to bother them, but if you don’t ask for a review, you’re leaving future earnings on the table. If you think photos and description speak for themselves, you’re mistaken. We’ve talked about how photos don’t always tell the full story of a home in recent blogs.

Why do I Need to Ask for Reviews?

You need to solicit reviews because they result in more bookings. Studies show that great customer reviews build customer confidence. A recent study revealed that 88% of customers trust online reviews as much as they do a personal recommendation. And tenants leave reviews for many reasons – to help others make an informed decision, to sound a complaint allowing you to improve, to praise your property, to reward great service, even simply just to be heard. Your property is competing with other furnished executive rentals in your area and reviews can give your property a leg up, because tenants trust others to guide them to properties that are “as advertised”, that provide five star service, that listen to the customer, and that stand out. Bottom line, all things being equal, properties with good reviews get booked more often.

Corporate Rental Reviews

How do I Lay the Groundwork for a Great Review?

It starts with the customer’s first impression. A well-written, grammatically correct professional property description and CHBO certified photos create that great first impression. You want to preview the high level of professionalism and service right from the start.

First, setup text alerts so that you are notified of inquiries in real-time. Once you get their inquiry, answer the lead within twenty-four hours and in a friendly manner. Don’t overpromise, treat your lead with respect and really work with them to see if your property meets their needs. That genuine approach will pay off.