If you’re a landlord or real estate investor and have never heard of corporate housing, you are missing out on a new real estate trend that could make you more money.
Corporate housing is an industry that has existed for decades and last year reported $2.7 billion in domestic revenue. That said, the reality is most people have never heard of it unless they have been relocated or are a consultant.
The other funny thing is a lot more people have stayed in corporate housing they just didn’t know it had a specific name. In today’s changing business and real estate environments corporate housing is transitioning from an industry that was focused mainly on business-to-business sales into business-to-individual transactions and now, with CorporateHousingbyOwner.com, even individual-to-individual transactions.
What is Corporate Housing?
Corporate housing is quite simply a residential property that is rented furnished (with specific industry standards) on a monthly basis. If you are retired and live in Northern Canada and spend your winters in Florida your monthly rental falls into the category of corporate housing. If your home was damaged or destroyed in a hurricane and your insurance provider paid for you to stay in a furnished residential property, you were staying in corporate housing whether you realized it or not.
Notice I keep using the word “residential” property. That is really the second key to corporate housing. What this means is that unlike a hotel or extended stay property where everyone comes and goes, in a residential property the majority of the occupants or your neighbors consider that property their primary residence and don’t come and go.
I am always interested in hearing about examples of people who have stayed in corporate housing and why. Here are some interesting examples:
Did you know when large amounts of troops come home from Iraq the local military housing on base gets full and the soldiers are given a per-diem to find temporary furnished housing until base housing becomes available. Where do they turn? Corporate housing!
Did you know that professional athletes who are frequently traded generally have one main permanent residence and then rent a fully furnished property for the time they are in the new city.
The end result is you should know about corporate housing and how it can save you money, offer you more square footage, and gives you a more comfortable and safe living environment. You should be talking about it with your neighbor because some day s/he will need it too!