I thought you might like to know about some of the new trends I am seeing in Corporate Housing demand. For the last few years large major business relocations really made it easy to find high paying corporate tenants however with the downturn in the real estate market it is hard to sell homes and corporations are watching what they spend. What does this mean for corporate housing? Are there new trends for corporate housing users? YES! You bet! Two new trends I have been watching this week are (1) Inner State Relo and (2)Home Renovations.
(1) Inner State Relo – For lots of reasons families do want to sell their current home and buy a different home. Maybe they want a different school district, maybe they don’t like their neighbors, maybe they want a bigger home because they know this is the lowest interest rates they will see for the rest of their life. There are lots of reasons. However because of the current real estate market and worried they could get stuck with 2 homes, they list their current home for sale and don’t even try and find a new home until the old home sells. What does this mean for corporate housing? This often translates into the family being homeless for a few months between the two homes. They pack up their belongings into a POD, rent a furnished home through CHBO and wait to find the new perfect home without being rushed through the process.
(2) Home Renovations – Also as a result of the current real estate market homeowners are opting to renovate their current home rather than suffering through trying to sell it. Major home renovations can take a while and many families opt to rent Corporate Housing for 3 – 9 months rather than deal with all the dust.
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