Over the years I have watched a lot of trends with Corporate Housing and if there is a week when my phones are slow I always want to know why so I can take proactive actions to get the results I am looking for.
I was talking with the owner of AvenueWest Denver, a Managed Corporate Housing Real Estate Brokerage, who has over 100 private residences throughout the Denver Metro Area that are managed and offered as full service corporate housing rentals. AvenueWest Denver is also approved to be a government housing vendor through their GSA vendor program so they do have direct business connections to the government for specific projects. During the government shutdown they did not lease a single property to businesses, individuals or the government. It looks like everyone was holding their breath and their business to see what the outcome of the government shutdown would look like.Good news: The day the government went back to work AvenueWest Denver rented 10 properties and life has now returned to normal.
Corporate Housing Leasing Cycles: In most markets the 2nd and 3rd quarter of the year will be your strongest months for corporate housing rentals. In the 4th quarter as you get closer to the holiday season there is a general slow down as less people choose to relocate or travel for business during that time. Then the first quarter starts to pickup. There is always business all year long it is just there are slower seasons and busier seasons.
Marketing: Based on these trends always make sure to market for tenants in the 3rd quarter to ensure the highest occupancy in the 4th quarter. The best time to find new potential renters is when your property is actually full not after the property is already vacant.
Tax Blip: I have also seen the week or two before tax day or April 15th is generally slow. During those two weeks regardless of what is going on in business everyone is busy focusing on getting this personal task done and not on finding the best corporate housing rental.
Property Upgrades: Based on these trends think about doing property upgrades at the end of December not in July when the property is easier to rent 🙂