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 world 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?
- Property Locations: In 2014, we received hundreds of survey responses from property owners from 37 U.S. states, Puerto Rico, and Canada. Similar to last year, the highest response rates came from property owners in California, Colorado, Texas, Washington and Illinois.
- Number of Properties: The majority of survey respondents, 76%, say they only have one to five rental units. While we have seen slight variations in this percentage over the last five years, overall it has stayed consistent, meaning this report truly reflects the independent corporate housing real estate segment.
- Years as a Corporate Housing Landlord: 42% of respondents say they have been furnished landlords for five years or more. This number is up 17% since 2011, indicating that property owners are finding long-term financial success in their rentals. Over the last five years, the number of new landlords (“landlord for one year”) has slowly decreased from year to year, but in 2014, we actually saw that number go up for the first time.
- Reasons for Being a Corporate Housing Landlord: 56% of respondents say the primary reason they are corporate housing landlords is for the long-term investment, down slightly from 2013. We have noticed an emerging trend of “partial landlords” – respondents who are renting a separate, fully functional guesthouse or apartment on the site of their primary residence. We’ll continue to watch this trend in 2015.
- Corporate Housing Terminology: Similar to last year, 74% of respondents list their rentals as “corporate housing,” followed by 45% who list their properties as “furnished rentals.” There is a new trend for referring to rentals as “executive rentals,” “extended stay executive housing” and “executive residences.”
Log into CHBO and find a complete report in your Resources Tab.