It does not matter if you are using one of the daily or weekly property rental sites, or the whole array – this short term rental model may not be in your best interests. As one report about Airbnb recently noted, it is “cruising in uncharted territories” and raises issues with everything from insurance to local laws about hotels and other, similar accommodations. Some of the most popular cities are now beginning to crack down on property owners using such pathways to monetize their furnished housing, and that alone might make you consider the CHBO model instead.
This is a short term rental system in which a visitor’s required minimum stay is usually around one month or more. The furnished housing is usually a higher quality, designed to cater specifically to corporate and professional travelers. This is a huge group that often travels for work-related projects, corporate programs, relocation, and more. Interestingly enough, a lot of military travelers use corporate housing, as do those traveling for medical purposes or even those who can travel as part of their work life, i.e. the digital nomads that represent such a large portion of the freelance world.
Thus, a short term rental is not limited to corporates and executives alone. Yet by bumping up your furnished housing stays to monthly or greater lengths, you are also encouraging some of the finest renters imaginable. They often desire much more than an extended stay space and are happy to have options to extend their stays as needed. This can alleviate many of the worries that ownership of a short term rental can create.
For example, using the corporate housing model means a near instant reduction in cleanings, move-in and move-out processes, and even wear and tear on the premises. You have to worry less about individual properties and your bottom line is likely to increase. After all, per the 2017 statistics gathered by CHBO Report “67% of respondents say their last tenant stayed for three months or longer. 11% say their last tenant stayed for one year or longer.”
As a top-tier search engine for corporate travelers, they can provide owners with a remarkable opportunity to reduce their work load while increasing earnings. Though there are specific rules that apply to a transition from daily/weekly renting to the longer terms, it is a superior way to competitive earnings and a more appealing approach to rental ownership.
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- Wikipedia Corporate Housing: What do I call it and do I care?
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- Tenant Screening Made Easy for Corporate Housing Landlords