Have you changed the rate you charge for your corporate housing in the last year? Maybe you haven’t thought about it or you’re waiting for a sign that it’s the right time to do so. Maybe you also increase your prices at the beginning of the year to make more money. Perhaps you aren’t sure whether you should change the price and want a bit more information first.
Rental Rates from 2017 to 2018
The CHBO 2019 Corporate Housing Real Estate Report offers all sorts of information about the average corporate housing rate, who owns how much property, and much more. It looks at survey answers from owners who own corporate dwellings to determine what’s going on with the market. This year’s report looks at data from 2018, but looking at it in comparison to 2017 data can tell you whether 2018 is the right year to change your rental rates.
Many Corporate Housing Owners Rates are Unchanged
Haven’t changed your rates for the year? You aren’t alone since that’s true for 61% of people’s corporate housing rate in 2018. This is a bit more than in 2017 when only 58% of people did not choose to change their rates. So, if you haven’t raised or lowered your rates, you’re in the company of plenty of other people.
On the other hand, 3% of respondents noted that they have greatly reduced the rates of their corporate rentals and another 5% had somewhat reduced them. This is a much smaller number than those who brought their prices up for 2018. Those who raised prices to some degree made up 28% of the people who responded and those who raised prices by a larger degree made up 4%.
Raising Rates for 2019 is it time to change your rental rates? That depends on many different things. We recommend looking at housing similar to yours in the same area and gauging what prices others use. Maybe the price has gone up for your area and you didn’t know it. Maybe it’s the same and there’s no reason to alter things at all. Other reasons to change the pricing might include the fact that you made repairs, added new appliances, or otherwise made the house a better space. Think about all your options and go with what works for you and your area!
For all inquires, please contact:
- What You Need to Know About the 2020 Corporate Housing Report
- City Regulations: Has Your City Been Affected by Short Term Rental Regulations and New Laws?
- Deciding How to Set Your Corporate Housing Rental Rate
- Renter Type – Industry or Other Reasons Someone Rented Your Corporate Property in 2019?
- How Should I Set My Corporate Housing Rental Rate?