Have you ever thought about how long the average group of corporate tenants spends time in furnished housing? Knowing how long to make your rental agreements to fit the needs of the average traveler is crucial to a successful rental business. Based on the information found in the 2019 Corporate Housing Real Estate Report, things are changing and you should be the first to know.
Average Time Corporate Tenants Stay
Based on respondent answers to a survey by CHBO, the average time that a person stays in furnished housing can vary. At the lower end of the scale, only about 5% of renters stay a single night, while 6% stay for a week and another 6% want space for nine months. Moving up the scale, 10% of corporate housing renters want to stay for an entire year or even longer. However, most renters are looking to stay for one month, three months, or six months, with three months being the most popular.
Changes in Stay Length Since 2018
You might think that things wouldn’t’ change much in the span of a year, but that isn’t true. Looking at the data from the 2018 report and comparing it to the 2019 report shows things are changing. The six-month, nine-month, and yearly lease agreements have all increased by 2% or more. In total, a stay that is more than three months has increased by 7% since the last report.
Why This Matters to Your Corporate Rental Business
It might seem like it doesn’t really matter how long someone stays, but it does. People staying for different lengths of times are going to expect very different things. Someone who is staying somewhere for a year or three months is going to want to see all the amenities they have back home, while someone staying for a day or a week might be willing to budge on a few things since the stay is short.
Deciding How Long to Rent
In addition, you need to consider the minimum stay that you allow in your corporate housing. If you are only allowing people to stay six months or longer, for instance, you are missing out on everyone who might want to stay a shorter time. When that includes 94% of people, this might not be the best option!
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