Are you already the proud and successful owner of a CHBO or corporate housing rental? Maybe you are only now looking at the best ways to monetize some real estate you own or have the chance to buy? Either way, you probably have a lot of questions about this sort of scenario. The good news is that the CHBO Handbook is here to help out.
The Benefits of Corporate Housing
When the CHBO Handbook was first released several years ago, the whole concept of corporate housing rentals was just emerging. Sites like Airbnb didn’t exist or had only a tenuous hold on the rental market. Today, not only has corporate housing emerged and even evolved, but it is becoming one of the easier ways to offer short-term rentals.
As an example, many cities are cracking down on the abundance, some say overabundance, of property owners making their apartments and homes available for rent. These cities are unhappy about the issue for many reasons, including the simple fact that the rentals are in direct competition with licensed and regulated hotels. There are also concerns of neighborhoods being disrupted by revelers who take a short-term rental (such as a long weekend or one or two-week rental) and ignore the residential quality of the neighborhood.
As the CHBO Handbook explains, though, a corporate rental is usually required to last at least 30 days or more. In many instances, the rentals must be a minimum of six months. This means that there is far less risk of rowdy tenants, party goers, and damage. Instead, and as the CHBO Handbook explains, a furnished, monthly residential rental (i.e. a corporate rental) is a much more appealing option than any hotel or extended stay property.
Yet, how do you market such a property? What sort of insurances, documentation, tax payments and other issues apply to the situation? What sorts of furnishings, fixtures and other items are needed? Can you offer a condo as easily as a single-family home?
The good news is that these questions are all addressed in the handbook and the CHBO website. You can find all kinds of information, services and explanations. There are detailed reports available about trends in this unique area of housing, including real estate market reports that show profit and investment levels, hotter markets, and so on.
Don’t overlook corporate housing rentals when you are considering how to monetize real estate and turn to the resources from CHBO for all the answers you need.
For all inquires, please contact:
- NEW for you! The Corporate Housing Handbook by CHBO
- It’s Tax Season Again! How Does the IRS View Corporate Housing Properties?
- Buying Real Estate? Corporate Housing vs Vacation Rental
- Reflecting on the Corporate Housing Annual Report
- What Corporate Rental Landlords Need to Know About the Fair Housing Act