You’ve been waiting for it, and now it’s available. That’s right; we’re referring to the 2020 CHBO Corporate Housing Report. As is the case every year, we polled corporate housing property owners to find out more about property management trends, payment options, rental rates, and much more.
If you’re the owner of furnished apartments, you can check out the report yourself by logging into your CHBO account. In the meantime, we wanted to look at some of the most exciting things that are included in the report. We also want to consider what they mean for the world of corporate housing as we move farther into 2020.
The first thing to look at is property management trends, and there are some exciting things to note. Do it yourself options have dropped a bit this year, while corporate housing company and property manager categories increased. Another thing to note is that phone interviews have become much more popular with a jump from 25% in 2018 to 55% in 2019.
As far as rental rates go for furnished apartments, things haven’t changed much, which has been the case for nearly a decade. On the other hand, experiences with renters have been noted to be more positive than ever from 31% to 43% in the newest report. Most people involved in corporate housing note that quality photography is the thing to focus on right now to bring in new tenants.
Another positive in the report is that over 56% of people who offer furnished apartments and other dwellings find the endeavor profitable, and another 12.5% find it very profitable. Another 21% find that they breakeven while only 10% are having issues with making a profit. As usual, most people are making money off of their real estate projects.
Since a lot is going on with coronavirus and the economy right now, the outlook on the survey may not be as important as usual. It’s anyone’s guess how that is going to change rentals and other industries as months go on. All in all, the results show that corporate housing is on the rise and well worth the dedication and work to provide. If you’re looking to learn more about all these things, log into your CHBO account to see more data and charts to help you plan your path to success. However, take it from us that the future looks bright!
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