Have you ever wondering if the amount you’re paying to manage your furnished housing is average for the market? Maybe you’ve been curious about whether you’re putting enough into management to see the profits you want every year. One of the best ways to find out is by looking at the CHBO Corporate Housing Real Estate Report for 2020.
This report delves deeply into management (as well as many other aspects of furnished housing) and how much various people pay to keep things updated. It also looks at the way management is done by people who own corporate housing. The great news is you can access all of this information through the dashboard on your CHBO account.
So, look at how much you spent for 2019 to manage your property, and we’ll share whether you’re on track compared to the many people who filled out the CHBO survey for the year. When it comes to the basics, you can view the table below to get an idea of the amount people are spending on furnished housing management in 2020.
|$4,000 or more||5% of respondents|
|$2,000 – $3,999||4% of respondents|
|$1,000 – $1,999||21% of respondents|
|$500 – $999||13% of respondents|
|$499 or less||36% of respondents|
As you can easily see, the majority of those with furnished housing are spending less than $500 a year to manage their properties, with the second-largest segment spending anywhere from $500 to $999 a year. As the expenses rise, fewer people choose those management options. The only exception is that more people spend over $4,000 than those who spend between $2,000 and $3,999.
This is a major change from 2018 in many of the categories, which shows that people are spending more on housing management. For example, in 2018, only 28% spent under $500, but only 13% paid $500 to $999, and 9% paid from $1,000 to $2,999.
Another interesting thing to note is that while 93% of corporate housing owners did their management in 2018, only 89% indicated that in 2019. Four percent more people are now using property managers to help out with this kind of thing, leaving owners more time to worry about other important things.
So, where do you fall when it comes to paying for management? Do you meet the average? Should you spend more or less? This is always a good thing to think about as the world changes around us every year.
For all inquires, please contact:
- Annually How Much Do You Spend for the Management of Your Property?
- What You Need to Know About the 2020 Corporate Housing Report
- Corporate Housing: Who, What, Where & Why #4
- City Regulations: Has Your City Been Affected by Short Term Rental Regulations and New Laws?
- What is the Annual Occupancy Rate for Your Corporate Rentals?