Go Bigger and Go Home – A Look at Real Estate Upsizing

Big homes by CHBO

Have you, like millions of others, watched the whole tiny homes trend develop? People downsizing their possessions to such a degree that living in homes of 300 square feet or less is the foundation of this trend, and yet it remains strong. Only, it is not as strong as another trend, and that one is known as up-sizing. As one article recently joked, “Downsizing? That’s so 2016. Housing trends indicate a move toward bigger, not tinier, homes…” Yet, this is also indicative of a corporate housing trend, too.

What we mean is this – housing supplies in the larger urban areas are on the decline, and more and more are finding that they can only afford tiny properties if they also wish to remain within the city. As that article noted, many move just outside of their cities and opt to invest in or build larger homes. This leaves a lot of smaller properties available within the cities. These then become ideal candidates as short term apartments, which is part of the increasing corporate housing trend.

Big homes by CHBO

These smaller homes are exactly what traveling professionals desire. Rather than an unwelcome stay in a longer term hotel, the short term apartments with their separate living and sleeping areas, their in-building amenities, and their home-like feel are a superior choice.

The corporate housing trend has been veering away from extended stay hotels and instead turning towards furnished and welcoming short term apartments. So, the upsizing trend, which is leading more and more urban dwellers to head to the nearest suburban regions is a good thing for property investors and supporting the corporate housing trend in one or two bedroom apartments.

Naturally, not all areas are in this exact position, but most of the country’s growing metro areas do reflect this shift. For example, the “median square footage of new homes is up 20 percent since 2000, from about 2,000 square feet to about 2,500 square feet… Fifty-six percent of millennials said that having a large home is important to them, compared with 42 percent of Gen Xers and just 35 percent of baby boomers.”

So, if you are eager to invest in corporate housing properties and furnished rentals, you will find that there are more and more of the smaller, short term apartments becoming available. Choose the right neighborhoods and this exodus into the suburbs will actually work to your benefits.

Trends and Changes in the Corporate Housing Industry

CHBO Certified Property

On a regular basis, we assess the trends in the corporate housing industry. In a Corporate Housing Report, we looked at the role of corporate rentals as a major player in corporate relocations. Not surprisingly, things have continued to change, and these changes have led many to enroll their rentals in the CHBO Certified program. This delivers access to the kinds of resources and marketing methods that produce the most coveted outcomes.

Let’s consider some of the data and discover if the corporate housing resources in the CHBO Certified program are of benefit to you (as the owner of one or more such premises).

Optimal Answers in Corporate Housing

Experts revealed that the “trend toward lump-sum relocations and unstable and unpredictable real estate markets” had turned corporate housing opportunities into the preferred solution for many. Citing “exhausted homeowners who cannot sell their home and…wearied travelers who desire accommodations beyond a stark hotel room,” the report went on to explain that a huge number of people dealing with corporate relocations (as well as home sellers finding a lax market) were finding relief in corporate rentals.

The reports have indicated that whether it was a transferred worker in need of temporary housing until their own home sold, or the homeowners in areas where corporate housing was most needed, there is a growing interest in extended stay situations. In fact, one report noted that most groups are “earning real income on the property and offsetting the financial burden and stress involved with today’s home selling and relocation processes.”

The CHBO annual report for 2016 also noted that relocation still comprise the majority of rentals, and that many pre-conceived ideas and even common myths about corporate rentals are coming to a swift end.

Ending Common Myths

Thanks to the emergence of dedicated networks such as the CHBO Certified program of owners, myths such as “corporate housing is just an extended stay hotel in disguise” have come to an end. Until now, it has been difficult for many people relocating for work to see the term extended stay and think of anything more than a sterile hotel. However, the resources and options in the CHBO Certified program allow potential renters to quickly recognize properties as warm, amenities-rich and ideally located for a longer term rental.

CHBO Certified Property

Another myth that recent changes in the world of corporate housing has overcome is that company owned housing is better and more cost effective. The DIY approach is never going to match the kind of attention to detail, personalization and appeal that properties in something like the CHBO Certified can provide. It is owners that assume all of the costs for management, upkeep, taxes and so on. In this way, optimal corporate housing actually comes at a premium.

Finally, a great change in the world of corporate rentals is that they are no longer seen as for the corporate traveler only. Those who use the CHBO Certified program find that the search engines identify properties to travelers who may need a lengthier rental than a hotel or other extended stay may provide, but who wish for a home-like setting.

There are ongoing changes throughout the corporate housing industry and market. It can be challenging to keep up with them all, and we hope that this ongoing review of such conditions is helpful to property owners eager to extend corporate rentals and extended stay options.

A Hollywood Furnished Rental is an Ideal Choice for Any Traveler

Tucked just minutes from the fantastic beach and boardwalk, and yet set within the trendy and appealing Downtown district, this Hollywood furnished rental provides a perfect setting. Whether in Hollywood for business or an extended holiday, this two-bedroom home is packed with style, charm, indoor and outdoor living spaces. Yet, it is but a short drive to the heart of town.

furnished rentals

Noted as one of the most appealing, but somehow lesser known, areas of eastern coastal Florida, Hollywood is comprised of more than 25 square miles of both coastal and inland areas. Home to the popular Hollywood Beach, with its not-to-be-missed oceanfront promenade, it has been named one of the best beach boardwalks in the country. However, it is not just the Hollywood Beach Boardwalk that makes the city so appealing to visitors and business travelers. The Downtown district is noted as a budding arts district with a bevy of galleries, an art house cinema, a popular cultural center and scores of businesses and restaurants.

furnished rentals

Of course, as home to such major corporations as Memorial Healthcare System, HEICO Corporation, Brandsmart, Chewy and other companies, it is also an ideal spot executive and business travelers of all kinds.

furnished rentals

Visitors in this furnished rental can easily walk to all of the shops, restaurants and even the beach, as they are less than four blocks from the front door – in general. However, this city has been designed with convenience in mind and there is a public trolley system along with ready access to private transportation via services such as Uber.

furnished rentals

This Hollywood furnished rental is described as Mid-Century home with all of the hallmarks of that esthetically appealing style. From the quaint little gardens and palms that surround the yard to the terra cotta tiled rooftop, the exterior is visually appealing and quite charming. The interiors are a perfect match and use a wonderful blend of materials, colors and styles to create a well-balanced, but eclectic setting.

furnished rentals

A large living room with premium entertainment system offers a great place to unwind each evening. Just steps away is the compact but complete, modern kitchen with stainless appliances and an amazing amount of appealing natural light from the private yard. Step out to the patio for morning coffee or just sit in your open floor planned living area.

furnished rentals

The two bedrooms are light and airy, furnished in a contemporary and yet relaxing and welcoming style. With views to the gardens from every room, off-street parking and a fabulous location, this Hollywood furnished rental is a great find.