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.

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.

Should You Market Your Corporate Rental to Homeowners?

Choosing the right real estate property

In one of our articles from a few years ago, we addressed the issue of whether your homeowners insurance would pay for extended stay lodging in the event your home became unlivable. The long and short if it was that not all insurers do provide this coverage, but since that time many have added such provisions.

After all, with more and more areas experiencing extremes in weather, more and more homes are damaged by flood, fire, water and wind or lightning. This can sometimes force homeowners out for lengthy periods while repairs are made (up to six months at a time).

Blocks home

So, if you rent your furnished property as a corporate rental, it makes good sense to consider a bit of niche marketing towards homeowners and even insurance agents who offer policies through companies that cover extended stays. And of course, now is the perfect time to consider this new avenue as the summer season is right around the corner, and it is unfortunately the “season for water damage”.

Weather and Your Corporate Rental

Just consider that homeowners may need access to an extended stay due to damages to their home from a severe summer storm (rain, hail, wind, lightning, etc.), due to accidental flooding issues while they were on vacation (burst pipes, plumbing issues, and so on), and ground water problems that cause flooding inside of the home. If you rent your furnished property, it could be precisely the situation a standard household needs after their own home becomes uninhabitable.

This is even more the case if your corporate rental is one that has adequate accommodations for children and families with pets. The property is “turnkey” with the appliances and setting ideally suited to a family suddenly without a home. You can rent your furnished property as a home away from home to a family rather than as a corporate rental and earn the same income since the stay is paid for by insurance coverage.

Marketing Your Corporate Rental

Of course, you may want to know how to rent your furnished property to this unique group. The good news is that it is quite easy when you rely on the CHBO site to support all of your marketing efforts. Insurance providers are already looking into a corporate rental for some policy holders, and you can also get in touch with all of your area insurance agencies to alert them to the fact that you do rent your furnished property to more than corporate clients.

It is not at all difficult to develop new potential streams of income for your corporate rental, and homeowners in need of extended stay options may be that untapped market you have been needing.