Corporate Relocation Data Updates

Corporate housing Update

It’s that time again, and those eager to make the most of their participation in the CHBO Certified Program will want to have key points about the whole corporate rental market. A good source, and one we turn to time and again, is the annual Corporate Housing Provider’s Association report, and in a previous assessment of it we looked at the topic of relocation specifically.

Let’s do that again and gauge any recent changes, and how those might affect clients considering the use of the CHBO Certified Program for standard corporate rental options and relocations. First and foremost was this data point: “For the seventh successive year, relocation was the largest reason for using corporate housing in the U.S.”

corporate relocation

The average stay, however, declined to 78 nights, while the number of occupied units went up by almost 19% and revenue increased to more than $3.6 billion. With around 71k units, that indicates steady growth.

The Workforce Mobility Association, also cited in previous reports, said that “the average cost of transferring a current-employee homeowner is $90,017. A new-hire homeowner is somewhat cheaper, coming in at around $67,000. Renters are considerably cheaper to move, with a current-employee renter costing a little more than $20,000, and a new-hire renter costing slightly more than $17,000 on average.”

Firms also still find that home sale assistance costs (funds used to support homeowners making a move) remained steady, and that reluctance to move continues to decline.

How can this help you in terms of your corporate rental and the use of the CHBO Certified Program? If you take a few steps back from the data, one clear fact emerges – there is a consistent growth in demand for quality corporate rentals, and particularly relating to relocations. When you put your property into the CHBO Certified Program, it can be positioned as a home rather than an extended stay property. It will come as a turnkey solution rather than a sterile corporate rental in a long stay hotel.

Don’t overlook the trends – relocation is the main reason for corporate travel and you want to use every resource you can to show your properties as the ideal spot to stay as you transition from one area to another. The resources from CBHO can get you there easily and effectively.

Rental Apartment Tips 101: Key Marketing Tactics

In our ongoing series of articles and blogs about the best ways to succeed with corporate housing investments, we cover a lot of different issues. In this article, we are going to look at some of the most trusted and sure-fire ways to market your properties, including a few rental apartment tips you may not yet have considered.

Corporate rental tactics

  1. Never stop marketing – One of the worst mistakes made when offering corporate housing is to remove listings when the properties are rented. Just like any other product, the only way to get new buyers is to constantly market the goods. As a previous article in this series indicated, ” in today’s housing market; always be looking for your next renter.
  2. Offer furnished corporate housing – Though corporate renters are usually extended stay rather than annual lease signers, they rarely find premium turnkey premises to let. You can give yourself a serious advantage by offering fully furnished spaces. These attract some of the finest renters, making this one of the savviest rental apartment tips to follow.
  3. Incentivize your property – While furnishing your corporate housing is a key to success; allowing you to market it as such, don’t forget to have welcome incentives. This might be membership to the neighborhood gym, monthly housekeeping services, and so on.
  4. Make the most of happy clients – The modern internet makes it important that you garner as much praise and positive feedback as possible. One of the key rental apartment tips is to offer up those testimonials on the rental pages or other marketing materials.
  5. Be honest in your photos – Marketing is meant to bring interested buyers to you and then help close the deal. However, if you practice dishonest tactics it can come back to haunt you. One of the more common mistakes you might make is to overpromise with bloated descriptions that sing false praises and the use of photos that were done in a strategic manner. These are images that make the space look far better than it might in real life. For example, using artificial lights to flood spaces and make them appear much brighter than they ever will be or staging rooms with props, artwork and even furnishings that do not actually belong there. These set your renters up for disappointment and often earn you a negative review.
  6. Diversify – One of the best tips for marketing your corporate housing is to avoid the old “eggs in one basket” hazard by diversifying your marketing channels. Begin with a targeted approach, such as a CHBO listing, and then build a website with blogs and social media, as well as speaking with real estate experts in your area.

These simple tips and tactics can really turn around your marketing results in the coming year.

Corporate Housing in San Francisco Is Still a Savvy Choice

San Francisco corporate housing

Though corporate housing in San Francisco is recognized as some of the most popular and in demand, it still remains a wonderfully savvy option for those in need of a furnished rental. While long stay business hotels still exist, the constant demand for short term rentals throughout the San Francisco region makes it a wonderfully ripe marketplace for travelers of many kinds.

However, if you are the owner (or intended owner) of a furnished rental, you will want to pay attention to the challenges facing corporate housing in San Francisco. As one of the first cities in which the Airbnb model really exploded, it is also a city in which legal issues have also appeared.

San Francisco corporate housing

New rules require any furnished rental to be officially registered and it can be available for no more than 90 days out of each calendar year. However, if you “host” (meaning you remain on the premises during the “visit”), the potential is unlimited. Thus, something as simple as a locking, dividing door can make the difference between a limited rental and an unlimited one.

Does it mean you won’t want to offer property or rent it when in San Francisco? No, not at all! The city is still one of the busiest markets – even with new guidelines in place. When looking for a place to stay during a longer visit in San Francisco, consider the short term rentals and corporate apartments scattered throughout this charming region.