3 Ways Landlords Can Make Renters Feel at Home in Corporate Housing

For many renters, moving across the country or around the world for a new job is an intimidating life change. Corporate housing is undoubtedly a huge help during this transitional period, allowing people to focus on settling into their new environments. With that said, landlords can significantly impact how at home tenants feel in their temporary homes, making them more likely to stay on as long-term residents. Consider these small additions to a corporate housing apartment that will guarantee a more welcoming, comforting home for new tenants.

Homey Furnishings

Most renters will agree the convenience of having a furnished rental to move into is immense during a major move. (It sure beats having to inflate an air mattress or use boxes as make-shift tables.) While corporate housing landlords will provide larger furniture items in their units, they may overlook small (often inexpensive) items that can truly transform a rental into a home. Diana Kovacs, a travel nurse who has lived in several corporate housing rentals in the last few years emphasizes that day-to-day items can make all the difference.

“I’ve lived in corporate housing that included everything — linens, dishes, even a laundry basket!”

Some additional items to consider providing for your tenants include:

  • Teapot or French press
  • Throw blanket for the sofa
  • Easy-to-maintain houseplants
  • Empty photo frames
  • Fridge magnets
  • Hangers, closet organizers

Wellness experts also highly recommend items like blackout curtains and white noise machines for renters who may be sensitive to light and city noise. Help them sleep better, and they’ll no doubt feel more at home!

Housemates

Though it’s usually rare for corporate housing renters to share space, it’s an option landlords can consider proposing. Not everyone will have a preference for it, but for those new to a city, shared housing is an excellent way to expand their networks.

“Living alone was great when I moved to San Francisco from New York City, but I wouldn’t have minded sharing my temporary apartment with someone else who was in the same boat,” says strategic planning manager Tushar Karkhanis.

tanents feel

The key here is to gauge interest from your tenants and then use a service that emphasizes helping renters find housemates whose lifestyle habits and personality traits match or complement theirs.

For willing tenants, landlords can feel great knowing they’re playing a role in helping tenants adjust to their new environments as well as be smart about their supply. Shared housing provides landlords another way to capitalize on their investments by renting to more tenants.

Personal Touches

Lastly, the key difference in a regular corporate housing rental and a home is the personal touch. All the amenities in the world are great, but a welcoming gesture is the icing on the cake. Often, it’s the only thing missing from an otherwise excellent rental. Without anything to set it apart from traditional lodgings, landlords miss the opportunity to leave a lasting impression with a potential future customer.

“Some of the perks included parking, furnishings, in-unit laundry, and close access to public transportation and the freeway, but the apartment felt a bit-hotel like,” says San Francisco-based marketer Thomas Keyack of his corporate housing rental.

An easy solution can include a handwritten note with a welcome basket filled with small household essentials, like the ones mentioned above. The extra cost is inconsequential compared to the value. It is also gestures like these that encourage renters to provide feedback to their company’s relocation managers, which in turn will drive more business for landlords.

Remember, it doesn’t take a lot to make someone feel at home, but the impression you leave will have long-lasting benefits for both you and your renters!

By: Alex Larsen, COO at Roomi

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Why Should I Set My Minimum Stay at 30 Days When I Really Only Want Long-Term Renters?

If you have one or more furnished rentals, and you’re not getting the interest in your properties that you want, it could be that your minimum stay is just too high. While it pays to have lower turnover rate with renters, the world of renting furnished apartments to corporate tenants is very different from the world of long-term rental housing.

If you’re in this market, then you already know that furnished rentals get a higher rental rate than unfurnished, long-term rentals. You know that you can make a lot more money with very little work when you open your property up to luxury corporate renters instead of renting it to a single tenant for a year without any furnishings or luxury amenities. At the rates you can charge for luxury furnished apartments, you’ll make more in three months than you would in a year renting an unfurnished property. That means that you need to be open to shorter-term tenants.furnished apartmentsHowever, you don’t want to make your minimum stay too low, either. Let’s discuss why setting your minimum stay at 30 days is the perfect decision.

Attract More Tenants

First of all, most people traveling for business or relocating to a new city don’t want to be locked into a long-term lease. They want the ability to pay on a month-to-month basis. This way, they can stay longer if their contract gets extended or if they have trouble closing on a house in the area and need a place to stay while they search. At the same time, if they need to go home early or if they find a permanent home before their rental agreement is up, they will have more freedom to move out without losing a lot of money in breaking a lease.

On average, most travelers stay between three and six months, which means that you’re still looking at a fairly low turnover rate when you go with a 30-day minimum stay. In fact, you may only have two to four tenants per year while still consistently collecting rent. This means that you’ll only have to spend the money to clean and prepare your furnished rentals a few times a year, and you’ll get more tenants interested in renting them, as well.

Avoid Short-Term Leasing Litigation

Furthermore, when you set your minimum stay at 30 days, you’ll avoid a lot of legal issues, fines, and fees. Right now, in several cities around the United States, property owners are jumping through a lot of legal hoops to continue to rent their properties as very short-term rentals. Fortunately, though, these do not affect property owners renting their furnished apartments for a month or more at a time. So don’t go below 30 days if you want to avoid unnecessary expenses and potential legal problems.

housing calenderPlus, if you set your minimum at 30 days, you can attract more long-term renters by offering pricing incentives for longer stays in your furnished rentals. People love getting a deal, so if you offer a discount for a longer stay, you’ll likely get more long-term renters, and you won’t have to worry about short-term housing legal issues, either. Now you see why you should set a 30-day minimum stay for your furnished apartments instead of one that’s higher or lower.

4 Tips for Getting Corporate Tenants to Renew Their Leases Instantly

As a property owner, you know that your income for your corporate rentals depends on having active tenants living in them. You also know that corporate tenants tend to stay for shorter periods of time than tenants who sign traditional leases. You might think that this means you’ll be dealing with a lot of turnover and downtime in between tenants, but that really doesn’t have to be the case. If you follow a few simple tips, you’ll see more tenants extending their leases and much less time between tenants, too.rental lease agreement

Choose an Amazing Property Management Firm

First of all, your corporate renters are willing to pay a bit of a premium on rent because they get more from executive rentals than traditional, unfurnished apartments and houses. Not only do they get a move-in ready corporate apartment or house, but they also get a great location and luxury amenities, too.

All that can fall apart pretty quickly, though, if you don’t have good property management. You might choose to manage your own properties, but that means being prepared for an emergency call from a tenant at 4:00 in the morning. And we don’t mean you’ll just have to pick up the phone – we mean you’ll have to pick up the phone, process what’s going on, and get it taken care of ASAP. Are you ready for that kind of responsibility?