Why Longer Term Corporate Rentals Are Better for You and Your Property

Temporary housing

The Internet age has changed the way we live in many ways. Information is flying around us all the time, and we have access to more knowledge than at any time in human history. Some of these changes are good, some bad, but it is certain that the way we live has been affected.

One example is how we travel. There was a time when travelers had to make many calls or hire a travel agency to find a place to stay, transportation, and take other steps to prepare for a trip. Today, at the click of a button, we can book a room, rent a car, make reservations for out favorite restaurant, and so much more.  AirBnb, HomeAway, VRBO, and other vacation rental websites came along with a simple premise: instead of paying for a hotel, you could use the home of a resident in the place you were traveling. In the past ten years, this has become a revolution, with vacation rental sites claiming up to 10% of the hotel industries’ $1.1 trillion dollar market. Naturally, the hotel industry isn’t pleased with this development. Property owners and neighbors have had their issues, too.

 The Misuse of Vacation Rentals

Most vacation rentals are structured to be available anywhere from a day to a week. A risk of renting for a short time to an individual is that they will misuse the property. It has happened that wild parties, porn shoots, and commercial use of holiday rentals have caused damage to both properties and the reputation of their owners. A flood of guests and ever changing tenants has caused traffic headaches too, with renters taking up all available parking nearby. Despite ways to combat this problem by refusing to rent to suspected abusers and flagging those who have misused a property, these stories continue, as it is easy to create new fake profiles and avoid blacklisting.

The HOA and the Neighbors Respond

Abuses like these have had a negative effect on property values.  In some cases, owners have evicted long-standing tenants in order to use their property as a short-term rental. Neighbors have been vocal in complaining about these abuses, and Homeowners Associations have been creating clauses in their agreements and amending existing agreements to limit or restrict the use of their homes as vacation rentals. These clauses are enforceable because even a short-term rental qualifies as a “lease” legally, and some owners have been warned and even fined for violations.

Government Regulations Increase

Another abuse comes from owners who buy multiple units in a building or neighborhood, and rent them all out as vacation rentals. This makes living conditions for the permanent residents worse as the chance of abuses occurring multiply. New York City and other cities across the US have responded by passing “Primary Residence Laws” stating that properties rented for less than thirty days must be the owners’ primary residence, and have authorized fines up to $75,000 for violations. Other laws have increased taxes on short-term rentals and forced owners to hire a caretaker that neighbors can contact in case issues come up. Some of these regulations were championed by the hotel industry, which have launched a massive campaign to combat holiday rentals nationwide. In some areas, owners are now being required to charge an 11.5% hotel tax to be passed on to the city government, and they have even gotten congress to start investigations about the effect of holiday rentals on property values.

How to Protect Yourself and Your Rental Property

If you want to rent your property as a short-term holiday property, your only option is to be sure you are in compliance by keeping hyper aware of these constantly changing HOA, municipal, state, and federal regulations.  There’s a simple workaround that is trending now, and that’s converting your rental to a corporate rental via CHBO. Rentals of thirty days or more are not subject to these new laws. Plus, with commercial clients seeking long-term housing for relocating staff or temporary assignments, you vastly decrease the chance your property will be misused, as the company assumes the financial and reputational liability for damages. CHBO is easy to use and can help you comply with local laws and find trustworthy tenants. Get started by learning how to furnish and price your rental property for corporate clients today!

7 Things That Get Corporate Rental Revisits

vacation rental

A recent article on vacation rentals and short term rentals said that “repeat business is the Holy Grail”. In other words, getting visitors who have already enjoyed a stay to book again (and potentially for years to come) is the ultimate goal. Of course, it is also an issue to consider from the opposite side of the coin, i.e. “why are renters only visiting once and not again?”

vacation rental

We’ll look at seven things that can help you to win over your renters and nurture ongoing business that ensures they revisit at least once, if not on a regular basis.

First things first, that opposite side of the coin mentioned above; renters who don’t return. If someone disliked the rental on their first visit, it is entirely unlikely that they ever will. That means that your mindset, as a property owner, is to look over the rental or rentals you make available, and strictly with the eyes of a potential renter. You will be looking for everything that could lead you to dislike the property on sight. Colors, décor, outdated appliances, general grubbiness, odors, stains, anything that might make you think “Ick”.

After that, consider these seven points:

  • Be clear – No one wants to arrive after traveling only to find they have to go back out for toilet paper, soap, and other items. Be very clear about what is provided, and what is not. Be clear about all policies long before a renter arrives so they can make plans.
  • Realistic capacity – If the property is touted as sleeping eight but has an apartment sized kitchen or appliances, inadequate numbers of linens, or other shortages in space or supplies, recalculate your maximum capacity to actual functionality.
  • About supplies – If the property is rented as furnished for a specific number, make sure that the supplies match. Again, if it says it sleeps eight, be sure there is a full service for eight in the kitchen cabinets, along with at least eight mugs, eight drinking glasses and more than enough silverware. Be sure basics appear in those supplies too – coffee filters, unopened salt and pepper shakers, paper products and so on.
  • Tidy simplified – Most vacationers or renters want to be able to tidy up after themselves. They know the property will be cleaned, but be sure you provide brooms, some cleaners, mops and so on.
  • Think of everyone – Renters can include kids. Have some kid-friendly items on hand (plastic cups and plates, some board games or puzzles, extra blankets, and so on).
  • Remember where you are – A rental is not always convenient to key locations like grocery stores. Let renters know in advance so they can purchase ahead of time, and be sure adequate storage and refrigeration is supplied if this is the case.
  • Be present – Ensure you get revisits by creating an atmosphere worthy of revisiting. If you follow the tips above, you should be good to go, but also remember to thank visitors afterwards, offer discounted stays for second-timers and so on.

Have any questions? Please don’t hesitate to ask in comments section also don’t forget to apply all these tips if you have a rental property and searching for short term rentals, You can also list your furnished rental property in our site to find tenants.

City Spotlight: Miami, FL Corporate Housing

The need for Miami corporate housing has always been strong, and is just getting stronger. The list of large or global companies with headquarters in the city is enormous, and comprised of active firms in the world of finance, commerce and industry.  Fortune 500 firms appear on the list in addition to a surprising number of Latin American firms and multinational corporations. Names such as AIG, Cisco, Exxon, FedEx, Sony, WalMart, Microsoft, Univision, Carnival Cruise, Perry Ellis, Symantec and many others help to create a constant demand for Miami corporate apartments and housing.

Miami corporate housing

Of course, the city is also a center for entertainment, tourism and international trade, and this too will create the need for Miami corporate housing of all kinds. Of course, it is not just any convenient Miami corporate apartment or basic housing that most clients will require. As major players in global affairs, the quality of the Miami corporate housing has to meet the demands of clients, and this means that properties have to be within premier neighborhoods and close to the many appealing destinations that make it such a dynamic city year round.

Modern Miami

It is too simple to think that the economy of Miami is limited to just a few main industries. It is a place of global activity, and this too can mean that a Miami corporate apartment or Miami corporate housing will be required by those involved in such industries as television production, which has a major center in the city, as well as music, the building industry, real estate, shipping, and travel. The Port of Miami alone has more than 175,000 employees and is the 11th largest port of its kind in the United States; it is also where more than four million passengers traveled in a single year alone.

However expansive business and industry might be in the city, there is a major or central business district. The geography of Miami shows that there are four key districts – Downtown, North, South and West Miami. The Downtown area (which is the eastern area of Miami) is where the central business district is located. It features the largest collection of international banks in the entire nation, and there is a high demand for Miami corporate housing in this area. Yet, the neighborhood is also home to many major tourism areas, and so a Miami corporate apartment will be in demand here and nearby.

Just consider that the Downtown area is also where you find the South Beach location and the city’s major medical and research areas too. Historic areas are in the southern part of the Miami, and many more residential areas are found to the west. North Miami is where the Midtown district is located, and it is a region of many residential properties too. Here is where you can easily find a Miami corporate apartment among the many high rise properties.

Register with CHBO

Whether you are visiting Miami for a business purpose, visiting for the long term or exploring it as a potential site to relocate, the use of “by owner” rentals is a wonderful way to enjoy premium housing throughout your stay.