CORPORATE HOUSING AND FURNISHED APARTMENTS LANDLORD AND RENTAL BLOG BY CHBO
Have you ever thought about how long the average group of corporate tenants spends time in furnished housing? Knowing how long to make your rental agreements to fit the needs of the average traveler is crucial to a successful rental business. Based on the information found in the 2019 Corporate Housing Real Estate Report, things are changing and you should be the first to know....
The key to the highest ROI for your property is high occupancy. This can be accomplished with quick turnover or with longer term leases. To insure quick turnover between renters, you have to secure the next reservation in advance. Having self descriptive photos, video, and corporate property description that leaves no question unanswered is the most effective way to secure that next reservation. Internet Reservations Online bookings have become more popularas these systems allow property owners a 24-hour window to confirm reservations, communicate with potential renters and get additional paperwork signed. Property Apps for Mobile Devices Contact Us For all inquires,...
To protect your rental, if considering pets, here are some tips Know replacement costs (Including loss of rent for downtime to repair, delivery and set up fees) cost to replace furniture pieces/replace/repair flooring cost of complete pet hair extraction and incorporate necessary costs into pet fees/deposits. A point to note here, that isn’t listed below as it was in the comment portion of the survey, is that a lot of owners evaluate pets on a case by case scenario. The trend we found the most interesting is the percentage of properties that had “significant” damage due to a pet...
CHBO always recommend owners opt for the ARDP. This option is a win/win for the owner and the renter. Renters don’t have to tie up large amounts of money and owners don’t have to nickel and dime their tenants or worse come out of pocket for accidental damages during the lease term. Owners just submit a claim with repair/replace receipts and through the ARDP the owner is reimbursed, the best part is they don’t have to involve the tenant. Deposits can be deal killers as most property owners know. What happens when there is damage? If you charge the...
Properties An essential difference between the full-servicecorporate housing industry and the independent corporate housing real estate segment is the size of property that is rented – and more specifically, the number of bedrooms. Corporate housing rentals in residential properties rented by private owners are generally larger, in both overall size and bedroom count, than the typical, business-to-business lodging options provided by full-service corporate housing companies....
Property Management Trendsd Management: Corporate Housing Rental Property We asked respondents to tell us how they manage their rental properties. In 2018, all of the support, aside from self-support, has declined EXCEPT using a corporate housing management company....
Variance: Changes in Rental Rates We asked respondents to evaluate their current rental rates compared to the previous year for the exact same rental property....
Outlook & Profitability 2018 is the highest year with 96% of participants stating their property was either profitable (76%) or breakeven (19%). Only 4% of owners said their property was unprofitable. Based on the fact that more owners than ever purchase a property as an investment and the steady increase, 2018 being the all time high, we believe our property owners are achieving satisfactory returns from r their investment properties....
Property Locations We received hundreds of survey responses from property owners and real estate managers across the United States. Similar to last year, the top U.S. states for responses were: California: 24% (down 2% from 2017) Colorado: 16% (up 1% from 2017) Texas: 9% (down 1% from 2017) Washington: 7% (up 2% from 2017) Georgia: 4% (same as 2017)...