CHBO Annual Report Review: Corporate Housing Landlords – How Long and Why

The results are in, so let’s dig deeper. Each week CHBO will analyze data from the annual corporate housing report and open a discussion. Please provide feedback with your experiences in 2017. This week we discuss how long our providers have been Corporate Housing landlords and why.

Years as a Corporate Housing Landlord

Years as a Corporate Housing Landlord

Property management, of corporate housing, by independent owners remains an emerging field. It’s a field that more owners are committing to, in order to achieve rental success. Consider that:

  • 60% of respondents​ say they’ve been furnished landlords for four years or less. Continuing the trend of new investors entering the real estate investment market.
  • Only 40% of respondents ​say they’ve been furnished landlords for five years or more.

In last year’s annual report, we predicted that if interest rates remained stable in 2017, we should see a “possible increase in new investors who are willing to enter the real estate investment market.” Not surprising that prediction was correct. We saw new investors entering the corporate housing real estate market at a year over year increase of 5%,​ our highest increase ever.

Years as a Corporate Housing Landlord

 

Reason for Being a Corporate Housing Landlord

Reason for Being a Corporate Housing Landlord

Once again, the majority of respondents tell us they are landlords for investment purposes​. This year at an all-time high of 60%​. The “other reason we’re a landlord” category continues to be as “partial landlords.” We define “partial landlords” as property owners who have a  fully functional, stand-alone guest house or apartment suite on the same site as their primary residence. Traditionally, this may have been referred to as an in-law apartment. (Please note, this is different than the “shared space” where property owners rent out a room within their residence, sharing the same space as their renter.)Reason for Being a Corporate Housing LandlordTo learn more about this topic and other results, view the CHBO annual report.

To view Historical Reports, visit here.

 

A Look at the Annual Corporate Housing Report

Real estate agent showing modern house to couple

Are you on the fence about joining the CHBO Program and ensuring your corporate and extended stay rental properties get the kind of premium marketing they need? It makes sense to worry about every business expense, but if you look at the most recent corporate housing report data, you’ll see precisely how and why the Certified Program will pay off exponentially.

Corporate Housing Agent

If you compare data reported in our last corporate housing report and most recent figures, you’ll understand that any corporate housing investments are savvy. Yet, you also see that many are finding optimized marketing their ultimate key to success. Just consider:

  • Marketing Trends. Previous data indicated that “37% of respondents say they spent $500 or more on their annual marketing efforts”, and in Corporate Housing Rental Report 2016 that figure has actually decreased, with the caveat that most owners indicated “they were less satisfied with their results than in previous years”. In other words, spending less on marketing has left many unhappy with their returns (or lack thereof).
  • Marketing Resources. Roughly 80% say they had professional photos taken of their corporate properties and 34% say they have a dedicated website for their properties – the latter figure is down from previous years. This is because many have started to rely on three key marketing resources, with CHBO as the preferred option rather than the more laborious and less effective dedicated website/social media method.
  • Marketing Results. The majority of “by owner” landlords say they use the Internet to promote their corporate properties. Most find the best qualified leads using CBHO (77%) as well as obtaining the most renters from Internet marketing.
  • Internet Reservations. In 2013, the report asked how the “by owner” segment feels about real-time booking reservations, in which the corporate property is leased through a computer website and the property owner has no interaction with the tenant. 23% of respondents say they have used one of these programs. However, it is now only 36% responding “no,” they would never rent their corporate property without talking to the tenant first (down substantially from 48% in 2013).
  • CHBO Services. Of the respondents using the services within the CHBO Certified Program, most use the following CHBO tools the most: (1) The property listings (2) The Property Owner Handbook (3)The MyCHBO documents page (4) Background checks.

The fifth most commonly used resource is the CHBO corporate housing report as it directs owners towards the most viable resources and methods. If you are interested in applying the information from the report to your efforts, we recommend joining the CHBO Certified Program.

Designer-Approved Windows That Fit Any Style of Corporate Rental

Corporate Rentals

Windows—what would we do without them? They let light in to create a comfortable home and open for fresh air and cool summer night breezes. They’re also an essential big-ticket item for your home, a key player in determining the style of your home. With a seemingly endless number of styles available, it’s understandable to feel overwhelmed when choosing windows for your corporate rental property. Whether it’s a modern picture window or a traditional mullioned bay window, the right window can elevate your rental space in a competitive market.

Let’s dive into a few of our top designer approved windows that can fit any home. With knockout styles available and easy installation just a click away, you’re bound to find windows that will turn your corporate housing into a showstopper.

Corporate Rentals

Casement Windows

Casement windows are hinged windows, sometimes with a crank, that open externally. Available in a variety of styles and with or without classic mullions, these windows can work with a variety of home styles. These easy-to-open windows allow for flexibility and functionality for all ages. Just remember: While using the crank makes it easier to reach, it can take a bit more time to open in comparison to other styles.

Corporate Housing

Single- and Double-Hung windows

Single- and double-hung windows consist of one or two sashes that slide up and down to open for ventilation. Typically used with traditional mullions, they’re excellent choices for rustic, transitional and traditional homes. Because these windows do not open outward, they are ideal for spaces that open to walkways, patios or public gathering areas. Keep in mind that children and those with limited mobility may find them harder to open over other styles.

Corporate Housing

Slider Windows

Slider windows open horizontally, sliding the sash over to the left or the right. These windows are faster and easier to open than casement or hung windows, making them another versatile choice for occupants of all ages. Often used in modern and contemporary homes, these windows can let in a large amount of fresh air, so they’re ideal for bedrooms and bathrooms. Like single- and double-hung windows, slider windows do not open outwardly and are perfect for walkways and public spaces.

Corporate housing

Stationary Windows

Stationary windows are just that—stationary! While these windows do not open, they’re ideal for showing off those picturesque views that will sell your home to prospective renters. Picture windows—large expansive windows that stretch from floor to ceiling—are perfect for bringing those sweeping views and large amounts of light into your home. These windows are typically used in modern and contemporary homes and can be added alongside casement or transom windows for that added functionality.

Corporate Housing

Bay and Bow Windows

For the home with a view, bay and bow windows not only add additional living space, they’re also great architectural elements that are striking both inside and out. The beauty of bay and bow windows are their ability to create everything from built-in reading nooks to a cozy dining niche for early morning coffee. Bay windows typically consist of a group of three windows, two protruding double-hung or casement windows flanking a centered stationary window and dramatically angled. Bow windows are very similar but consist of three or more windows in a more curved pattern. These windows are most ideal for traditional and transitional homes.

If you’re ready to get new windows installed, remember to keep the architecture and style of your home in mind before making a final decision. What window styles will you be using for your next corporate housing rental?

About the Author

Kerrie Kelly heads up her California interior design firm, Kerrie Kelly Design Lab, and has authored two books on interior design. Kerrie is a design expert and writes online for The Home Depot on an array of topics, from decor decisions to window installation options.

This article is editorial content that has been contributed to our CHBO site at our request, and is published for the benefit of our readers. We have not been compensated for its placement.