Tips for Preventing Subletting in Your corporate apartment rentals

Corporate Housing

If you follow trends in housing, you see that furnished housing rentals and corporate apartment rentals have spiked over the past few years – particularly in popular urban locations. However, they are also used for longer holiday homes, too, and so it is important that property owners know all of the different issues that can occur when offering up such housing options. One of the most difficult is the issue of subletting.

It is usually a given that furnished housing rentals are not permanent or long term. Most corporate apartment rentals are completely furnished, as are many seasonal rentals. The problems begin when the different groups or individuals who have taken the rentals find they do not need the premises for the length of the contract. Rather than pay for an empty property, they opt to secretly sublet their furnished housing rentals and corporate apartment rentals.

Typically, this goes against the terms of the lease or contract signed and is actually illegal. In fact, as one journalist explained, “unauthorized subletting could expose properties to a whole host of risks, including out-of-control parties, uninsured property damage, disorderly conduct, drug use, and other aberrations.”

Yet, monitoring for it is a timely and often impossible task. You cannot sit outside your furnished housing rentals each day to be sure only the approved renters are entering and exiting. What can you do about it? You nip it in the bud!

Corporate Housing

One company in Australia found the perfect approach to overcoming subletting of corporate apartment rentals through the use of online monitoring. After all, to rent out a property means listing it online. The firm created software and techniques that enable them to identify properties their clients indicate as already leased or rented, should they appear as “for let” or as available for rent on any of the most common sites used to list them.

In fact, many property management companies are already using similar methods to ensure that their clients’ corporate rentals are not becoming victim to subletting. If you have any properties you offer for short term rentals and as furnished rentals, it is wise to have a way to monitor for illegal subletting. You can ask your property management company about such options or you can make a point of running a search, once each week for the address, location and even photos of the property you listed. Often, this can turn up illegal subletting before it occurs and spare you the headaches of trying to evict those illegally occupying the property.

Outlook Bright for Corporate Housing Owners

Outlook Bright for Corporate Housing Owners

Whether you are the owner of corporate housing that you describe as short term furnished apartments, an executive rental, or furnished housing, the future is looking quite promising. Recent industry surveys indicated  executive rental properties of all kinds are increasingly more sought after and profitable.

corporate housing rentals

Many owners of furnished housing rentals say they plan to invest in more real estate in order to offer them as corporate housing or short term furnished apartments.

Property management software continues to be adopted by owners to help them with their rentals. Because most handle management themselves, using industry specific resources in marketing and accounting helps them address these responsibilities more professionally.

Have sites like Airbnb changed how these property owners do their jobs? A bit, yes. While many now say they meet their renters face to face before the rental begins (this is up by more than 40% from the year 2014), most are also saying their real world communications by phone, text and email are up, too.

The most popular corporate housing properties offered, contain 3 or more bedrooms. Single family homes are tied with condos as to favored property types, though, this does not mean that single bedroom corporate rentals are unprofitable. The desirability has to do more with a one or two bedroom condo may be just as busy as the single family homeowner.

It has to do more with location and demand in the specific area, so an urban owner with a one or two bedroom apartment may be just as busy as the single family homeowner renting their property.

City Spotlight: Detroit, MI furnished housing rentals

The Michigan city with the highest population, Detroit is the fourth largest city throughout the American Midwest. Sharing a border with Canada, it is also a uniquely metropolitan city with more than 70% of its inhabitants within the metro area. Because of its location and its many different types of businesses, there is always the need for Detroit corporate apartment options.Ditroit corporate housing

The Geography of Detroit

Situated on the Detroit River, it is a point that connects the Great Lakes to the Lawrence Seaway. It is also home to a major airport that serves as the hub for a long list of commercial lines. Its economy is the second largest in the Midwest, and it is home to three Fortune 500 firms. These major businesses in the city focus on health care, technology, finance and manufacturing.

Names such as General Motors, Chrysler, Quicken, DTE Energy, Little Caesars, and Shinola are but a few of the enormous firms with a presence in the city. Clearly, with so much corporate activity, there is going to be the need for Detroit furnished housing.
Currently, more than eighty thousand people work in the city’s downtown area, and these firms are in addition to a long list of large companies with more global profiles. For example, HP, PriceWaterhouseCoopers, and Deloitte are all present in the downtown area of Detroit, and also create the ongoing need for Detroit corporate apartment options.

Midtown Detroit is home to the central business district, another source for the growing need for Detroit furnished housing. Yet unlike many cities, the Detroit CBD is where a great deal of education and medicine are found. There is the Detroit Medical Center and Henry Ford Health System in the Midtown area, but so too is Wayne State University. Tech firms have taken hold in this part of the city and also create more demand for Detroit corporate apartment opportunities.

Many firms have opted to relocate into the downtown and midtown areas from the suburbs, and firms like Compuware, OnStar and Blue Cross Blue Shield are now also causing an increase in the need for suitable Detroit furnished housing convenient to the many different workplaces.

Currently, the largest residential area is the midtown region with an occupancy rate of close to 100%, and this has stimulated development, but also made it possible to find a Detroit corporate apartment on the perimeters of the busiest and most dynamic neighborhoods.

The options for Detroit furnished housing include private homes in the suburban areas, and many Detroit corporate apartment choices. The city actually has a high Walk Score that makes it one of the most walkable large cities in the United States. Roughly 2/3 of the populace will dine out or attend events within the city proper.

With much to see and do, and a thriving midtown and downtown district, those who need Detroit furnished housing are in luck. This city is on the ascendancy and has much corporate and business activity, along with many unique areas in which to enjoy a short-term lease on corporate or furnished housing.

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