Go Bigger and Go Home – A Look at Real Estate Upsizing

Big homes by CHBO

Have you, like millions of others, watched the whole tiny homes trend develop? People downsizing their possessions to such a degree that living in homes of 300 square feet or less is the foundation of this trend, and yet it remains strong. Only, it is not as strong as another trend, and that one is known as up-sizing. As one article recently joked, “Downsizing? That’s so 2016. Housing trends indicate a move toward bigger, not tinier, homes…” Yet, this is also indicative of a corporate housing trend, too.

What we mean is this – housing supplies in the larger urban areas are on the decline, and more and more are finding that they can only afford tiny properties if they also wish to remain within the city. As that article noted, many move just outside of their cities and opt to invest in or build larger homes. This leaves a lot of smaller properties available within the cities. These then become ideal candidates as short term apartments, which is part of the increasing corporate housing trend.

Big homes by CHBO

These smaller homes are exactly what traveling professionals desire. Rather than an unwelcome stay in a longer term hotel, the short term apartments with their separate living and sleeping areas, their in-building amenities, and their home-like feel are a superior choice.

The corporate housing trend has been veering away from extended stay hotels and instead turning towards furnished and welcoming short term apartments. So, the upsizing trend, which is leading more and more urban dwellers to head to the nearest suburban regions is a good thing for property investors and supporting the corporate housing trend in one or two bedroom apartments.

Naturally, not all areas are in this exact position, but most of the country’s growing metro areas do reflect this shift. For example, the “median square footage of new homes is up 20 percent since 2000, from about 2,000 square feet to about 2,500 square feet… Fifty-six percent of millennials said that having a large home is important to them, compared with 42 percent of Gen Xers and just 35 percent of baby boomers.”

So, if you are eager to invest in corporate housing properties and furnished rentals, you will find that there are more and more of the smaller, short term apartments becoming available. Choose the right neighborhoods and this exodus into the suburbs will actually work to your benefits.

Unstable Housing Is Modern Reality | Find Furnished Apartments Near Me

Furnished apartments near me

If you live in an urban area and do a search for “furnished apartments near me“, it gives you an idea of the average costs for one and two bedroom apartments and even single family homes. And according to many experts, you are probably going to be surprised at the prices for those rental apartments and homes.

Statistics about housing in all parts of the U.S. are quite surprising and unnerving. A single article about the issue Unstable housing noted that “with rents rising faster than wages, the burden of affording rent is looming larger and larger for many Americans and, in, some cases becoming insurmountable…[with] Americans spending on average a median of 29.1 percent of their income on rent, including many who spend a higher percentage but have lower incomes.”

How to Avoid Rental Scams in Your Furnished Housing Properties

corporate housing scams

No one likes admitting when they have been scammed, and even more so when that scam has led to serious financial losses. Rental scams are the worst of these scenarios because there are so many ways that you might avoid them. Yet, when an individual or even an organization does manage to obtain furnished housing rentals from you, and then proves to be a scam, you might wish to pretend it never happened and move on. Is that a good idea? In a word: No. Instead, it’s a great idea to share details about any rental scams with others, and help improve the whole furnished housing industry for the many investors out there.

Below are some of our biggest tips for identifying rental scams and avoiding the culprits. We share them because we have experienced many ourselves, as you can read about in this previous article, and others.

Corporate Housing Scams

Red Flags

Here are the biggest and easiest to spot of the proverbial “red flags” that indicate your furnished housing is being targeted by a scammer:

They don’t complete the rental application – No blanks allowed should be your new motto. And even if the “name” given is a corporation, don’t just accept it. Do the research and find out all that you can, including full details about the individual actually seeking their “corporate” housing. This also applies if someone refuses to submit the rental credit application. It could be that they have a history of scams, really horrible credit or are unable to actually afford the rental. If someone refuses the credit check…refuse the application.

Incomplete data – The forms may seem to be complete, but don’t overlook a very common scam, which is to leave numbers (social security, credit card and phone numbers to be precise) incomplete. You can also ask for copies of documents like a driver’s license if you fear that an identity might not be all that authentic.

They’re in a hurry – They want that property of yours and they want it yesterday! This is one of the best types of rental scams because it forces you to rush into the deal, and these are often deals that end up costing you. Take your time, no matter what amount is at stake.

Differing stories – Have you gotten mixed messages from someone or some firm seeking your furnished housing? Maybe one person has spoken with you and someone who helps you at your business? Maybe you’ve gotten someone who wants nothing on paper or written down (i.e. all kinds of verbal agreements)? Maybe they tell you one thing during their first call and something else during another? If a story changes, even a little, it is probably scam related.

Cash offers – Finally, we once covered the issue of cash offers as rental scams. This too is a major red flag to be avoided.

Now you have some of our most recognizable scams and can dodge the worst offenders out there.