How should I price my corporate housing rental property?

“How should I price my corporate housing rental property?” “When should I negotiate, and when should I hold firm on my rates?” What are the most asked questions at CHBO? You got it, “What are the current Corporate Housing Rental Rates.” Because these are the top questions we’re asked at CHBO, we’ve divided this topic into three sections in our CHBO Annual Report: Variance, Actual and Discounts. 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.   The great news is that 39%...

Real Estate: Profit, Vision and Stock Loss

Real Estate is better than the bull!   Where will real estate profit be in 2015? What is the right investment for me? Why should I care? What does everyone else think? Yes, it is time to sell those stocks and start buying more real estate! Did you know that most Bull Stock Market trends only last 4 years? Did you know we are on year 6 of our current Bull Market? Bummer. No worries, just sell some stock and buy some real estate. Yes you can buy real estate with money in your 401K and not pay taxes!...

Corporate Housing: Who, What, Where & Why #3

So many questions so little time… Here at CHBO we are passionate about people and finding ways of connecting the best possible corporate housing options with the best qualified renters. For over 9 years CHBO has worked to develop a web platform to connect the world of travelers and the world of corporate housing rentals. Now for the 6th year we are conducting our annual survey of the corporate housing real estate industry from which we are able to provide the Annual Corporate Housing Real Estate report on the trends and expectations of our industry. Your information is essential...

Should You Raise Your Rental Rate?

Is it time to raise your rental rate? Read below to learn if your corporate housing rental property is priced right… hint, assess your property regularly against the competition. Read more below… As a do-it-yourself corporate housing landlord, you may wonder how your rental fees compare to comps in your area. The housing and rental markets are rapidly changing, so it’s important to assess your rates at least quarterly to make sure it’s on par with the pack. Remember, your rental rate should have nothing to do with your costs. Rather, your rate should be determined by the fair...

Corporate Housing: Rental Rate Increase

From time to time I always think it is important to pause in our crazy life of corporate housing to better understand the big picture and how we fit into it. I was recently helping market our new Managed Corporate Housing office: AvenueWest Phoenix and I know there is a big difference between the standard Serviced Corporate Apartments, Managed Corporate Housing and CHBO by Owner Corporate Housing but I was still really surprised at the positive reactions I had to the amazing rentals this office offers. Length of Stay: A lot of times when I am trying to describe the difference...

Determining Your Best Rental Rate

Pricing?  Common sense and a little know how.  Read below to learn successful pricing strategies from our CHBO pros. Coming up with the best rental rate to charge your renters takes a little science, some know-how and a little luck.  Remember your goal is to connect with the right tenant for your property and get the highest annual occupancy to deliver the annual financial success you are looking for.  If the property is overpriced your property may not get rented and if you underprice the property you could be missing out on expected profit. The first step to pricing...

Annual Report: Corporate Rental Rates

Corporate Rental Rates Variances: Changes in Rates. 60% of respondents say they offered the same corporate rental rates in 2013 as they did in 2012. 33% reported they raised their rates in 2013, and only 8% of respondents lowered their rates. The latter is a big improvement compared to two years ago when 16% of people reported lowering their rates. Actual Rental Rates. The largest increase in corporate rental rates was for studio rentals, indicating increased demand. Average corporate rental rates went down for 1 bedroom, 2 bedrooms, and 4 bedroom properties, after being up in 2012. Rental Discounts....

How Schools increase your Rental Rate?

If you are looking for accurate rental data across the United States then RentRange is your company. What these guys do is not just guess at rental rates and data, they actually collect real data and a lot of it, and then produce reports that will make you more successful in your real estate rentals. I was talking with Wally Charnoff the CEO of RentRange last week and he has found with the data they collect that having a rental property that feeds to the right school can increase your rental rate by 10-12% compared to the house down...

Why Politics Might be Bad for Corporate Housing Businesses

We are in the middle of a contentious political season and most Americans are feeling, well, a bit unsettled. As you may have guessed, unsettled politics can be bad for business. Right now we are seeing a trend of companies not spending money until they can better understand what the next Administration’s policies will be. If business confidence is down, business travel and business spend is typically down too. What This Means For You: As a corporate housing landlord, you may see less rental inquiries and stays. Between now and November 6th you may need to work harder to find the right...