What You Should Know About This Report
CHBO reports the 7th annual CHBO Corporate Housing Real Estate survey and finds corporate housing furnished landlords say 2016 is the year of division. Monthly corporate housing rentals, a $2.7 billion industry, is not the same as vacation rentals and should not inadvertently be lumped into that lodging segment.
According to The Corporate Housing Providers Association (CHPA), “Corporate housing is fundamentally different from other types of short-term rentals. This well-organized industry provides a valuable service to businesses, employees and others in need of temporary housing while having a sizable economic impact on the communities where it operates. It is important that policymakers and officials understand the industry’s importance and are cognizant of its particular characteristics and value when creating and implementing short-term rental policies.”
Kimberly Smith, CEO of CHBO says, “there continues to be a strong need for professional corporate housing real estate rentals from independent property owners and managers. And personally, I believe the clients who need this type of lodging are very different from those who want a shared rental or an extended stay hotel. Think about the difference between buying a new car from a dealership versus buying a used car from an individual. These are transactions for two types of customers with very different needs. Likewise, a relocating professional who has a high paying, high pressured job and needs to relocate his or her family of five to a new city is looking for corporate housing from a professional.”
Corporate Housing Reports over the year