The survey results showcase the trends and standards of this industry and the continued need for a monthly furnished lodging solution.
DENVER (PRWEB) MARCH 20, 2019
Corporate Housing By Owner (CHBO), has recently completed its 10th annual Corporate Housing Real Estate survey. For the first time, since the survey began, they are able to show definite trends in their specialized segment of the corporate housing industry.
The survey was open to anyone who owned or managed a “furnished”, monthly residential rental in 2018. According to The Corporate Housing Providers Association (CHPA), based on 2017 figures, the Corporate Housing industry as a whole is a 3.82-billion-dollar industry. CHBO provides a platform for owners, who offer furnished properties to the corporate community.
The 2018 survey results indicate the industry had its most profitable year to date. In 2018, 96% of survey respondents say their property was either profitable (76%) or broke even (19%). Only 4% of respondents stated their property was unprofitable. These numbers are encouraging for those contemplating entering this market.
Some of the notable trends revealed from the survey include a 7% overall increase in 6, 9 and 12 month lease terms. This is an encouraging statistic because longer leases lead to higher overall occupancy. Longer term leases mean less wear and tear on properties and typically reduced down time between renters, adding considerably to profits. It was also revealed that the percentage of owners giving a discount for longer term leases has been on a steady decline. Meaning owners aren't compromising their rates in exchange for longer term stays.
Also, worth noting is over the past decade the steady increase in the percentage, of property owners who have been a landlord for 10+ years. This is evidence that the furnished real estate market, for an increasing number of owners, is proving to be profitable.
CHBO members can view and download the full report here.CHBO extends a thank you to everyone who took the time to complete the survey questions. The survey results provide an insight into the private owner segment of the corporate housing industry.
About Corporate Housing by Owner (CHBO)
Corporate Housing By Owner (CHBO) was founded in 2005 out of a need to connect private homeowners and property managers offering furnished monthly rentals with corporate housing seekers. These travelers consist of traveling executives, relocating professionals, traveling nurses, actors, athletes, consultants and more. The company provides individual homeowners, real estate investors and property managers resources to help guide them strategically in managing their rental properties. The CHBO platform provides the connection to thousands of potential tenants seeking monthly housing options.