If you work in the rental business, corporate housing is a term that you’ve probably heard thrown around before. The question is, what does corporate housing mean, and how can it benefit you? Corporate housing is the practice of providing long-term housing for member of the armed forces, or employees of corporations. The main difference is that the duration of the stay in corporate housing is going to be in between that of a hotel and the average apartment. Turning your property into a corporate apartment or housing location can net you some great rewards if you play your cards right.
What’s so beneficial about this is that corporate housing can guarantee you almost a permanent income from your rental property. If you manage to create a good reputation with the agency that has chosen to rent from you, you can be almost certain that they will continue to rent from you in the future.
Corporate housing also provides you with a pricing flexibility that you won’t have if you rent your apartment to tenets for long periods of time A tenet is unlikely to stay at your corporate apartment or house for more than two or three months. What this means is that you have the option to easily adjust your prices based on the market value of your property. A long term renter won’t be happy if you decide to raise the rent by $100 a month after the location becomes more valuable, but the short term renters that you’ll work with if you engage in corporate housing won’t know that the rent used to be lower!
By now, you’re probably wondering how you can get your start in corporate housing. Well, to transform your property into a corporate apartment or house, you’re going to have to make it appealing to your clientele first. Your corporate housing property is going to function more like a long term hotel. This means that it is going to have to be fully furnished, and feature some of the other common amenities that a hotel generally provides. So make sure that your property has wi-fi, a fully functional kitchen and appliances, and that it is already wired for television. Your clients aren’t going to want to have to put any work into their temporary home, so you need to be sure that your property is able to meet all of their needs.
I hope you found this article informative. Turning your property into a corporate apartment or home can drastically improve the profit of your rental business if you’re willing to put in the effort to make it desirable to your clients.