Want to change up how you run your rental properties? Don’t like dealing with the same residents for an extended period of time? Want more control over how your apartments look? Consider niche renting in corporate housing.
What is Corporate Housing
Corporate housing is an option that allows businesses, the military, or individuals to skip a hotel and have a place to stay for a shorter period of time. One nice perk to corporate housing is that you can charge more for these units, but there are costs that cut into your profits. Corporate housing apartments require more cleaning, inspections, and paperwork. They also need someone who is available 24/7 to address needs, plus the landlord pays for all of the utilities.
Decisions to Consider
Furnished or unfurnished and to what extent. Most prefer furnished units
What lease lengths you want to offer. These can range from day, week, month, or year. Decide what the minimum stay period you offer will be.
What discounts you will give. Generally, the longer the stay the greater the discount, but don’t be too generous or you won’t make money off the property.
Marketing
There are a couple of different options to market your corporate apartments. There are several websites online, such as Corporate Housing.com, National Corporate Housing, or Corporate Housing by Owner that list availability by city. You can choose a site you like and contact them to ask how you can be listed. Another option would be to contact businesses in your area, see what their need for corporate housing is, and try to work a deal with them.
