Did you know corporate housing is for professionals staying 30 days or more? This growing market is a great chance for property owners. Corporate housing, as defined by the Corporate Housing Providers Association (CHPA), includes fully furnished homes. These can be apartments or houses with modern amenities.
When you list your property for corporate rentals, you can get a steady tenant base. This can lead to higher rental income, much more than short-term rentals. Knowing about executive housing helps you make smart choices. It ensures you get the most from your property.
Key Takeaways
- Corporate housing offers longer leases, typically lasting 30 days or more.
- Luxury corporate rentals can yield significantly higher income compared to traditional rentals.
- Fully furnished properties attract business professionals and relocating employees.
- Renting as corporate housing often results in fewer tenant issues and consistent occupancy rates.
- Market fluctuations can affect pricing, allowing for strategic seasonal adjustments.
- Corporate housing provides amenities that cater to the needs of traveling professionals.
- Listing on specialized platforms can lead to quicker tenant placements and higher visibility.
What is Corporate Housing?
Corporate housing is fully furnished temporary homes for business travelers and professionals. It’s a comfy alternative to hotels, perfect for stays of 30 days or more. The Corporate Housing Providers Association says it’s a $3 billion industry in the U.S.
Furnished rentals offer more space than hotel rooms. They have separate areas for living, sleeping, and working. This makes your stay more convenient. Plus, they often have full-sized kitchens, saving you money on food.
Having laundry facilities in your unit makes life easier, especially for long stays. Corporate housing is great for temporary assignments lasting months to a year. It offers comfort without the long-term lease hassle.
Many corporate housing options include utilities, internet, and trash in one fee. This avoids extra costs common in regular rentals. The month-to-month leases are flexible, perfect for career changes.
These temporary homes suit many needs, like relocating employees and healthcare workers. They’re often in complexes with amenities like gyms and business lounges. This makes them a better choice than casual short-term rentals.
Corporate housing aims to boost your productivity and comfort. It’s a great pick for extended travel, whether you need a place to relax or work.
How Do Corporate House Rentals Work?
Renting corporate housing means creating a cozy and stylish place for short or long stays. These places often have leases that last more than a few days, sometimes even years. Companies looking for these rentals usually pay more because they are rare and of high quality.
Corporate housing has key features like fully furnished units with lots of space. They usually have full kitchens, living areas, and separate bedrooms. This makes it easy for tenants to move in with just a few things, unlike hotels. The corporate housing lease agreement typically outlines the rental duration, rent amount, and any specific terms related to services or amenities, ensuring a smooth stay for tenants.
Important amenities like fast internet, workspaces, and laundry in the unit are also common. These features make corporate rentals great for business travelers and executives.
| Features of Corporate Housing | Benefits |
| Fully furnished with modern decor | Immediate move-in usability |
| Full kitchens for cooking | Cost-effective meal management |
| In-unit laundry facilities | Convenience and privacy |
| High-speed internet access | Supports productivity |
| Housekeeping services | Less stress for tenants |
As more people travel for work, the need for corporate housing grows. Property owners must follow local laws and work with property management companies. This makes renting corporate housing easier, from marketing to finding tenants. Properties that meet corporate standards can earn more money than vacation rentals.
Why You Should List Your Property for Corporate Housing
Listing your property for corporate housing offers many benefits. The need for corporate rentals has grown. This is because professionals are looking for comfortable, temporary places to stay during work assignments and moves.
Corporate leases can last from 30 days to 9 months, sometimes even longer than a year. This means you can earn steady income with higher rental prices. Business travelers are often reliable tenants, which helps protect your property from damage and late payments.
Properties near big corporate centers attract a wide range of tenants. This makes corporate housing a great choice. Offering well-furnished rentals with things like fast internet and smart home features makes your property more attractive.
Corporate housing meets a market that values comfort and easy access. As corporate travel changes, you need to keep improving your offerings. With long-term contracts, you can keep your property busy all year, making it a smart investment.
Choosing corporate housing can make your rental property more profitable. It also helps you stay stable during economic ups and downs. Switching to corporate rentals means lower upkeep costs and fewer tenant changes. This creates a successful and efficient business model for your property.
Benefits of Renting Your House as a Corporate Rental
Renting your house as a corporate rental has many financial and operational benefits. Knowing these advantages can help you make smart choices and increase your property’s value. Here are some key benefits you can enjoy:
Higher Rental Income
Corporate rentals often have higher nightly rates than regular long-term leases. This can lead to rental income that’s four times higher than usual. The demand for fully furnished properties in good locations boosts your earnings.
Steady & Reliable Tenants
Corporate rentals offer the advantage of reliable tenants. These tenants usually have stable jobs and secure finances. Screen them well so you can keep high-quality tenants who take care of your property.
Longer Stays Than Vacation Rentals
Corporate rentals have longer stays, often 30 days or more. This stability means less turnover and lower costs. With an average stay of nearly two months, you can earn steady income without the hassle of frequent tenant changes.
Less Wear & Tear
Longer stays mean less wear and tear compared to vacation rentals. Regular maintenance and inspections keep tenants happy and your property in good shape. Well-maintained properties also get higher rental prices, increasing your income.
Fewer Tenant Issues
Corporate rentals often mean fewer problems with tenants. Business travelers usually have set plans, leading to less conflict. Plus, companies often pay for housing, keeping your income steady.
Tax Advantages
Corporate rentals can also save you on taxes. You might get to deduct expenses like furniture and upkeep. These savings can make your rental more profitable.
Fully Furnished Premium Market
About 80% of corporate rentals are fully furnished. This makes them comfortable for professionals on the move. The high-quality furnishings attract more clients and higher prices.
Attracting Reputable Clients
Marketing your rental as corporate housing attracts top clients. They prefer the comfort and independence of corporate housing over hotels. This leads to longer leases and fewer turnovers.
Who Uses Corporate Housing?
Corporate housing is for a wide range of people. It’s perfect for business travelers and those moving for work. It offers comfort and convenience that hotels can’t match.
Temporary residents are a big part of the corporate housing clientele. This includes students, healthcare workers, military personnel, and people in between jobs. They need places to stay while they’re away from home, due to renovations or disasters. Corporate housing fits their needs with its flexibility.
Companies like National Corporate Housing and Landing have properties in over 375 cities. Their places are often bigger than hotel rooms. They offer a good deal on space and services, making it popular among business travelers.
Corporate Housing vs Other Short-Term Rentals
Corporate housing and vacation rentals are quite different. Corporate housing is designed for longer stays, usually a month. It comes with utilities and home-like features for a cozy feel. Guests enjoy fast Wi-Fi, dedicated workspaces, and regular cleaning, unlike vacation rentals.
Corporate housing offers more services for business travelers. Vacation rentals might have standard amenities, but they can change a lot. Corporate housing has clear prices and fees upfront, making it more open.
Corporate housing costs more than Airbnb, but it comes with many services. It’s often near business areas. Vacation rentals are in various places, sometimes far from city centers.
| Feature | Corporate Housing | Vacation Rentals |
| Average Nightly Rate | Higher, includes full services | Varies, can have hidden fees |
| Length of Stay | Monthly | Short-term (few days to weeks) |
| Included Amenities | High-speed Wi-Fi, housekeeping, fitness centers | Variable, depends on host |
| Transparency in Pricing | Clear, all-in pricing | Often includes hidden fees |
| Service Level | Professional staff support | Dependent on individual host |
Corporate housing is great for its stability and predictability. Companies like it for their employees, knowing they’ll get quality and consistency. So, when choosing between corporate housing and vacation rentals, knowing the differences helps make better choices for longer stays.
Where to List Your Property for Executive Housing
Choose the right places to list your property to find the best tenants. There are many options, each targeting different parts of the market. Using the right platforms can help you get your property seen by the right people.
Specialized Corporate Rental Platforms
Platforms like CorporateHousingByOwner.com are made for corporate clients. They have features that meet corporate housing needs. This helps property owners find businesses looking for good places for their employees.
These platforms are becoming more important as companies like AltoVita grow fast.
Vacation & Mid-Term Rental Platforms
Platforms like Airbnb and VRBO are great for getting your property seen by many people. They’re mostly for vacationers, but business travelers use them too. ShortTermHousing.com shows how these sites can work for corporate stays.
General Real Estate & Rental Platforms
Websites like Zillow or Realtor.com list properties for many people. They might not focus on corporate rentals, but they can still help. You might find tenants looking for different types of housing.
Networking & Direct Outreach
Networking in real estate can help you find corporate clients. Talking to people in your field and HR departments of big companies can lead to good deals. Companies need reliable places for their employees, so reaching out can be very helpful.
Conclusion
Learning how to list your property for corporate housing can lead to big financial wins. The corporate housing market is growing fast. This means more people need flexible places to stay for work.
When you make your property fit for corporate clients, you can earn more and deal with fewer problems. A smart executive housing strategy helps a lot.
Investing in corporate rentals means longer stays and better amenities. This makes corporate housing a top choice over hotels. Make sure your place has fast internet and other important services to get high prices and happy tenants.
To do well in corporate housing, stay active online and connect with local businesses. A solid business plan outlines your goals and how you’ll manage your property.
Working with known corporate housing companies can help a lot. They bring their knowledge and clients to the table. This can speed up your entry into this profitable field.
FAQs
What are the typical lease terms for corporate housing?
Corporate housing leases usually last between 30 days to 9 months, but they can extend up to a year or more, depending on the tenant’s needs.
Are corporate housing rentals more expensive than traditional rentals?
Yes, corporate housing rentals generally have higher nightly or monthly rates than traditional long-term rentals due to the premium features, such as fully furnished units, utilities included, and flexible lease terms.
Do I need to provide housekeeping services in corporate housing?
While not required, providing housekeeping services can make your property more attractive to business tenants. Many corporate housing companies offer housekeeping as part of their standard amenities.
What type of furniture is needed for a corporate housing rental?
Corporate housing typically requires high-quality furniture, including comfortable seating, beds, desks, dining tables, and adequate storage for clothes and belongings. Provide a home-like atmosphere with all the essentials for a productive and comfortable stay.
How do I determine the right pricing for my corporate rental?
Pricing depends on factors such as location, amenities, and the length of the lease. You can research comparable corporate rentals in your area to set competitive rates, and consider adjusting prices based on seasonal demand.