Most of the time when we put together our occupancy strategies, we look at the long term. We want to find renters who will renew and keep our rental spaces full. However, even though it is short term, corporate housing offers a lot of benefits. With the increase in business travel and relocation, there is a lot of opportunity in providing short-term corporate housing. Corporate housing can be very profitable if you manage it correctly. Here are some things to consider if you are thinking about offering corporate housing options:

  • You will be catering to an exclusive clientele. Most people who are traveling for business are usually successful professionals. So your rental space will need to offer a range of attractive amenities. Amenities that are specifically attractive to business travelers include free Wi-Fi, nice furnishings, and cleaning services.
  • You will have to change your marketing strategy. Rather than just posting on local listing websites, you will have to broaden your reach. There are many ways to do this including partnering with local business, advertising on national listing sites, and targeting your listing to offer the amenities most desirable to traveling professionals.
  • You will have to pay for utilities. Utility costs are always included in corporate housing. When people are staying short term they don’t have the time or the ability to set up electricity, heat, and water. So you will have to include these in the overall cost of the space.
  • You will have to offer concierge services. Professionals are paying a premium, so in return they will expect more customer service than your other residents. You will need to help them get access to transportation, recommend local restaurants and shopping, and will be expected to solve problems immediately. So you may have to increase your staff to meet all of these demands.
  • There will be more work. There will be more work for you and your staff. You will have more paperwork, more updating and cleaning between renters, and more inspections. This is the same work you will have to do between any renter, however you will be doing it more frequently with short-term agreements. So if you decide to do this just prepare to have more on your plate.

Offering corporate housing can provide you with a great opportunity to make money and keep your rentals full. However, corporate housing has a different set of requirements and professionals have a different set of demands than your regular residents. So if you decide to take advantage of this opportunity, just make sure that you are prepared.