The corporate housing market in St. Louis, MO, is booming. One of the main reasons for this is because corporate housing is viewed as a strategic solution for traveling executives, traveling nurses, doctors, and businessmen, to save the company money. The cost for common amenities such as a living space with good size, internet, and cable television is relatively low, and this includes a kitchen with a washer or dryer, too.
When looking to rent corporate housing, all the customer has to worry about is buying food and paying a monthly fee. The obvious fact many people already know about corporate housing is that the property is owned by somebody else. A homeowner can make extra money by listing their home as a corporate housing rental. Factors involved in making a home a corporate rental can include:
Renting out a home or building in Beverly Hills, California will be a lot different than renting a home in Ames, Iowa. The location can determine the type of property being rented and the owner. Corporate housing is said to thrive in urban and business areas, like St. Louis, MO. Corporate also does well in areas near hospitals and universities.
Exterior and Interior Fit and Finish
If the house looks great in photos and in person, more and more people are going to be drawn to it. Usually, people looking to have their home listed as a corporate housing rental will remodel the interior to make the home more appealing.
The landlord of a corporate housing rental generally needs to be both patient and understanding. Sometimes the owner of a corporate housing rental won’t get a customer right away.
If a homeowner is going into corporate housing believing that he or she will receive instant returns on their investment, good luck! Corporate housing is known to have a high turnover rate because of the number of customers that rent the property on a month-to-month basis. The money can be good, but it will be sporadic at best because the contracts aren’t for a long period of time. The benefit is that the owner can charge the renter whatever he or she desires for that time period. Extra cash on hand will be needed to pay any other fees such as a mortgage, rent, utility bills, and so on.
Sometimes a house will sit on the market for the better half of a year. Is the owner prepared to wait for an interested renter in the area to come to the property? In this situation, patience really is a virtue given that homeowners are still paying various bills on the home including property tax.
These factors are very important as they can determine if using a particular property as a corporate housing rental is right for the owner. Before making the big decision to rent out a home, always consider what could go right and wrong, and be able to average the differences.