Own a property? Considering corporate housing? Asking yourself “how to rent my house to corporate housing?”. You’ve come to the right place.
Burbz walks you through the major elements of corporate housing. How you can make more profits. And, what it takes to manage corporate rentals.
Landlords can convert their long-term rentals into corporate housing. Which is renting your furnished home to a business.
What is corporate housing?
Corporate housing is like short-term rentals, such as AirBNB’s. You provide a furnished home for somebody looking to avoid hotels.
Rather than a family coming on vacation, your housing targets professionals. Both blue-collar and white-collar.
Employees that stay for an extended period prefer spacious corporate rentals. Hotel rooms are often smaller.
Corporate housing differs from vacation rentals by the amenities. Vacation rentals target families, or large groups, who are willing to share bedrooms. Corporate housing treats each bedroom as its own hotel room. Furnishings should include typical work needs: desks, monitors, and office supplies.
Who uses corporate housing?
Professionals who are staying in your city for an extended duration.
Construction teams work on projects and prefer corporate housing. Their crews work on projects for a set amount of time. Typically, weeks or months.
It can be more affordable for the company to pay for a corporate rental. This allows them to place multiple workers together in one property. As well for the workers, corporate rentals are more comfortable.
High-level employees also enjoy corporate housing when they travel. These individuals typically seek higher-end furnishings.
How do corporate rentals work?
For businesses, corporate rental offers several advantages. Easier coordination and billing.
If multiple employees are traveling, they share resources in corporate housing. Such as the kitchen and entertainment area.
As the owner, you create a short-term lease with the corporation listed as the tenant. Corporations want the flexibility to allow their employees to come in and out as needed.
Landlords relinquish the power of screening the employees. Any damages are the responsibility of the business itself.
Why should I rent my house to corporate housing?
Corporate housing can be more profitable than long-term rentals. In fact, they can be 2-3 times more profitable.
Although corporate housing requires more effort, increased profit leads landlords to consider corporate housing. Even though it is a corporation and their lease can be an extended duration, don’t forget to require renter’s insurance for their personal belongings.
The objective in corporate housing is being 40% to 50% less expensive than a monthly hotel stay. Determine your market’s rate by calling different hotels. Ask their rates for 30 days.
Where can I advertise a corporate rental?
For large corporations, usually, the best person to speak with is an HR manager. They coordinate lodging for large teams and high-level executives.
Find the HR managers on LinkedIn or even the company website. Email a brief description of your property as well as photos.
For construction teams, large enough projects for teams to travel will have a press release. Follow your local business journals and find the name of general contractors. Look up the nearest regional office and email their HR or Office manager.
How to rent your house to corporate companies?
For starters, corporate rentals are furnished. Before buying furniture, start by creating a list of necessary furnishings.
Like vacation rentals, your corporate rental will require a team of contractors. You must keep the rental in good condition. Search for a cleaning company and maintenance company to help. Create a routine checklist for your cleaning company. If you’re targeting high-level executives, they expect a higher quality. Not every cleaning company can successfully provide that service.
Once the property is furnished, advertise your corporate rental either to the companies themselves or through an online platform.
What’s better corporate housing or buying a property?
Corporations with employees routinely visiting a city, at some point you start to consider purchasing a property. While this is a great solution, often the savings are not worth the extra work.
Corporations usually want to outsource and focus on their primary goods. Unfortunately, rental properties come with more effort. Instead of coordinating only the employee’s travel, you now coordinate maintenance, repairs, cleanings as well as taxes. It is extra work that most corporations prefer to pay for instead.
Easier management for your corporate housing.
Now you understand the benefits and effort corporate housing takes. It is time to consider your management. Whether you prefer to self-manage or hire a manager to help, Burbz has you covered.
Burbz is the only platform for landlords to hire co-managers. Landlords can interview candidates, select the scope, and set access rights for their managers. Perhaps you are an out-of-state landlord but need that local presence, avoid property management companies, and keep more of your profits by hiring a co-manager. Interested in hiring a co-manager, create a request for proposal?
Landlords and co-managers have access to our free software tools: online rent collection, tenant screening, and maintenance ticketing. We provide landlords more transparency and control for their rental properties, even when you hire management help.