Tuesday, November 22, 2022
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How To Start A Corporate Housing Business

How To Start A Corporate Housing Business – New York Corporate Accommodation for Professionals Blueground’s choice of New York corporate accommodation allows business travelers to enjoy the privacy of their own home upon arrival.

Relocating to a busy hub like New York City can seem like a daunting task when you need to find corporate housing for 30 days or more for your employees. You have to balance creating a smooth process for your company and meeting the unique travel needs of your employees and their families as they learn to adjust to a new job while navigating one of the world’s largest cities.

How To Start A Corporate Housing Business

Without the usual hassle of getting around, business travelers have plenty of opportunities to enjoy the sights and sounds of their new city. From dining at the best Michelin-starred restaurants in Manhattan to the street art of Williamsburg, each of New York’s 8.5 million residents is sure to find something for everyone. New York in terms of culture, restaurants, shopping, entertainment and entertainment. And the best part is avoiding traffic and connecting everything with the world’s largest rapid transit system.

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New York has long been a global center for commerce and innovation. Whether your teams are in finance, academia, entertainment or any other industry that finds a place here, Blueground has corporate suites to meet your needs.

Phone etiquette and endless streams of email only add to the hassle and frustration of moving to New York. Blueground Apartments can be booked through our website at the last minute and even remotely.

Blueground guests enjoy unparalleled peace of mind with technical customer service and maintenance teams who respond quickly and personally to all questions and repair requests.

We understand that projects extend beyond their original completion date or that an employee may have to go home early. Stop your reservation early or renew your lease quickly with our flexible apartment contract.

Corporate Housing Career

Serviced apartments and extended stay hotels in New York start to go up in price after two weeks, while renting a fully furnished apartment gives you and your employees more space for less. Blueground offers some of the most competitive rental rates in New York City.

Blueground New York Corporate Furnished Apartments are located in the main business districts of Brooklyn, Manhattan and Queens. Your workforce can stay in our turnkey furnished luxury apartments in vibrant Downtown Brooklyn, trendy Tribeca or historic Cobble Hill. When corporations send employees on long business trips, they must decide how to accommodate them. A hotel, no matter how comfortable, never feels like home. Also, staying in hotels for long periods or traveling frequently can add to the overall costs of a business. This is why corporate housing has become a more popular option for many companies and entrepreneurs.

The term corporate housing, also known as executive or serviced apartments, refers to fully equipped temporary housing. This is a short-term rental that includes basic services and amenities such as a washer and dryer, maid service, and a fully equipped kitchen. Corporate housing is usually occupied in apartments or condos with an average stay of two to 12 weeks.

Although this subset of the market began as a means of providing temporary accommodation to business travellers, corporate housing now attracts many people looking for short to medium term accommodation.

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According to a report published by the Corporate Housing Providers Association (CHPA), almost 40 percent of long-term residents are due to relocation of corporate executives. Although they are the key players in this market, today’s affordable housing customers come from a wide range of areas, including:

A survey conducted by CHBO (Corporate Housing by Owner, Inc.) found that 17% of landlords offering corporate housing have an annual occupancy rate of 95%, while 15% of landlords have an occupancy rate of of 90%. Only 12% have an occupancy rate of less than 60%, while 10% have 100% occupancy during the year. Most properties are between 80 and 100 percent occupied, which is unusual in the rental market.

Before investing in a rental property, you should check the market opportunities, as well as the advantages that a particular part offers over others. Consider these potential benefits of investing in corporate housing when choosing your investment strategy.

In traditional rental properties, it is a significant challenge to deal with tenants who may come from different backgrounds and have unique challenges. Tenants who pay late, make unreasonable demands or complaints, or ignore your property can waste a lot of time and resources.

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Corporate apartment management reduces these concerns, as clients are usually professional or well-known companies. Your employees or partners who actually live on your property usually know that their behavior in your unit reflects on their employer. Mishandling or damaging your device can cost them their job.

Corporate tenants are generally well organized to deal with the financial aspects of their tenancy and payments are made on time and smoothly. Business travelers are focused on their work and often come without family. These attributes can serve as indirect benefits in terms of lower maintenance and repair costs and lower management overhead.

Popular rental websites like Airbnb require the owner to spend a lot of time tracking guests before and during their stay. In corporate leases, tenant tracking is minimal because these tenants typically stay for at least four to twelve weeks, reducing annual tenant turnover.

Companies that regularly use corporate housing know the process and have experienced staff to interact with the owners. As a real estate investor, this will save you valuable time and effort that could be used elsewhere.

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One of the main advantages of investing in corporate housing is that you have the opportunity to build long-term relationships with companies. If your employees come to your site for tasks, training or projects, they will put them on your lease.

Companies don’t want to trade their service providers for anything, preferring to invest in relationships. Usually, to add a new supplier, it has to go through a long internal approval process. If you want your investment to succeed, you have the opportunity to build long-term relationships with major corporate clients related to your property.

To get an idea of ​​the value proposition corporate housing offers potential tenants, consider these numbers. In New York City, the average cost of a hotel room in 2015 was $254. By comparison, the average cost of a Manhattan studio through corporate housing is $165 per day. That means saving around 35 percent. Even for a one-bedroom apartment, a renter only pays an average of $213 per night through corporate housing. The corporation still holds about 16 percent of a hotel.

Data from the same years shows that in San Francisco a customer can save 22% on a studio and 10% on a one-bedroom apartment, while in Chicago they can save 35% and 23%, respectively. In addition, corporate housing is generally tax-free with a minimum stay of 30 days, which can mean additional savings.

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How much you can get from renting to corporate clients depends on your local market, the amount of business travel to your city, and the presence of large corporations. All this affects the demand for corporate housing and the profit that can be made.

At 90-95% occupancy, you’re smoothing the standard 10% vacancy rate for year-round rental properties. In New York, if you rent a studio to corporate clients, if occupancy is 90%, you will earn $54,202 per year or $4,500 per month.

Depending on the area you rent, it may be above market rent or just in line with them. Even if a corporate lease does not generate more income than an annual tenant, it may make sense to convert an apartment into corporate housing due to lower wear and tear.

Like any other real estate rental market, the corporate real estate market is flexible and multifaceted. Carefully analyze the demand for this type of property in your area, while analyzing your property’s opportunities and unique selling proposition, before making the decision to rent to corporate clients.

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Depending on your market, you may also consider customizing your corporate rental housing to meet the specific needs of a long-term client or group of corporate clients who benefit from it. You can maximize your profits by thinking ahead and doing everything you can to outperform your competitors.

Under certain circumstances, corporate housing can be a more profitable real estate investment strategy than renting to traditional tenants. It offers housing solutions that meet the real needs of the market.

Real estate investors know that the 1031 Exchange is a common tax strategy that can help them grow their portfolios and increase their net worth more quickly and efficiently…

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