Do you have a newly built or recently renovated property in an urban city? Is it near the city center, financial district, major attractions, public transit, hospitals, the airport and entertainment venues? If you are considering leasing your property, pursuing the corporate housing option might be a good fit for you, especially if you answered yes to these questions. Leasing your property as a corporate rental can be more profitable than going the traditional route. And with the value of your rental being higher because of its location, you can charge higher prices. Lastly, business travelers tend to treat rentals with care, which results in less wear and tear on your property. Here are some tips for converting your property into a corporate rental.
The decision to take your property rental and convert it into a corporate rental means it must be furnished. If the apartment is already furnished then consider making some upgrades and bringing in more amenities. Additionally, buying new furniture pieces and updating the decor and design of your place is also a wise decision. Future renters who are traveling for business and other types of professions, choose corporate housing because it’s comfortable and feels like home to them. Rather than staying in a hotel for weeks or months at a time, a corporate rental offers more square footage, more amenities, and complete customer service. A home away from home if you will.
Upgrades and amenity ideas:
Design and decor ideas:
The majority of your target renters are likely coming from a city or state other than where your rental is located. It might even be the first time they have visited your city, let alone lived there. For these reasons, creating a helpful manual for them to navigate your property as well as the city is an important step to take. This will enhance how move-in ready your property is.
To complete your manual, consider including some of the following suggestions.
After you’ve made the necessary upgrades and additions to your rental apartment take some time to see if everything works and operates as intended. Walk around the house and perform the following tasks.
One of the benefits of corporate housing for tenants is the customer service and management that comes along with the monthly rate. You know it’s time to consider working with a property management company like Blueground when any of these situations apply to you.
Having a corporate rental can be lucrative and attract some very professional and considerate tenants. Conversely, this kind of rental might only attract short-term tenants, compared to a traditional rental with a 12-month lease term. Some landlords may not like the idea of gaps in rental income. However, when you rent your property with Blueground, we are responsible for keeping your rental occupied, with a guaranteed rent payment. Blueground gets your apartment space ready for senior business executives by bringing in premium furnishings, pairing up your apartment to our Blueground App (with a neighborhood guide) and providing round-the-clock customer service.