I've had a lot of property owners ask me about short term "corporate rentals," and alas--here is an article from the San Diego Union-Tribune on the very subject. Looks like corporate renters are willing to pay a premium to rent in San Diego--provided the property is furnished and in a desirable neighborhood.
Here are some article highlights:
Sellers who are having difficulty finding buyers in the current apathetic market might want to consider entering their places into the corporate housing pool.
That's what Doug Black did, and he couldn't be happier.
When the Denver, Colo., businessman found it too difficult to carry two condominiums, he moved into the one he was renovating and put the one he was living in up for sale. But when he found no takers, he decided to list his fully furnished apartment with a do-it-yourself Web site called CorporateHousingbyOwner.com.
Black immediately landed a year's lease with a vice president for Quiznos, who was transferring to the sandwich-shop chain's headquarters near his condo. And since that lease expired in May, he has had several other, shorter-term tenants, including a delegate to the Democratic convention and a Canadian couple who were visiting their children during the holidays.
It isn't the only site on the Web aimed at corporate travelers – condo.com and rentalspacenetwork.com are a couple of others. There's even a trade group for landlords, the Corporate Housing Providers Association. But CHBO is the only one devoted solely to the field. The site currently includes more than 60 San Diego-area listings.
That's what Doug Black did, and he couldn't be happier.
When the Denver, Colo., businessman found it too difficult to carry two condominiums, he moved into the one he was renovating and put the one he was living in up for sale. But when he found no takers, he decided to list his fully furnished apartment with a do-it-yourself Web site called CorporateHousingbyOwner.com.
Black immediately landed a year's lease with a vice president for Quiznos, who was transferring to the sandwich-shop chain's headquarters near his condo. And since that lease expired in May, he has had several other, shorter-term tenants, including a delegate to the Democratic convention and a Canadian couple who were visiting their children during the holidays.
It isn't the only site on the Web aimed at corporate travelers – condo.com and rentalspacenetwork.com are a couple of others. There's even a trade group for landlords, the Corporate Housing Providers Association. But CHBO is the only one devoted solely to the field. The site currently includes more than 60 San Diego-area listings.
According to Kimberly Smith with CHBO, the military is the largest user of corporate housing. The armed services relocate some 600,000 people a year. And since there is typically a one-to three-year wait for on-base housing, the overflow is always looking for short-term housing.
Traveling nurses are another big user. Some 200,000 nurses move about the country annually, taking two-, six-and sometimes 12-month assignments as they go. Relocating businesses, summer interns, sports professionals, traveling showmen, insurance-company adjusters, people undergoing extensive medical treatment and “snowbirds” are also frequent short-term renters.
Click here for the entire article.
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