Renting out your house can be tricky, especially if you haven’t been able to find good tenants. A lot of people who own rental houses are worried about late rent payments or short-term stays.
You might want a tenant who pays their rent on time and keeps your house clean.
Corporate housing is a new way to create extra money from your property. More and more companies are looking for furnished homes for their workers, including traveling nurses or military personnel who require somewhere to stay for a short time.
More and more people are working from home, and firms are sending personnel to other cities, which is making this trend stronger.
This guide will show you how to rent out your home as a place for businesses to stay. You will learn how to get started, put up your home effectively, discover business travelers or HR managers who require rentals, and utilize property managers to keep everything operating well.
If you want to generate more money and have less stress with your rental property, keep reading!
Key Takeaways
- Corporate housing enables you make up to four times more rent than conventional leases by renting out furnished apartments to business travelers, traveling nurses, military personnel, or employees who are moving for 30 days or more.
- You need to acquire decent furnishings, obtain strong Wi-Fi, smart locks, and employ a professional cleaning before you can sell your property as corporate housing.
- Most of the people who rent corporate apartments work in HR or for moving businesses. They pay on time and stay longer, usually for one to nine months, which means you don’t have to deal with as many new tenants.
- A good property management company will help you find good tenants and keep your vacancy rates low if your properties are close to hospitals and business districts.
- In Orlando, use property management solutions like Guest Managers to simply screen tenants, set up digital rental agreements, automatically schedule cleanings, and fix things faster. This makes both the owners and the tenants pleased.
What is corporate housing, and how does it work?
Corporate housing is a way for those who need a place to stay for a short time to rent a furnished home. People who travel for work, the military, or as traveling nurses often stay in these rentals instead of hotels.
There is good furniture, a full kitchen, and all the essential supplies you need in each unit. Most contracts run between 30 days to a year, but the average stay is little under two months.
Companies like Guest Managers help owners and HR departments identify reliable tenants who require short-term lodging near hospitals or commercial centers. Corporate leases are a good choice if you want something more comfortable than a hotel but not as permanent as a typical flat. They are also more flexible than holiday rentals.
You should be able to access utilities and high-speed internet on the first day. Next, find out how this type of rental can help you make more money and attract professional tenants who are looking for nice locations to live.
The Benefits of Renting Your Home as Corporate Housing
Corporate housing rentals commonly acquire business travelers, traveling nurses, and military people as tenants. This could mean that rents stay the same and fewer renters leave. Many companies use property management services or work directly with HR departments to find safe short-term accommodation for their employees and executives who are moving.
How can I generate more money by renting out corporate housing?
Choose corporate housing instead of conventional long-term rentals if you want to generate more money from rents. HR departments and moving companies pay a lot of money for furnished residences that people can rent for a short period.
Traveling executives, military people, and employees want to live near business hubs or hospitals because they desire convenience and facilities like high-speed internet and all utilities.
Business travelers prefer condos that are ready to move into and have good furniture and full kitchens. They often charge more than ordinary leases but less than hotel prices for monthly rents. Companies enjoy it when their employees stay longer when they move, which means you don’t have to hire new people as often.
When you rent to excellent companies with decent tenants, you have less difficulties with your property, get your rent on time, and have a continuous stream of money. This strategy also has financial benefits, like tax discounts on costs associated to property management and maintenance services.
Why do leases for corporate housing frequently stay longer?
A lot of owners like corporate housing since it makes more money in rent and the leases are longer. People that travel for work often, such business travelers, employees who are moving, and military personnel, need to stay in one area longer.
It can take a long time to finish projects. Moving plans may be put on hold if the company’s timetable or HR department needs extra time.
Most corporate housing leases say you have to stay for at least 30 days. Most of them last less than two months, while some last anywhere from one month to a whole year. Companies want their workers to stay steady when they have to move or work on huge projects.
They usually prefer leases that run between 30 days and nine months, and they might extend them if the projects take longer than intended. This flexibility makes it easier to manage homes and means that fewer individuals move in and out than with short-term rentals on sites like Guest Managers.
How reliable are people who rent corporate housing?
Business professionals, traveling nurses, military personnel, and company executives are the most common people that rent corporate housing. HR departments or global mobility teams often put these tenants in place.
This gives you greater control and maintains things professional. In a lot of cases, businesses pay rent directly to landlords, which means you get money every month.
These renters are responsible and care about how other people see their business. Most people work long hours, so their homes don’t get as much wear and tear as typical rentals. Rental agreements for business clients need to be explicit about the requirements for both the firm and the property owners.
Security deposits protect damages, but problems are rare because property management organizations meticulously check out tenants. Having good renters means fewer idle apartments and more returns. This makes location even more critical for this market next.
How to Know whether Your Property is Good for Business Housing
To assess if your property is excellent for corporate housing, consider about how busy it is, how simple it is to get to business hubs, how well it is planned out, and whether the Wi-Fi is good. Read on to learn what is most important.
How significant is the location and ease of access for business housing?
Corporate housing works best when it is in a good location and easy to get to. Nurses who travel, employees who move, military people, and corporate executives are more interested in residences near hospitals, tech businesses, or business areas.
Properties close to large workplaces and shopping centers fill up rapidly and normally charge more rent. If a home is simple to get to via public transportation, it is much more enticing to busy business travelers and professional tenants.
Most people who rent corporate housing prefer to live near work so they don’t have to drive as far and can get to work more easily. Because there is always a lot of demand, places like Houston’s medical sector, which is full of hospitals, or districts around Silicon Valley’s tech industries frequently have lower vacancy rates.
Location is one of the most critical factors that affects how much owners can ask for premium rental rates on sites like Guest Managers.
Here are some ideas for how to decorate your home so that it stands out in this market.
Should I rent my house with or without furniture?
People that travel for work or business will choose your property since it is easy to get to and is in a desirable location. But for people who live in corporate housing, the furnishings are really important.
Corporate clients want a property that has everything they need, like good furniture, utensils, laundry machines, linens, fast Wi-Fi, and places to work.
Usually, unfurnished rentals don’t satisfy their needs.
Homes that come with furniture cost more to rent than those that don’t. People who are moving, such military people or employees, want to move in straight away without having to buy mattresses or couches. Guest Managers and similar services are made for this exact type of business: enterprises who need short-term rentals that are ready to use right away.
It may cost more to buy high-quality furniture up front, but it will bring in more rental money from reputable tenants who need a place to stay temporarily and want it to be comfortable right away.
What is the optimum size and layout for corporate housing?
Condos and flats can be used by people, traveling workers, or small project teams. Single-family homes are great for business people, families moving, or people who need to stay for a long period, such as insurance clients.
You may welcome both single business travelers and small groups of professional tenants with a versatile layout.
Homes with open-plan living spaces feel bigger and are perfect for meetings with groups. If you rent a place with more than one bedroom, your coworkers might have their own space. People who live in apartments with laundry machines in them save time, such as nurses who travel or people in the military.
Corporate HR managers who rent temporary housing for staff appreciate kitchens that are fully equipped. Most business travelers and employees who are moving and using short-term rentals as their home base need a place to work.
Pick your layout based on the people you want to reach. Smaller layouts are suitable for single people, while larger layouts that are good for families are better for groups that need to rent for a few months at a time.
Preparing Your Property for Corporate Housing
Your unit should be comfortable and ready for business travelers, nurses who are on the road, or corporate leaders. Use high-quality furniture and excellent Wi-Fi to acquire good tenants who need short-term lodging near big employers or business centers.
What kinds of furniture and decorations should I place in my corporate rental?
Use trendy, comfy furnishings to draw in business visitors, corporate executives, and military people. Pick out beds and couches that are comfortable and will endure a long time. Put desks with comfy seats in peaceful places so that people like traveling nurses or HR managers can work from home without any problems.
Tenants who work require fast internet.
To make your stay feel like a hotel, choose high-quality linen, clean sheets, and thick towels. Pots & pans, kitchenware, appliances, plates, and glasses are all things that kitchens should have so they can cook.
You can stream content on smart TVs. Add simple decorations like neutral colors on the walls and floors or rugs that are easy to maintain to make the space more appealing to a wide range of people. Add plants or art from nature to the room to make it seem cozy without making it feel crowded.
Property management teams can save money by using materials that last a long time and still seem excellent to reliable tenants who need a place to stay temporarily that feels comfortable and useful.
What basic services should I provide?
After you pick out good furnishings, make sure to give business travelers and employees who are moving the things they need. Fast Wi-Fi is the most significant element for professional tenants because they work from home and talk on the phone.
For nurses or military personnel who travel, having laundry in the unit saves time. It’s great that you can park safely, especially in crowded places near commercial hubs.
Your kitchen should have all the necessary pots and pans and some sophisticated equipment. Smart locks or thermostats can make HR departments that manage a lot of rental homes feel safer and more in control.
Remote workers and corporate executives can get things done with a workstation, chair, and sufficient lighting. Some owners engage cleaning services to keep the units looking nice between short-term rentals without bothering the people who live there.
If you offer modest amenities like membership to a gym or agreements with supermarket delivery services, your property can stand out from others on sites.
How do I maintain cleanliness and upkeep for corporate tenants?
Make sure to have the place cleaned by professionals between each tenant. This is vital for short-term rentals with a lot of turnover since it keeps your home clean and ready. Get furnishings and finishes that can handle a lot of wear and tear from business travelers or nurses on the go.
Set up frequent inspections and include their dates in your rental agreements with business tenants. Use automated methods, like a property management system (PMS), to keep track of and plan cleaning and maintenance jobs so they get done on time.
In the case ofcorporate housing rental in Orlando, Guest Managers got you covered. As Guest Managers is also affiliated with a cleaing and maintenance site, CleanCorps.
To keep the quality good for employees, military personnel, or executives who are relocating, respond rapidly to requests for repairs.
You might want to think about purchasing mid-term rental insurance that will pay for any harm that professional tenants do while they are living there.These steps show that you care about how your property is managed, which can help you find good tenants.
How to Market Your Property for Corporate Housing
When in Orlando, let Guest Managers do everything for you, from marketing/advertising, getting your rental property ready ,attend to tenant concerns, managing the upkeep, rental collection, and everything else for a truly trouble-free rental investment.
Where can I rent out my property as corporate housing?
There are many sites that can handle this for you. In Orlando, Guest Managers can take care of renting out your house to corporate tenants, from business travelers, traveling nurses, military personnel, and people who are moving to a new place to find short-term housing.
Guest Managers’s property management system is such that pricing is dynamic so that you can maximize your rental income and lower your vacancy rate.
Take good images of your home and offer concise descriptions of its amenities, such fast internet or nice furniture. Businesses can make more money with property managers because they quite active with marketing promotion of your rental and make sure that the stay is a pleasant and memorable one.
Post on more than one site at a time if you want to attract greater attention in business centers or near hospitals.
How can I get in touch with company clients in a useful way?
Entrust the task to professional property managers. Of course you can find the corporate tenants on your own, but imagine the hassle of having to call companies and taking care of any corporate concerns. The aim of your rental property is passive income, but with you managing it on your own, it can be overwhelming and time-consuming.
Make sure to say in your marketing materials how easy it is to go to business parks, corporate offices, and hospitals. You can meet people who make decisions in person at local business networking events.
High-speed internet, convenience in getting around, and flexible lease periods are among the crucial things that professional renters, like nurses or executives who need short-term rentals, search for.
A digital handbook can enhance their stay better, and satisfied business clients may even tell their friends about it. After that, use the location and attributes of your property to find good tenants right away.
How might cooperating with other businesses in the area assist with marketing?
You may market your corporate housing rental better by working with local businesses. Ask gyms to give tenants free or cheap subscriptions. Connect with restaurants to offer meal specials and delivery choices to business travelers, traveling nurses, and military people.
Grocery stores near you can deliver right to the rental property, which makes things easier for people who are moving.
Use local businesses to combine services like cleaning and getting around. Add these features to your digital guidebook to attract professional tenants and HR managers from big corporations to your property.
Put posters or posts on social media at each of your partner businesses to let people know about them. This will help you find more trustworthy tenants who need short-term lodging close to important business areas.
These strategies will help you keep your occupancy rates high and make your tenants happier. This will set you apart before you start looking for new tenants or crafting clear rental agreements.
Challenges of Corporate Housing Rentals
To take care of business tenants, you need to undertake good tenant screening, write clear rental agreements, and keep your facility in outstanding shape. Again, it will be such a convenience with property managers doing all these tasks.
How can I check out tenants for corporate housing?
First, be sure that the people you want to rent to are employed. Get proof of a job or assignment that explains why they require a place to stay for a short time. If a business is paying for the rental, ask their HR department or manager to offer you a written confirmation to make you feel better.
Do credit and background checks to catch payment problems early. Property managers are especially helpful in screening tenants. Always inquire for references from previous landlords or service providers that worked with business travelers, military personnel, or traveling nurses.
Make sure that no one is treated unfairly by keeping note of everything you do to follow federal Fair Housing regulations.
What should I include in clear rental agreements?
After you look at business tenants, comprehensive rental agreements should cover everything. Make a note of the rent, the security deposit, and how long the lease is. Make sure to offer a detailed list of services that are included, such utilities, high-speed internet, or cleaning. With property managers, they take care of these so you do not have any legal issues with your rentals.
Set guidelines for guests and hosts about who can go into the property, who pays for what, and repairs.
Add guidelines about subletting and details about the insurance needs for short-term rentals. Tell them how often inspections happen and what the requirements are for obtaining your money back. Your agreement should be flexible so that HR departments or traveling nurses can add time to their leases if they need to.
Add safety check clauses to follow the law in your area. Use electronic documents that both sides can sign online. Tools for managing property, like Hostfully, can help with this.
Make sure that everyone who signs your agreements knows and follows all the requirements for mid-term rentals in your city.
What do I need to do to keep the property in good shape while it’s rented?
As the rental agreement stipulates, you should schedule regular inspections of the property. During these checks, use smart locks and other smart home equipment to make it easy and safe to get in. Use a property management system like Hostfully to automate maintenance requests so that nothing gets lost.
If you want to keep your professional tenants pleased, you should reply immediately to all requests for repairs or cleaning. Write down every maintenance task you undertake so you can utilize it again later. This is useful if you have questions later.
If something breaks in your furnished corporate housing unit, keep a list of reliable repair people nearby so you can get it fixed right away. Plan regular cleanings if you have a long lease, especially if you have business travelers or employees who are moving and need temporary housing that stays clean the whole time they’re there.
Issues in renting corporate housing
Every property owner has to pay for items like good furniture and competent cleaning services in advance. Managing changes in renters, especially when they are business travelers or employees transferring to a new area, can be a test of your property management skills.
What are the extra charges at the start?
The first step toward larger upfront costs is to buy nice furniture, decor, and appliances. Corporate renters want residences that are ready to move into and have decent cookware and fast internet. Smart home devices, such as smart locks, also cost a lot of money at initially.
You will need effective marketing tools. Before you can rent out your first room, you need to pay for professional images and virtual tours. Setting up a website for direct reservations or employing property management tools like PMS software can also make the cost of setting up go higher.
Rates for insurance often go up for furnished rentals that are utilized by persons who work on the road, military personnel, or business travelers. You could have to pay for permits, licenses, safety inspections, and extra cleaning to meet corporate housing standards in order to follow local leasing rules.
What should I do when my corporate housing residents move out?
You need a robust system for corporate housing because people are often moving in and out. Use solutions like Guest Managers to automate check-in, check-out, and messaging. Use smart locks to change the way keys are handed off or codes are updated between tenants for enhanced security.
Get the property ready quickly by hiring a professional cleaning service right after the lease finishes.
Between leases, make sure to keep up with routine inspections and maintenance. This will help you keep your house appealing to corporate HR departments, traveling workers, nurses, and executives who need short-term rentals that they can count on.
List Your House with Guest Managers for Corporate Housing
Renting your house to businesses might bring in stable money and attract trustworthy renters like business travelers or medical staff. It is easy and quick to set up a room with nice furnishings, robust Wi-Fi, clear regulations, and smart prices.
Guest Managers is a property management company in Orlando that can customize your property amenities so that it perfectly suits the needs of corporate tenants, where you may find HR departments and professionals who need short-term stays. List your property today with Guest Managers and have a worry-free corporate housing rental.
Questions and Answers
1. What is corporate housing, and who uses it?
Corporate housing is a place for business travelers, traveling nurses, military people, and employees who are moving to remain for a short period. These professional renters often need to rent a place for a short time with excellent furniture and fast internet.
2. How can I get my home ready for business visitors?
You should have nice furniture, fast Wi-Fi, and a tidy area to stay. HR departments can arrange safe places for their employees to stay if they clean between stays.
3. How can I discover good business tenants?
Make sure you have a good tenant screening method to check backgrounds. If you work with property management companies or use sites like Guest Managers in Orlando, you can get in touch with corporate HR managers or businesses searching for staff near business hubs.
4. Are there different restrictions or rental agreements for firms that rent?
Yes, when you write rental agreements, you have to obey the Fair Housing Act and the legislation in your area. Get security deposits when you need them, and make sure the regulations for how to take care of the property are clear.
5. Is it okay for me to charge more than the normal rental rates?
Yes, a lot of the time. Business clients or executives who need short-term living in well-located furnished residences may have to pay higher rent than typical long-term renters.
6. Do I need to file my taxes differently if I rent this way?
If you rent out your home for a short period, it could change your property tax bill or have you file more paperwork at tax time. Make sure you know the rules in your area before you list your house as a corporate rental on any site or through an agency that does market research on similar properties in the area.