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Posts Tagged ‘Apartment’

Landlords Take a Liking to Corporate Housing

Tuesday, January 4th, 2011

In Los Angeles landlords are becoming more and more enamored with temporary housing after realizing what it offers them. The fact is that 90% of all damage to an apartment happens while moving furniture. A corporate term is extended 5x more than the average tenant’s lease and therefore the furniture remains stationary. In addition, when a tenant stays in an apartment longer than an average hotel stay, as is the case with short term housing rentals, the apartment becomes home to them and they are more likely to care for the place they live in when they might do the exact opposite in a cramped hotel room. Who could blame them? This ensures minimal effort during the turnover process and a minimum of damage over long periods of time.

Even the level of clientele is more upscale due in fact to the overwhelming majority of corporate executives, resident nurses and doctors performing fellowships in nearby hospitals. 30% of the tenants are so hard working that they use their apartments for sleeping only. REITs’ and large apartment complex owners are quickly waking up to the fact that corporate providers are here to stay and it is to their advantage to try and attract them. The benefits to both landlord and housing company are clear. To top it off, when a corporate housing provider expands, as is happening with this industry around the world, many landlords find them offering to absorb vacancies as soon as they open. The field is still young and many are worried about getting their feet wet. The majority of these are simply afraid of not doing business in the traditional way. Once they realize the benefits however, the gains can be greatly rewarding to Landlord, Temporary Housing Provider, tenants and the travel industry as a whole.