This month’s blog was contributed by another fine member of the Corporate Housing Provider’s Association (CHPA) and one of our Australian counter-parts, Corporate Keys, written by Chelsey Moter, Outreach Coordinator.*
The days when college students would automatically live on campus are now over. More and more colleges these days do not offer student housing, and many students are opting to source their own accommodations and live off-campus alone or with other fellow millennial students.
On-campus accommodation vs off-campus accommodation
The biggest decision students usually make when leaving home for their studies is whether to live on-campus, if their colleges provide this option, or off-campus.
On-campus housing does come with some benefits. Students obviously have easier access to the venues of their classes and school activities, and can walk to class from their rooms.
Leases tend to be more flexible and can be cancelled if the student leaves the school. Financial aid may be available to those students who have difficulty paying rent. Campus security and professional housing staff can help students resolve problems and offer an added layer of security.
But surely the biggest advantage, to many students, is being able to live with others like them and participate more intimately in community life on campus.
On the other hand, living off-campus is more attractive from the standpoint of comfort and privacy.
Students can opt to live alone or with friends of their choosing, and they also benefit from having their own private amenities such as kitchens, bathrooms and living rooms.
They are not constrained by the rules to which students living on-campus must submit, and have a wider range of lifestyle choices available to them.
Serviced apartments vs hotels, hostels and Airbnb
Serviced apartments are a unique breed of accommodations which can offer a great alternative to students who wish to live off-campus.
Serviced apartments are fully-furnished and come with certain services and amenities that are usually associated with hotels, including room service, laundry services and fitness centers. This makes them much more convenient than Airbnb apartments, in which guests are usually expected to clean up after themselves.
In addition to these conveniences, they also come with all the advantages of non-serviced apartments, such as full private kitchens and washing machines. These are usually not available in hotels or hostels.
Serviced apartments thus offer the perfect blend of the conveniences and facilities offered by both hotels and private apartments.
Why are serviced apartments perfect for students?
Given the benefits of serviced apartments, they can be an excellent form of accommodation for students.
One of the biggest advantages is the convenience of amenities like room service, which frees up students’ time and energy so that they can concentrate on their studies. Free Internet is another benefit that can save students from having to apply, pay for and set up their own connections.
As spaces and equipment are not shared in a serviced apartment, students can enjoy the privacy of having their own homes. Serviced apartments offer a much quieter and more conducive environment for study than student housing, and students even have the option of converting part of their living area into a private study room if they wish.
Serviced apartments do not require residents to commit to long-term leases, and are thus perfect for students who intend to move out when they are done with their studies.
Serviced apartments can enhance a student’s life considerably. As most serviced apartments are centrally located, they enable students to benefit from proximity to the city center, where they can easily access restaurants, cinemas, and other nightlife. The amenities at serviced apartments are designed to make life convenient and fuss-free, enabling students to clear up time that would otherwise be spent doing housework.
*Edited by Janine Low, Marketing, Training and Operations Executive, AvenueWest Global Franchise
In a recent Zillow article by Amie Fisher “5 Rental Market Predictions: What to Expect in 2017 (and Beyond),” Zillow’s Senior Economist, Dr. Skylar Olsen, predicts 5 rental trends for 2017:
- Overall Rental rate appreciation will stabilize this year. While the overall United States rental rate appreciation is staying around 1.5%, many West Coast metropolitan cities (Seattle, Portland, San Francisco and surrounding Bay Area, San Diego and Denver) won’t see their rental rate appreciation yet below 5%. Overall, there is more rental inventory available which is a large contributing factor to rental rates slowing down.
According to Apartment List, Inc. and their February 2017 rent report, rents increased slightly this month nationwide after four months of rental rate decreases. In 2016, the rental rate was significantly lower and did level off from the dramatic increases in 2014 and 2015.
2. Homeownership Rate will increase slowly as Millennial’s get older. Many people have shifted to renting instead of buying since 2006. But, as Millennial’s get older and make more money, they feel that buying a home is an integral part of their personal freedom. Don’t worry, this shift is going to be gradual and over time so rental vacancies should not be affected yet.
3. Many renters are now being pushed to the suburbs. The Baby Boomers are looking to downsize from their larger homes, perhaps in the suburbs, and move to smaller homes in more walk-able neighborhoods. As a result, there is less inventory available in the urban areas and higher rental rates since there is not enough supply to meet the demand. More people are now looking to surrounding cities and suburbs to find lower rents and more options. Because of this shift, some of the fastest growing rental rates in the nation are in smaller cities and suburbs outside of the Nation’s most expensive metropolises.
4. New home costs will increase due to rising construction costs. Most new home builders are moving their focus on high-end homes since the cost of construction and land is on the rise. This means that more people will still be forced to rent since the average person will not be able to afford the new home prices currently being offered.
Source: The Zillow Group Report
5. Interests rates will increase. Over the past couple of months, interests rates have already begun to increase due to the change in administration. If they continue to rise over the course of this year, individuals and families who might have been considering buying will instead remain in rentals until the rates go back down.
Overall, the cost of rent has started to mellow out a bit but there are still some major factors that are playing into the current rental market nationwide and why we most likely won’t be seeing any major decreases anytime soon.
Luckily, the majority of all AvenueWest Managed Corporate Housing‘s rental properties aren’t affected by the major rental rate hikes impacting apartment communities since our properties are privately owned. Rent like a local in one of our beautifully furnished or unfurnished properties. Call us today 1-800-928-1592.
Here are the nation’s 100 largest markets and their median rental rates and percent changes from Apartment Source, Inc.:
|City||Median 1BD||Median 2BD||M/M Price Change||Y/Y Price Change|
|San Francisco, CA||$3,420||$4,610||0.6%||-1.5%|
|New York, NY||$3,220||$4,110||-0.1%||1.0%|
|Jersey City, NJ||$2,540||$2,900||1.2%||2.1%|
|Los Angeles, CA||$1,870||$2,600||-0.1%||0.5%|
|San Jose, CA||$2,110||$2,600||0.3%||-1.4%|
|San Diego, CA||$1,530||$2,000||0.1%||1.9%|
|Long Beach, CA||$1,390||$2,000||0.8%||6.1%|
|Santa Ana, CA||$1,550||$1,870||0.8%||-1.5%|
|Fort Lauderdale, FL||$1,300||$1,700||-0.3%||2.2%|
|New Orleans, LA||$1,400||$1,600||0.0%||1.0%|
|St. Petersburg, FL||$890||$1,300||0.7%||2.4%|
|St. Paul, MN||$950||$1,200||0.6%||3.0%|
|Fort Worth, TX||$950||$1,170||0.3%||2.8%|
|Virginia Beach, VA||$900||$1,150||0.1%||3.2%|
|Corpus Christi, TX||$830||$1,020||-0.2%||-0.3%|
|San Antonio, TX||$850||$1,010||-0.2%||0.3%|
|St. Louis, MO||$830||$1,000||0.8%||0.5%|
|Colorado Springs, CO||$810||$1,000||-0.3%||4.9%|
|Baton Rouge, LA||$990||$1,000||0.4%||2.6%|
|Salt Lake City, UT||$790||$990||-0.2%||1.5%|
|Las Vegas, NV||$830||$980||0.1%||4.7%|
|San Bernardino, CA||$750||$950||0.1%||0.5%|
|Grand Rapids, MI||$810||$940||-0.1%||1.5%|
|Kansas City, MO||$780||$850||-0.6%||-0.9%|
|Des Moines, IA||$880||$840||0.1%||-2.5%|
|El Paso, TX||$620||$800||0.1%||0.6%|
|Little Rock, AR||$690||$800||0.6%||3.8%|
|Oklahoma City, OK||$650||$780||-0.2%||2.2%|
|Fort Wayne, IN||$490||$600||-0.9%||0.7%|
Millennials are a hot topic right now and have been for the past couple of years with the changing landscape revolving around Millennials in the workforce, talent management, and mobility.
In the November/December 2016 addition of Workforce Magazine, in the article titled “Mobility Needs a Makeover,” Millennials are recognized as great candidates for global assignments since their relocation packages typically cost less than the “older, more encumbered peers.” According to George Bates, the Senior Vice President of Global Marketing and Sales for Graebel:
…Today’s businesses have a lot of reasons for relocating employees, and many of them have figured out that younger staff don’t need the same level of support…Younger employees are more open to the adventure that comes with an oversees assignment, and are often willing to voluntarily go with few if any additional perks. ‘They are young and hungry and eager to learn about a new culture.’ Inviting young, highly skilled employees to voluntarily relocate for a challenging work assignment has been a growing trend…for the past few years…It’s one of the many strategies mobility experts are using to cut the cost and complexity of relocation assignments, while adding value for employees. ‘There is a pervasive assumption among this generation that if they want a strong career, they need this kind of experience.’
According to a study compiled by Brookfield Global Relocation Services, 11% of the employees taking relo assignments are ages 20-29 and when mobility and talent management are combined, the number increases to 22%. Companies are really focusing on getting younger employees into their global leadership roles.
The relocation industry is shifting because of this growing trend of sending younger employees on assignments. More relocation packages are being offered now based on the needs of the company and the value of the employee. Younger employees are also typically easier to relocate since they don’t usually have kids and families to relocate, and since most Millennials rent instead of own, no property managers to find. Millennials are craving these experiences and in exchange, aren’t necessarily looking for higher salaries and benefits to accompany their relocations.
Temporary housing is a large portion of relocation services. According to the 2014 Gen-Y Housing Survey conducted by the Urban Land Institute and UDR, there were some very interesting findings regarding what Millennials are looking for in their accommodations:
These figures represent what Millennial respondents chose in regards to housing. It is from the 2014 Gen Y and Housing Survey compiled by the Urban Land Institute and UDR.
So which cities are millennials relocating to here in the United States?
- Atlanta, GA
- Pittsburg, PA
- Memphis, TN
- Boston, MA
- Austin, TX
- San Diego, CA
- Seattle, WA
- Houston, TX
- Denver, CO
- Charlotte, NC
Good news, we have full-service, local offices in 4 out of these 10 cities and can assist our millennials with short-term, fully furnished temporary housing while they get settled into their new city. All of our properties include the features that are important to the Millennial respondents and even more!
For all of your relocation needs, your local AvenueWest Managed Corporate Housing office is at your service, providing exclusive residential properties including single-family homes, town homes, condos, and apartments. All offices are licensed real estate brokerages and can help you find your perfect home once you are settled. Most of our offices can also help with unfurnished rentals as well.
We are local and know the cities and neighborhoods our properties are located. Plus, we have properties not just in major cities, but in the surrounding suburbs as well.
Submit a housing request, Search for a Real Property in our actual database, or give us a call today 1-800-928-1592 and a local representative will be able to answer all of your questions. You can also Message us on Facebook or Tweet us on Twitter
If you are traveling to SF for business and perhaps you want to share a rental with a couple of other members of your team or you are traveling with your family, this 3BD/2BA row home in Bernal Heights will do just the trick!
Bernal Heights is described as a pretty little village in the city and voted hottest neighborhood. Bordering Potrero Hill, the Mission and Noe Valley, this sunny neighborhood offers many attractions and amenities, including trendy Zagat rated restaurants, bars, cafes (Martha’s, Pinhole and Progressive Grounds), and unique shops such as the Epicurean Trader, Chloe’s Closet and Succulence. The Good Life, akin to a mini Whole Foods is the neighborhood’s grocer. Several parks including the Bernal Heights Hilltop Vista with stunning SF views are all situated in this neighborly zip code.
This lovely home features an attached 1 car garage and street parking with no time restrictions, 3 bedrooms, 2 bathrooms, small private yard, expanded basic cable, high-speed wireless internet, capped utilities (electric/gas), water, trash, all furnishings, housewares, linens and towels all for one great monthly rate!
It’s a 20-minute walk to BART and walking distance to two nearby muni bus lines from this lovely home. Commuting to the East Bay or Silicon Valley is a breeze, 2 minutes from on ramps to highways 101 and 280.
DENVER, Aug. 4, 2015 – AvenueWest Corporate Housing, a trusted name in Denver’s corporate housing market for almost 15 years, today announces that demand for corporate housing in Denver remains high despite the hot seller’s market.
“While we are currently seeing a lot of clients sell their properties to take advantage of the seller’s market, we also are seeing high demand for corporate housing,” says Angela Healy, co-owner of AvenueWest Corporate Housing in Denver. “I believe a real opportunity exists for individual homeowners to earn residual income by offering their furnished homes to our high-end corporate housing clientele.”
Tim Healy, who co-owns the AvenueWest Denver franchise with his wife, Angela, adds that demand for corporate housing in Denver remains high because business travelers, traveling healthcare professionals, traveling theater performers and on-assignment military professionals continue to visit and do business in Denver.
“Each of these groups of people require short-term furnished housing during their temporary stays in Denver,” says Tim Healy. “Our goal is to continue to add high-quality properties to our roster so we can meet the needs of these discerning visitors.”
The Healys say they remain iron-focused on their mission to match those seeking corporate housing in Denver with those offering furnished, short-term rental properties.
“We manage about 30 properties at the Spire (891 14th St. Denver), an upscale condo community in downtown Denver that offers panoramic views of the city and resort-style amenities. We offer these properties to individuals and groups who want to experience Denver’s culture and vibrant downtown scene during their visits,” adds Tim Healy. “The beauty of owning multiple units in one building is that we are able to house groups of people in one location so they can experience Denver together yet have their own private temporary living quarters.”
AvenueWest Corporate Housing is an award-winning name in corporate housing. For more information, visit www.avenuewestfranchise.com
About AvenueWest Corporate Housing – Denver
AvenueWest Corporate Housing in Denver provides unparalleled service and exclusive furnished corporate housing properties available for rent in the Denver metro area, including LODO, South Denver, the Denver Tech Center (DTC), and Broomfield. Angela and Tim Healy purchased the rights to franchise AvenueWest in Denver from Kimberly and Eric Smith, who continue to own and manage AvenueWest Global Franchise. Visit http://denver.avenuewest.com for more information.
For six years, Meghan Hartman’s career was in flux. The Global Financial Crisis ravaged the real estate industry, and Hartman, a former real estate agent, was looking to reinvent herself. Enter AvenueWest Managed Corporate Housing in 2013, and an opportunity to own a local office in Phoenix, AZ.
Ready to take charge of her career, Hartman jumped on this new business venture, with encouragement from her long-time confidant, Mark Vost, who today helps Hartman run the company’s day-to-day operations.
“As I unraveled the AvenueWest brand, I could see what a great fit it was for Meghan, and how her real estate skill-set would be an asset to her running a business like this,” says Vost.
Today, AvenueWest Corporate Housing in Phoenix is a thriving business that not only provides property management services to owners of furnished homes being offered for rent, but also provides high quality, short-term rental properties to those in need of temporary housing. Hartman says her ideal clients include traveling business executives, visiting medical professionals, and insurance companies in need of furnished homes for their displaced clients.
Hartman says AvenueWest Phoenix has experienced steady growth from the start, enabling her to manage seasonal swings.
“Phoenix’s rental season is busy in the winter and quiet in the summer, which can at times be overwhelming or underwhelming,” says Hartman. “We are committed to working hard year round to forge new relationships that strengthen our business so we can persevere through dramatic seasonal swings.”
Hartman says she created a medical professionals division to cater to the ongoing corporate housing needs of visiting medical professionals to Phoenix. “This has provided us with a steady stream of business no matter the season,” she says.
The backbone of AvenueWest Phoenix though, says Hartman, is the AvenueWest business model and corporate support team.
“We would not be able to do corporate housing without AvenueWest. The brand brings instant recognition and respect, not to mention a great deal of leads. We cannot give enough credit to AvenueWest’s global team and concept,” says Vost.
About AvenueWest Phoenix
AvenueWest Phoenix provides unparalleled service and exclusive furnished corporate housing properties available for rent in Paradise Valley, the Biltmore area, Downtown Phoenix, Midtown Phoenix, Scottsdale, Tempe, the Warehouse District, Central Avenue, Camelback Corridor, and Arcadia. Visit http://phoenix.avenuewest.com for more information or give us a call today – 602.753.2412.
Chicago is a very large city, with a significant population of residents, businesses and rental properties. If you’re in the process of deciding to rent out your property, you must ensure that you comply with the city’s laws and ordinances governing what you (and your tenants) can and cannot do. It’s also important to understand that the rules applying to renters who choose to rent furnished apartments don’t necessarily apply to extended stay properties.
If you’re a residential landlord (you’re renting residential property to tenants), then you’re governed by the Chicago Residential Landlord Tenant Ordinance, or RLTO. This ordinance does not govern the following types of properties and situations:
- Owner-occupied buildings with six or fewer units
- Rooming houses, hotels and motels unless rent is monthly and occupancy is 32 days or more
- Employee quarters
- Dorms and shelters for students
- Nonresidential properties
- Owner-occupied condos
- Owner-occupied co-ops
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Technology makes everyone’s jobs a bit easier but these eight apps are specifically created for medical professionals to help while at work and also while traveling.
Epocrates. Use this free app to help with identifying drug interactions, pill information, formulas, etc. There is one also available for $159.99/year that will also allow for diagnostic and lab tests as well as disease information.
The Merck Manual. This app can be purchased for $34.99 for Apple users and is the full manual with disease, diagnostics, and prescription information right at your fingertips.
Nursing Central can be purchased for $169.99/year and gives you access to nursing journals and detailed information about tests, procedures, and diseases.
Use Medigram while at work in the hospital or clinic setting to allow for better communication amongst all staff while adhering to HIPAA standards. This app is free.
Pill Identifier is a free app that will help identify pills that have been mislabeled/spilled as well as provides information about medications based on their identifiers.
The app, ProfiTrakr, is the perfect tool for traveling nurses. It allows you to easily record all of your travel expenses and has a specific selection for traveling nurses. It can be purchased for $1.99.
Tripomatic is a free app that will help you find the attractions at the new city you have been assigned to and will allow you to create your very own travel itinerary.
Use Waze, the free GPS navigation app that gives you real time data on where you need to go including accidents, traffic, speed traps, gas prices, etc.
These eight apps have been created especially for use by medical professionals who are on the road and traveling for work. Hopefully these fine apps will make you more productive while working and will come in handy when you are on the go. Remember, if you are ever in need of a fully furnished rental in your new city, we would love to help you find the perfect home away from home! 🙂
The decision to purchase insurance through rental car companies has been a long debated topic for travelers. No surprise, when thousands of dollars are on the line you want to get it right.
If you don’t have personal auto insurance it’s vital you purchase rental insurance, in most states it’s mandatory. While many forgo rental insurance to save a quick buck up front, they’re not aware that an accident can leave them owing thousands, even if they have personal auto insurance.
Many renters with a primary auto policy are still at risk. Personal automobile insurance plans may only cover a rental vehicle for 31 consecutive days; if plans include a long term rental vehicle it’s important to be aware of your policy parameters. In addition, some insurance companies may not extend coverage benefits to renters if the vehicle is being used for business purposes. Even a full coverage plan might not protect you from every charge the rental company can enforce, such as “loss of use” charges. These charges include loss of profit to the company while the car undergoes repairs, reduction of vehicle value, and administrative fees.
If you choose not to purchase the additional insurance offered by the rental companies, in the event of an accident, you’ll be required to meet the deductible on your personal insurance to repair damages, potentially increasing the cost of your annual insurance premium for five years or more.
If you’re sharing the driving responsibilities in a rental with someone not on your insurance policy they will not be covered. You’ll have to purchase an additional driver option, which extends the coverage to ensure everyone in the car has limited risk.
International AutoSource provides a full-service rental car solution for International and Domestic assignees in 13 countries. This program includes comprehensive insurance on all rentals at no extra cost in addition to exclusive savings and other great benefits. To learn more visit intlauto.com.