Congrats – AvenueWest Managed Corporate Housing for making the 2019 BEST OPERATOR short list 🙂
The Serviced Apartment Awards are the only awards created for and by the serviced apartment, aparthotel, extended stay and short term rental industry. The awards recognise excellence at individual, team and corporate level.
Best operator 201+ units
Who should enter: Any serviced apartment, aparthotel or extended stay operator with more than 201 units under management.
1. Evidence of delivery a best-in-class guest experience
2. Demonstrating innovation in product, amenities and customer service
3. Demonstrate best use of brand to drive occupancy/rate
4. Evidence of staff and customer engagement, CSR and environmental policies
5. Effective sales, marketing & distribution
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
Corporate Housing is Not Part of the Shared Economy and CHBO has the Data to Prove it – CHBO Launches 7th Annual CHBO Corporate Housing Real Estate Survey
As smart investors look to diversify their real estate and investment portfolios more property owners are turning to monthly corporate housing rentals as the best way to adhere to real estate rental laws, minimize time needed to manage a property and maximizing rental income opportunities.
DENVER, Nov. 15th, 2015 – Corporate Housing rentals have been an essential lodging solution for more than half a century and should not be inadvertently lumped into the new trends and restrictions of today’s “shared economy” and CHBO has the data to prove it. For the 7th year CHBO is launching the CHBO Corporate Housing Real Estate Survey to document the trends, standards and needs for this monthly furnished lodging solution.
Successful corporate housing property owners and managers have found that investment and management trends reported in the CHBO Corporate Housing Real Estate Report are essential tools for their financial success. Did you know that 2 out of 3 corporate housing landlords say their tenants stayed on average 3 months or longer? CHBO also found that last year 17% of the properties were rented for a year or longer.
The 7th annual CHBO Corporate Housing Real Estate Survey will provide insights into:
- Pricing trends for monthly, furnished corporate housing
- Average security deposit fees charged by corporate housing landlords
- Required length of stays in the monthly corporate housing rental marketplace
- Pet policies for furnished housing
- Predictions and corporate housing landlords sentiments about the future
The survey is broken into 8 main sections: Property Owners – Who, What, Where, Why and When; Outlook and Profitability; Rental Rates; Property Management Trends; Rental Properties; Tenants; Pets and Marketing Trends.
Independent property owners and managers of corporate housing rentals are invited to complete the survey online. Data is being collected through December 15, 2015 and findings will be reported on January 15th, 2016. The 2015 CHBO Corporate Housing Real Estate Report is offered FREE to all survey participants.
“CHBO Members continue to ask for more facts and figures to make them the most profitable corporate housing providers. The CHBO Team continues to hear from our members about how much this information allows them to make the right choices when it comes to investing in, marketing and managing their corporate housing rentals,” says Kimberly Smith, co-founder and CEO of CHBO.
Real estate investing is back and the trends are showing more real estate growth potential. As smart investors look to diversify their real estate and investment portfolios more property owners are turning to monthly corporate housing rentals as the best way to adhere to real estate rental laws, minimize time needed to manage a property and maximizing rental income opportunities.
The results of this survey will be used to develop the 2015 CHBO Corporate Housing Real Estate Report, which will provide corporate housing landlords, real estate professionals, real estate investors and property managers needed data, emerging trends and insights about everything from how to better promote rental properties, to how to improve the way they furnish and market their rental properties. Historically, responses were received from property owners across the United States and around the world.
About CorporateHousingbyOwner.com (CHBO)
CorporateHousingbyOwner.com is the number one marketplace for furnished corporate housing rentals. CHBO was founded in 2006 out of a need to connect private homeowners and real estate investors offering furnished, short-term rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes and more. Today CHBO servers the larger Corporate Housing – Extended Stay Lodging market. CHBO also offers individual homeowners and investors tools to manage a corporate housing property themselves as well as help them market their property to a mass audience turning to corporate housing to fulfill their housing needs. Please visit www.CorporateHousingbyOwner.com for more information.
New Owners Grow AvenueWest Denver Managed Corporate Housing Franchise; Growth on New Franchisees’ Minds
Since 2001, Angela Healy worked for AvenueWest Corporate Housing in Denver – helping founders, Kimberly and Eric Smith, manage their financials and run the day-to-day operations. Angela was pivotal in helping AvenueWest grow and find success over the years – including early on in the business when the company took a financial hit in the failing economy. Over the years, Angela helped the Smiths create the AvenueWest Managed Corporate Housing Franchise model and even assisted with the on-boarding of the franchisee team in Colorado Springs.
Along the way, Angela learned that Kimberly and Eric’s long-term plans were to eventually franchise the Denver market.
“When I told Tim [my husband] that AvenueWest Denver was available for purchase as a franchise, he said, ‘Have you ever thought of us buying Denver?’ I’d been working in the business for so long that it made sense that I would be the perfect successor,” says Angela. “The best part was that my husband had always wanted to own a business – so it was truly the right fit for us to do together.”
Kimberly says that Angela was a natural fit to take over the business given her experience and deep corporate housing knowledge.
“Between her strong corporate housing background experience and Tim’s impressive business acumen and entrepreneurial desires, Eric and I knew they were the right team to take over the Denver market,” says Kimberly.
AvenueWest Denver Changes Hands
In 2010, the Healys officially purchased the AvenueWest Denver franchise, thus beginning their journey as corporate housing entrepreneurs.
After taking over AvenueWest Denver, the Healys became iron-focused on their mission: To match those seeking corporate housing in Denver with those offering furnished, short-term rental properties.
“We are lucky to live in Denver as we get to cater to a variety of people in need of corporate housing, from business professionals and traveling consultants to relocating employees, traveling healthcare professionals, on-assignment military personnel, traveling theater companies and more,” says Tim.
The State of Denver’s Corporate Housing Market
Angela and Tim add that Denver is traditionally a high-demand market for corporate housing, and they don’t see that changing anytime soon.
“While we are currently seeing a lot of clients sell their properties because it’s a hot seller’s market, at the same time we are adding new clients who are looking for a competitive advantage when it comes to managing and marketing their unique furnished properties available for rent,” says Angela.
One of the ways Angela and Tim say they maintain steady inventory throughout market fluctuations is by offering great customer service, competitive pricing, unique properties, and win-win partnerships with those who own properties in desirable locations.
“We manage about 30 properties in 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 are able to offer these properties to discerning individuals and groups who want to experience Denver’s culture and vibrant downtown scene while traveling to the Mile High City,” says Tim.
Steep Learning Curve
While Tim had little corporate housing experience when he took over AvenueWest Denver in 2011, he says he has since undergone a steep learning curve.
“At first corporate housing was like speaking a foreign language,” he says, “But today it feels like a natural progression in my career and offers me the flexibility I desire to balance my family-life with my professional-life.”
Above all, Tim says that having AvenueWest as the backdrop of their franchise gives them the name recognition and instant trust in the industry.
“Partnering with an award-winning, well-respected name in corporate housing not only brings us high quality referrals, but also helps us solidify relationships with new prospects who have come to know and trust the AvenueWest brand for more than a decade,” says Tim.
Deb Salek, the owner of AvenueWest Northern Colorado, recently had the article “AvenueWest Northern Colorado Offers Turnkey Solutions for Corporate and Transitional Housing” on the Fort Collins Area Chamber of Commerce website:
“With an increased local need for high-quality furnished short-term rentals, AvenueWest Northern Colorado has carved out a niche as a premier provider of full-service corporate and transitional housing in Fort Collins, Loveland, Greeley, Windsor and surrounding communities.
‘AvenueWest offers much more than a hotel stay, but rather a home away from home where you can feel settled and comfortable for your time in the property. We make it as easy as possible for clients. Just bring your suitcase,’ said Deb Salek, AvenueWest Northern Colorado CEO, Broker, and Owner. ‘We provide choices for the traveling professional or relocating individual.’
Todd, as COO and the head of business development, brings his vast experience in sales and customer service to AvenueWest and their clients. Todd, having traveled extensively with his previous career with a Fortune 100 company, fully appreciates the value, convenience and amenities of quality corporate housing.
“Our client companies find that it’s much more convenient to work with one point person to coordinate their business’s short-term furnished housing needs,” said Todd. “They are guaranteed to receive consistent quality and service with every property, and never have to worry about dealing with unknown property owners who may have varying quality standards.”
All AvenueWest properties are move-in ready and feature a full kitchen, fine housewares and furnishings, linens and towels, and other comforts of home. All utilities, phone, cable and internet are already connected when clients move in and are included in one rental payment.
To read the full article, click here. Please visit our website to see all of our beautiful properties located in Fort Collins, Loveland, and Greeley, CO. For more information, contact us directly: 970-797-3099 or via email FortCollins@avenuewest.com.
Denver, CO – May 20, 2014 – AvenueWest Global Franchise, a leader in the corporate housing industry announced today that they were recognized in Personal Real Estate Investor Magazine’s Annual Top 50 Real Estate Investment Opinion Makers and Market Leaders Awards.
“Personal Real Estate Investor Magazine/PREI as a leading publication for individual real estate investors has a role to identify individuals and service providers who are helping move our industry forward,” stated the PREI editors.
“This is our second year on the list,” commented Kimberly Smith, the CEO of AvenueWest Global Franchise. “We are honored to join this group of respected industry leaders that are working to establish individual residential investment real estate as a reputable and sound investment opportunity.”
We are looking forward to continued help and service for the individual real estate investor. If you are an investor looking for a full service property management company to manage your portfolio of investment real estate, we are located in Atlanta, GA, Boston, MA, Colorado Springs, CO, Denver, CO, Dallas, TX, Fort Collins, CO & Northern Colorado, Phoenix, AZ, and San Francisco, CA. We can match your property with qualified business travelers, corporate housing clients, individuals, insurance claims, athletes, etc. Contact any of our eight locally owned and operated full property management offices that offer fully furnished residential properties.
Northeast Suites who is affiliated with AvenueWest Boston received this year’s Company of the Year Award from the Corporate Housing Providers Association (CHPA). The Tower of Excellence and Company of the Year Awards recognize outstanding member companies and individuals who demonstrate commitment, excellence, and significant contributions to their company, CHPA, and the industry. “It is an honor and a privilege to be recognized by the Corporate Housing Providers Association as its Company of the Year,” said CEO and Founder Patrick Flynn. “Winning this award is a testament to the hard work and dedication of the entire Northeast Suites team, and we will continue to build upon our reputation as the premier corporate housing provider in the northeast.”
We are so proud of Patrick and his whole team at Northeast Suites!! 🙂 Way to go guys!!
This Colorado business shows staying power by finding solutions for customers in the economic and housing market’s ups and downs.
DENVER, May 1st, 2014 – AvenueWest Corporate Housing, Inc., started as a small real estate management company but quickly grew to the largest provider of corporate housing rentals in Colorado, added a spin-off of Corporate Housing by Owner and is now the foundation for the national expansion of AvenueWest Global Franchise. This month AvenueWest Corporate Housing is celebrating its 15th anniversary of doing business and providing solutions for property owners, corporate travelers and business owners alike.
In 1999 Kimberly Smith along with her business partner and husband, Eric, founded AvenueWest Corporate Housing, Inc. Which went on to become a multi-million dollar company providing furnished corporate housing and property management services to upscale business travelers. A recognized leader in the industry, AvenueWest was awarded the Corporate Housing Providers Association’s (CHPA) prestigious 2010 Provider Company of the Year Award and listed for 3 consecutive years on Inc Magazine’s Inc 5000 list featuring the country’s fastest growing businesses.
Kimberly Smith states that there are two secrets to the company’s success. First, they work hard to run AvenueWest as a team and develop a place where their employees enjoy coming to work, take pride in what they do and create lasting solutions for the tasks at hand.
Secondly, Smith adds, that they believe in doing business the old-fashioned way, person-to-person with high standards for customer service. “We are able to offer relocated or traveling professionals more than just a temporary place to call home; we also help them get to know and love their new city like we do. So many of our customers come back to us time and time again because they know they can depend on us for reliable information about the city they are relocating to.”
Kimberly and Eric Smith are passionate about people and finding solutions. They believe real estate investors will continue to invest and need the right support teams to protect those investments. “2014 is the year of the real estate investor,” the Smith’s say. “We’re not just interested in running a website or a property management business. What we’re doing is much bigger. We’re educating and developing sustainable systems and residual income. We see today as a time that real estate investment can and should be as accessible as trading stocks.”
Alpha Books, a division of the Penguin Group agrees. The publisher, knowing the real estate landscape had shifted and seeing a need for investment property guidance, recently hired Kimberly Smith to write and share her hard-earned knowledge with the rest of the world and so was born, The Idiot’s Guides: Making Money with Rental Properties. “It’s not good enough to shout from the roof tops that corporate housing is a fantastic venture, we have to show investors how and why in 2014.”
Kimberly Smith continues to lead in the corporate housing industry and served as the 2011 Chairman of the Board of Directors for CHPA, the primary trade organization for the corporate housing industry. Kimberly has been nationally recognized for her business success and her philanthropic endeavors and is frequently featured in media sources like The NY Times, The LA Times, The Denver Post, US News & World Report, MSNBC.com, CNBC and SmartMoney.com. She was awarded the 2013 Denver Business Journal’s Outstanding Women in Business award for real estate, small business finalist in 2010, a finalist in the prestigious Power Book special section of The Denver Business Journal, a feature in Denver Woman magazine as an outstanding business woman and mother. In 2009 she was selected to join The Denver Business Journal’s elite class of 40 under 40 and in 2010 and was recognized by CoBiz Magazine as a top 5 GenXYZ leader.
About AvenueWest Corporate Housing, Inc.
AvenueWest Corporate Housing, Inc. was found in 1999 by husband and wife team, Kimberly and Eric Smith. Kimberly and Eric began their corporate housing careers in 1994 providing corporate housing to the San Francisco market before relocating to Denver and starting AvenueWest. More information can be found at www.AvenueWest.com.
About AvenueWest Global Franchise:
Established in 2010, AvenueWest Global Franchise grew from the desire to expand the business opportunity and corporate housing excellence achieved through the AvenueWest Corporate Housing Managed Corporate Housing program that was founded in 1999. Currently AvenueWest Global Franchise has 8 offices located in Atlanta GA, Boston MA, Colorado Springs CO, Dallas TX, Denver CO, Fort Collins CO, Phoenix AZ, and San Francisco CA. For franchise information and opportunities go to: www.AvenueWestFranchise.com.
About CorporateHousingByOwner.com (CHBO):
CorporateHousingbyOwner.com was founded in 2006 out of a need to connect private homeowners and real estate investors offering furnished, short-term rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes and more. The company gives individual homeowners and investors tools to manage a corporate housing property themselves as well as helps them market their property to a mass audience turning to corporate housing to fulfill their housing needs. More information is available at: www.CorporateHousingbyOwner.com.