Independently owned corporate housing options are as unique as the people who own and manage them. From the basic offerings to higher end finishes to a more diverse location, with managed corporate housing you’ll find a property that is tailored made for your needs.
So, what should you look for when searching for a corporate rental? That depends on what is important to you in your stay, but here are five elements you should evaluate a property for:
– Does the property offer the lease terms and availability you require? Check the dates that the corporate rental is available to determine if its availability corresponds with your lease start time, length of stay and lease end date. Also, if you need more flexibility, like an open departure date, is the landlord flexible with the availability schedule to allow you to extend and end your stay as necessary?
– Does the asking rent fall within your budget? Whether your company is paying for your stay, or rent is coming out of your own pocket, everybody has a budget to stick to. However, posted prices may be flexible depending on the lease terms, length of stay, etc. So don’t eliminate the property without finding out if the landlord is flexible with the rate.
– Does the property offer the amenities and conveniences you are looking for? If security is important, you’ll want to be sure the property has controlled access. And if you’ll have two vehicles with you, does the community accommodate (or even charge for) that extra parking spot. Make a list of the little things in your life that you must have and cross-reference it with the property’s attributes.
– Does the property’s location match your needs? Location should be at the top of your check list. Making sure that a property is located in close proximity to your work, grocery stores, restaurants and, overall, with a setting that you feel comfortable in.
– Does the property size fit your requirements? If you are bringing the family with you or expecting visitors during your stay, you’ll not only want to be sure the property features enough bedrooms or sleeping space for its occupants, but also you’ll want to make sure that guests are okay with your landlord. The same goes for pets. If you’re bringing your cat or dog along for the stay, you’ll need to discuss whether this is permitted with the landlord and if there are extra fees involved as well.
American Express Business Travel gave me a call because their client wanted to know the positive ROI / Return on Investment they would get by having their travelers stay in a corporate housing residential rental vs staying in a hotel.
Great question! Of course there is never a simple answer. I have previously served on the US Advisory Council for ERC / Employee Relocation Council the association for workforce mobility and a study was presented that stated employees who had bad corporate relocations were 50% more likely to get divorced!
As we know, corporate housing is an essential element of a successful corporate relocation. When a company invests in transferring a valuable and talented employee from one market to another the transferee must get to the new city, get settled and be productive at work, as quickly as possible. This is accomplished through immediately having them comfortable in their new local living arrangements and corporate housing provides this. So the question is how do you calculate ROI on this?
If you would rather look at the pennies – let’s choose Downtown Denver as an option.
According to the 2018 Corporate Housing Annual Report by CHPA
1 Bedroom Corporate Housing property = $123.92 per night
2 Bedroom Corporate Housing property = $146.47 per night
3 Bedroom Corporate Housing property = $177.69 per night
I just ran a Google Search for Downtown Denver, CO Hotels and this is what I got:
$149 per night = Embassy Suites – 3.5 Stars
$223 per night = Crawford Hotel – 4.5 Stars
$400 per night = Four Seasons – 5 Stars
In the corporate housing industry we spend a lot of time talking about the “soft” benefits of staying in a corporate housing property, but the reality is the “hard cash” benefits are even greater.
Next time you need a place to stay connect with AvenueWest Managed Corporate Housing 303-825-0000 or search for your next great corporate housing rental to better understand the huge ROI of staying in a corporate housing.
A major player in the corporate housing space, Bridgestreet, just launched their brand new site which has the potential to offer instant booking – something that has since been obsolete in the corporate housing sector. The corporate housing industry has been avoiding this technology shift for quite some time since it takes away the qualities and values we strive for: outstanding customer service and satisfaction, attention to detail, and quality control. According to Skift Megatrends 2017, corporate travel is shifting with all of the changes in leisure travel, causing business travelers to expect more instant booking tools and intuitive management portals.
Sites like AirBNB, HomeAway, Expedia, Booking.com, etc. all have the capacity to allow instant bookings which ultimately gives the consumer access to more lodging choices on the extended stay spectrum:
- Hotel Room: An open room with generally a king sized bed or 2 double beds, usually with a desk space, dresser, closet and a separate full bathroom. Ideally for short-term stays of 1-2 nights.
- Hotel Suite: A larger hotel room usually with a separate bedroom and bathroom, living area with desk, mini fridge, microwave, and coffee maker. Ideally for short-term stays of 1-5 nights.
- Extended Stay Hotel: An extended stay hotel room has all of the hotel suite but also offers a kitchen and dining area including pots, pans, dishes, silverware, and other very basic kitchen necessities. Typical extended stay rooms are designed for stays of 3-7 days though they can be utilized for longer stays as well.
- Corporate Housing: A fully furnished apartment with a full-size kitchen, all appliances, and a minimum of 60+ household items. Most apartments also offer on site amenities such as fitness centers, business centers, pools, etc. Offered for 30+ day stays.
- By Owner: A privately owned property either managed by the property owner or a property manager. The By Owner segment on the lodging spectrum offers a variety of different types of property options from condos to single family residences. Think AirBNB or Home Away – individual property owners don’t necessarily understand the corporate housing industry and might not offer full kitchens, housewares, or amenities like a traditional corporate housing apartment does or a CHBO Complete or Managed Corporate Housing property offers. Depending on where the property is located, there will be different requirements for the minimum length of stay required.
- CHBO Complete: A privately owned property (condo, loft, town home, house, etc.) either managed directly by the property owner or a property management company listed on CorporateHousingByOwner.com (CHBO) that follows all of the requirements set forth by the Corporate Housing Providers Association (CHPA). Usually offered for 30+ day stays but shorter term stays might be permitted depending on where the property is located.
- Managed Corporate Housing: A privately owned property (condo, loft, town home, house, etc.) managed by a licensed residential real estate property management brokerage following the minimum standards set forth by the CHPA and rented out fully furnished for 30+ day stays.
Ultimately, creating one platform that will allow consumers to choose the type of lodging they want for their specific needs would be the best solution, especially since there are very different types available. However, getting all online travel agencies, corporate housing providers, and private owners on one booking platform will most likely never be a reality.
The corporate housing industry is a service based industry, priding itself with superior customer service which is not readily available with instant booking. Today’s consumer still needs to be educated about their lodging choice and how one might be a better fit for their needs than another. This can only be done with person to person interaction. Sure, technology can provide today’s consumers with answers right at their fingertips but at what cost? As Millennials age and start taking over the majority of business travel in the next 5-10 years, how is this going to impact the various industries supporting lodging choice? How can we all work together to provide a seamless booking experience for the new generation? These are all questions that keep us up at night in the corporate housing arena and we as an industry are actively working to continuously improve our standards and offerings not only here in the United States, but Globally as well.
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%|
In the January 2017 addition of Mobility Magazine, Michael Krasman, the CEO and Co-Founder of Urbanbound, which provides relocation management software, discusses the 3 main data metrics that companies should be using to identify whether or not their relocation program is successful.
Cost Metrics. What is the actual cost of the employee’s relocation not the total cost of the entire relocation program. A company should understand the break down of their annual relocation budget based on each individual employee’s policy, assignment location, length of stay, etc.
Valuable Supplier Network Data. Using metrics to compare your vendors in terms of cost, employee satisfaction, and regions served will create company benchmarks that will determine which suppliers remain in a company’s supply chain moving forward.
Employee Insights. The overall success of any company’s relocation program can be directly tied to their employees’ performance at work. If an employee is satisfied with their relocation, then their quality of work should not be affected. Every company should track their retention and turn over rates: how long are the relocated employees staying with the company during and/or after their assignement(s)? Were they satisfied with the suppliers used and services provided during their relocation? What challenges did they face? These are crucial insights that will help any company make any necessary changes to their relocation programs moving forward and share this information with their future transferees.
Tracking key data metrics relating to a company’s relocation program will dramatically improve the overall success of the program and in turn, the satisfaction, retention, and performance of each transferred employee. After all, a happy employee is a productive employee.
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
Traveling to Denver for business? Or perhaps you are relocating and want to try living in a particular neighborhood prior to settling down. Whatever your reason is for coming to beautiful Denver, let the local AvenueWest Managed Corporate Housing office find the perfect fully furnished rental for your needs.
This month, we are featuring a very unique and beautiful all-inclusive property in the heart of downtown Denver, within walking distance to tons of restaurants, coffee shops, boutiques, the Pepsi Center, Denver Performing Arts Complex, the Convention Center, Union Station, Museum of Contemporary Art and so much more!
Bike rentals are right around the corner and the Cherry Creek bike path is at the end of the street. Confluence park is 1/4 mile away.
This 1,600 square foot 2BD/2.5BA downtown Denver town home boasts high-end functionality and features including:
- Main floor is open concept with 11 foot ceilings and floor to ceiling windows
- Maple floors
- Sub Zero refrigerator, Miele dishwasher and oven, and stainless steal countertops
- Master bedroom has a king bed, sitting room and office, private balcony and a large flat screen TV.
- Bathrooms have Kohler fixtures and white stone floors and both have a tub and shower
- Separate laundry room next to 2nd bedroom upstairs
- 2 covered parking spaces in adjoining garage
Along with the great property features included above, all AvenueWest Denver rentals include high-speed wireless internet, expanded basic cable, domestic long distance, capped utilities (gas/electric), water, trash, linens and towels, housewares, and furnishings all for $5,500/month. There is also a one-time, non-refundable departure cleaning fee of $350. Maid Service can be added for an additional fee.
Click here to see more pictures and details of this charming town home or call us 303-825-0000 to reserve this beautiful property today! 🙂
The below was contributed by Gemma Vine:
Travel is an important aspect of many successful businesses – and can be one of the most rewarding parts of your working life! However, there are plenty of things which one should think about before packing bags and departing. We’ve got you covered in regards to accommodation with our comfortable and convenient corporate housing, but temporary housing isn’t the only thing you might want to consider. Here are a few tips which might help you plan your next business trip:
Establish Objectives. It’s really important to get clear in your mind the reasons behind your trip and what you want to gain from it. This will help you manage your time more effectively. Doing some research into your objectives will also be of great use when you reach your destination – when you know what you want, you will also have a better idea of who to seek out and meet with when you arrive. You will be able to look at anything you’re researching with a more educated eye. Knowing what you’re doing when you arrive is a great time saver and will also lend you the confidence which comes with prior knowledge.
Cover Your Back. Travel is exciting and provides boundless opportunities for business growth but it can also bring certain risks with it. If you want to make sure that you and your business are prepared for all eventualities, have a look at your business insurance policies before you go. You might find, for example, that your corporate health insurance doesn’t cover you if you fall sick while traveling. Hopefully, of course, you won’t ever need to use these fail safes, but it’s best to be protected just in case. Also, if you’re coming from overseas, it’s a good idea to learn the location of your embassies in the event that you need to avail their services.
Do Your Research. Once you’ve established your objectives, you can further streamline your time and make your trip generally more efficient by researching the people and places you want to meet and/or go. In this age of the internet, it doesn’t take long to do a bit of background research, which will ensure that you’re hitting the ground running, so to speak, when you arrive. Of course, business research is an essential component of any good business, so it’s likely that you already have the requisite skills! Seeking out some expertise from people who know the area and/or the people and places you’ll be visiting also makes for a great research opportunity. The more you know before you go, the more time-efficient your trip will be, leaving you with more time to enjoy yourself! The people you’re meeting are likely to be impressed if you’ve taken the time to learn a bit about them and what they do, which may in turn bring about a favorable result for your trip!
Enjoy Yourself! Business trips don’t need to be all about hard work. In fact, if you’re actively enjoying yourself, you may find that the work is much more productive. People who are relaxed, happy, and not stressed are generally better workers than people who are harried, pressured, and miserable. People who present a happy persona in meetings are also more likely to leave a good impression and come away from the table with their objectives completed. And, of course, the best way to present a happy persona is to actually be happy!
Business travel is a fantastic opportunity to see the world and have some fun, so be sure to let your hair down a little, take in the sights and experiences of the places you’re visiting, and generally have a great time! It will not only be great for you, it’ll be great for the business as well.
There are so many fun-filled outdoor activities to do in Cambridge, MA. If you are planning on staying here this year, whether for business or pleasure, make sure to check out all of theses exciting outdoor activities in the nearby area. Here are the best five:
The Freedom Trail
The Freedom Trail, running throughout downtown Boston, is a must-see. Be sure to visit Paul Revere’s House, Boston Common and the Bunker Hill Monument. You will also be taken through some of Boston’s most exciting areas such as Faneuil Hall and Government Center, both featuring tons of local eateries, outdoor parks and great souvenir shopping.
Kayaking on the Charles River
See spectacualar views of the city of Boston while enjoying the beauty of the Charles River. Get a firsthand view of the river by renting a kayak or a canoe. Charles River Kayak & Canoe is located right in Kendal Square.
Harvard Square is a bustling intersection filled with great restaurants, shopping, and outdoor eating areas. Plus, Harvard University is one of the oldest and most prestigious universities in the world. The university has acres of beautiful grounds and rows of historic buildings and museums including the Harvard Museum of Natural History and the Harvard Art Museum.
The Esplanade is one of Boston’s most famous parks featuring stunning views of the Charles River and the city as a whole. Pack a lunch and you’ll have the ultimate summer afternoon enjoying the great views and wonders of Esplanade Park.
The Minutemen Bikeway
Starting in Bedford, MA and running all the way down to Cambridge, the Minutemen Bikeway features endless discoveries. This historic landmark takes you on a tour of where the American Revolution began. Visitors can rent a bike in multiple places along the trail using Hubway, a cheap service that rents out bikes all over the city.
If adventure is your thing, you can definitely get out for some great exercise, dine on some great local food, or casually take in the sights. There are so many great things to do here in the “City of Squares.” So get out and enjoy the sites!
This article has been provided courtesy of CorporateStay. They offers short term or long term furnished apartments and rentals throughout the Metro Boston area, including Cambridge, Harvard Square, Davis Square, Porter Square, Kendall Square and more! If you are staying for business, school, or pleasure, CorporateStay has exactly what you need to stay comfortably.
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.