AvenueWest has been managing high quality private residences for investors since 1999. Today, AvenueWest Managed Corporate Housing services are in 15 cities, in both the United States and Canada and we are adding more offices every month. #corporatehousing #realestateinvestment #rentals #lodging #realestate #avenuewest #skift
This year marks the 20th anniversary of AvenueWest Corporate Housing, Inc., an award winning Colorado based business that has shown staying power by finding real estate and lodging solutions for customers in the economic ups and downs of the last 20 years. Founded on the principles of service, quality and choice, AvenueWest Global Franchise now has 15 local real estate franchise brokerages and just launched AvenueWest Canada to further its North American expansion.
In a world before AirBnB, AvenueWest saw the business potential for residential rentals, and today is the leader in the furnished residential monthly leasing and real estate business development. AvenueWest Corporate Housing started as a small real estate management company but quickly grew to the largest provider of corporate housing rentals in Colorado. Driven by the development of new ideas, meaningful innovation and vision for corporate growth, in 2010 AvenueWest Global Franchise, LLC was launched, enabling the national expansion of the AvenueWest Managed Corporate Housing business model. In 2018, AvenueWest Global Franchise, LLC,was named a Colorado Company to Watch, acknowledging the drive, excellence and influence of AvenueWestas a growing company in the state. Colorado Companies to Watch honors second stage companies that develop valuable products and services, create quality jobs, enrich communities, and create new industries throughout Colorado.
A recognized leader in the industry, AvenueWest was awarded the Corporate Housing Providers Association’s (CHPA) prestigious Provider Company of the Year Award, in 2019 AvenueWest was short-listed for the international Serviced Apartment Provider of the Year Award, in 2018 Think Realty Magazine awarded them the Industry Influencer award and they have been listed for 3 consecutive years on Inc Magazine’s Inc 5000 list featuring the country’s fastest growing businesses. AvenueWest’s CEO, Angela Healy, states that there are two secrets to the company’s success. First, we work hard to run AvenueWest as a team and develop a place where our employees enjoy coming to work, take pride in what they do and create lasting solutions for the tasks at hand. Secondly, Healy adds, that we 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.”
Mrs Healy stated, “The AvenueWest Managed Corporate Housing business model works and there is proven national demand for the unique rental properties only offered through AvenueWest, but the real estate property management business model requires state specific real estate licenses to operate in each state. With a strong focus on quality and consistency, the AvenueWest business model began the evolution to a franchise model that developed locally owned and operated real estate brokerage offering managed corporate housing as a business lodging solution. Creating a franchise business varied significantly from the development of a real estate brokerage offering furnished monthly rentals. The new model had to develop training and systems that could expand and replicate what had been primarily done just through the development of key employees. Today there are 15 locally owned AvenueWest franchises located in 7 states. Current AvenueWest offices are located in Atlanta, GA – Boulder,CO – Colorado Springs, CO – Dallas, TX – Denver, CO – Denver South / DTC – Fort Collins, CO – Phoenix, AZ – Las Vegas, NV – Sacramento, CA – San Francisco, CA – Scottsdale, AZ – St Louis, MO – Tucson, AZ & Toronto, Ontario Canada. Today, AvenueWest still has the same mission statement it started with in 1999. “We can best serve our tenants and property owners by always improving the quality of everything we do as a team. We are committed to the process of becoming a continuously self-improving organization.”The AvenueWest franchise business model is different than the standard McDonalds as we work together on innovation. Part of the value of our franchise program is that innovation not only comes from the top down but also from the bottom up. We believe, and have demonstrated, the value of working with each franchise to best understand the innovations they make everyday and the Global Team works hard to disseminate these ideas as best practices for the benefit of all offices. Together we achieve more, together we grow more, and together we innovate more.
AvenueWest Managed Corporate Housing marks its 20th year as a premiere network of locally owned and operated real estate brokerages that offer fully furnished and comprehensively serviced residential properties for corporate rentals. Located in twelve cities, AvenueWest and its network of brokers offers different residential properties that include single family homes, condos, lofts, and townhomes.
One of the advantages of renting through AvenueWest is that brokers in the network are able to accommodate a wide range of pets. The reality is that a good number of business travelers that need to be gone for an extended period of time naturally want to bring their pets along. Finding comfortable accommodations that accept pets can prove challenging in some instances. AvenueWest strives to minimize complications associated with accommodating pets in a corporate rental situation.
Property Owners with Experience Renting to Pet Owners
At AvenueWest, we have identified property owners that are not only pet friendly but who have experience in renting to pet owners who bring their companion animals along on business trips. We appreciate that accommodating your pet is easier in a corporate rental when the broker and owner involved in the process already have specific experience with business travelers who bring their pets along.
These individuals understand what to expect. There are not any undue delays in educating a broker or owner in what to expect (and what not expect) when it comes to renting to a business traveler with an accompanying pet.
On an additional note, these brokers can typically provide a traveler with useful information about resources in a particular community that are relevant to pets. These can include everything from dog friendly establishments to emergency vet centers.
Pet Safety is a Priority at AvenueWest
A pet owner like yourself has a number of things to bear in mind when traveling with a companion animal. A key consideration is safety. When you are seeking corporate rental accommodations that will include your pet, you necessarily want to be fully satisfied that your pet will be safe in a particular location.
Pet safety includes everything from ensuring that there will no dangerous substances at the premises that your pet might access. In addition, you want to make certain that there is no risk that your pet somehow will be let out of the premises when you are away at a meeting or otherwise tending to business.
AvenueWest, its brokers, and owners are fully apprised of what needs to be done to ensure pet safety. Again, this stems from the fact that AvenueWest and associated brokers and property owners have backgrounds in renting to people who travel with their pets.
Not Just Dogs
The largest number of business travelers that bring a pet along typically do have dogs. With that said, dogs most definitely are not the only type of pet that need accommodation in corporate residential units. Cats are also brought along with business travelers who may be staying at a particular destination for a more extended period of time.
On our list of property owners in different cities include those that are willing to accept cats along with their humans. These are property owners that understand the unique circumstances of traveling with a cat and are not surprised by the needs of a renter with a feline.
Reasonable Deposits and Cleanup Fees
AvenueWest is associated with brokers and property owners who take a reasonable approach to fees beyond the base rental cost. For example, deposits and cleanup fees associated with a pet on the premises during a renter’s stay are kept reasonable. While it is true that something additional naturally is charged in the way of a pet deposit and cleanup fee, these are both kept at a highly reasonable level.
Maintaining reasonable pet deposits and cleanups fee is part of a larger commitment to be as accommodating as possible to business travelers accompanied by pets. In addition, and as has been noted, AvenueWest and its associated brokers and property owners understand that in the vast majority of situations, renters are accompanied by well trained and behaved pets. They realize that the typical business traveler is not going to have a pet in tow that has a propensity for damaging property.
In addition to having properties available to people traveling with their pets, AvenueWest also ensures that all laws and regulations relating to travelers with service animals are fully satisfied. The team at AvenueWest is highly experienced in finding suitable corporate rental options for business travelers who rely upon service animals.
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%|