The Corporate Housing Providers Association (CHPA) has compiled the six most frequently asked questions regarding corporate housing answered by several different corporate housing providers and they have allowed us to post these here:
“While most industries have rebounded and are making strides, the economic downturn created an entire class of new, innovative ventures – the new sharing economy. While local governments and communities continue to struggle with how this new paradigm impacts businesses and communities, business – and global mobility – moves on. Whether you need a ride, someone to care for your pets, or someplace to temporarily stay, how we get what we need, personally and professionally, is changing. In today’s ever-evolving business climate, corporate housing professionals remain a strong resource in the relocation industry.
We asked several corporate housing providers to clarify common questions of guests about what they offer in today’s marketplace…
- The industry average for temporary living is $140 per day. This equates to a $4,200 per month apartment and seems expensive. What comprises the rate?
When seeking quotes for corporate housing, guests are often tempted to compare this lodging option to extended stay hotel rates. While rates may be similar in some markets, they are vastly different in many others. Be sure to analyze that you are comparing like items. Simply comparing daily rate is comparing apples to oranges. Think beyond just a roof and a bed, and include all the items that make a house a home.
Included in the rate are housewares, linens, furniture, electronics, decor and lighting, and a single source for all utilities and customer service oversight. Other common and readily available services are cable television or satellite service, movie options, wireless internet and even local phone service and housekeeping. Corporate housing also includes many upscale amenities and services expected in how we live today as this housing is in a residential setting. Services such as grocery shopping, business centers, fitness centers, car services, and pet-friendly properties are readily available if needed in this temporary space.
When breaking down the cost of corporate housing even further to illustrate how all of the additional costs and expenses are factored into the price of the accommodation, the profit margins are very small and getting smaller as rents continue to increase. Outside of rent, the additional costs can be 50% or more of the total cost.
‘Factoring in all of the housewares and furniture plus the utilities, the net cost is more than double the base rent per month,’ Gavan James, CCHP, President and CEO of Nomad Temporary Housing explains. ‘Finally, they must have staff to administer their business, sell, set-up, clean and service the apartment and factor in vacancy cost for when the apartment is not rented. The net result is ofter a 5% profit margin on that apartment.’
With more square footage, more residential-type amenities, as well as access to all resident functions, corporate housing guests can participate in a community rather than just pass through a transient environment.
2. Why does availability change from day to day?
Availability fluctuations seem mysterious; however, the answer is simple. While there are many options when it comes to hotel choices, availability at apartment communities is at an all-time low across the country. Available inventory is often difficult to locate and once an apartment has been returned to the community, it might not be available to rent again. These communities are looking for long-term renters, so a returned apartment is often immediately re-leased.
‘Units are only offered once the guest gives a formal notice to depart. These notices are received on a daily basis, making those apartments available to the next renter,’ says Jeff Mahoney, Vice President of Global Business Development for Weichert Corporate Housing. ‘It is important to make a timely decision when an apartment is offered, or the apartment may be rented to another guest.’
3. Why can’t we get a volume discount for larger groups such as a summer intern group?
Corporate housing costs for expenses such as rent and utilities are fixed costs. They do not change regardless of the number of units a provider manages at a property. In addition, market forces can make offering discounts difficult, especially in summer months.
‘Apartment rents are higher during the busy summer months. Availability is also at a premium due to higher demand,’ explains Guy Cook, COO of SuiteAmerica. ‘Both of those forces pre-empt flexibility on price, even for large groups.’
Most corporate housing providers agree that given the length of stay and number of accommodations needed, some flexibility may apply. Proper planning and advanced notice can help inform your housing provider so they can review available apartments to offer a creative solution that could save you money.
‘Most companies would like to see their interns have housing at one location,’ says Pam Wade, CCHP, Vice President of Gables Corporate Accommodations and CHPA Chairman of the Board. ‘Strategically, it makes more sense to work with a provider that has inventory in the market the company needs and place the company associates at several locations.’
4. I need a place for a short stay for 30 or 60 days, why should I rent from a corporate housing provider instead of an online host, such as an AirBnB place? They seem cheaper and more hip.
With all the variables that come with relocating, it is often tempting for individuals to use an online marketplace to manage the housing portion of their relocation. As this is how most people are comfortable finding hotel accommodations, using this approach to finding longer-term housing seems like a logical next step. Individual searches for acceptable lodging can be risky and daunting; however, using a corporate housing provider can reduce the stress and liability of trusting strangers.
Corporate housing providers have a great deal of experience in providing everything a relocating individual or family needs. These professionally managed companies have a vested interest in making sure guests have a positive experience as their company’s reputation is at stake. ‘With a Code of Ethics, best practices training and a network of partners to provide a guest with what they need,’ says Samantha Elliott, CCHP, CRP, President of Preferred Corporate Housing, ‘partnering with a professional corporate housing provider alleviates risk.’ Online marketplaces come with more risk.
Security is certainly one of the major concerns for someone new to the area. This includes security of the property as it relates to the location as well as the safety and condition of the property itself. Apartments are zoned for the correct type of occupancy as well as abide by fire and safety codes. When using a personal residence found through an online marketplace, there is no guarantee the accommodation will be safe and secure.
‘Renting a small room in someone’s house or apartment might be fun for a few days,’ say Piper Ayala, CCHP, Vice President of ExecuStay Midwest. ‘But for extended stays, the comfort, convenience and spaciousness of a corporate apartment is a much better fit for corporate travelers.’
As online marketplaces do not monitor or regulate safety compliance for listings, it is the responsibility of the end user to properly assess the safety and condition of listings. This can be very difficult and time-consuming for guests. There are very few resources available that provide background information or inspection history for listing owners and their properties.
With all the variables that come with relocating, finding knowledgeable expertise to ensure a smooth transition is critical to avoiding an expensive ‘bad’ decision. The majority of individual postings on web aggregator sites do not have experienced mobility professionals to help relocate individuals and families globally. Look for professionals that hold designations from various organizations, including ERC certifications, that reflect their dedication and knowledge in the industry.
Just as relying on online marketplaces can be risky, so can expecting to use extended stay hotels for short-term stays. While there may be some availability, they may not be able to accommodate a guest for the duration of their stay.
‘When comparing corporate housing to hotels, keep in mind that hotels may not be able to offer 30 or 60 consecutive days,’ explains Wade. ‘If there are other events going on in a market (sporting events, conventions, etc.), there may already be weeks or weekends booked months in advance.’
5. Typically, the minimum length of stay in corporate housing is often 30 days, based on local and/or legal restrictions. When and why is a shorter length of stay acceptable? What is the maximum length of stay?
Corporate housing is governed at the local level. Many times, local regulations prohibit stays of less than 30 days. Shorter term stays for less than 30 days may be available where it is legal. Your professional corporate housing provider can advise on this issue on a per market basis. Conversely, guests can frequently stay in corporate housing indefinitely depending on availability, allowing for flexibility for extended assignments.
‘We consistently monitor and stay informed on the local laws and legal restrictions as it relates to the minimum stays in our markets,’ says Billy Cochran, Director of Operations for TP Corporate Lodging. ‘While there are frequently minimum stay requirements, guests can often stay in their accommodation as long as it is available and frequently can extend their stays.’
6. Why do I need to give a 30 day notice to depart a temporary apartment? A hotel does not require this.
A notable difference between hotels and corporate housing is the notice to depart. While hotels typically don’t require any type of notice that a guest is leaving, corporate housing typically requires 30 days’ notice. Corporate housing companies manage their inventory by controlling their vacant apartments. Keeping vacancy low allows them to offer competitive rates, keeping the rates reasonable for guests.
‘An extended stay hotel allows guests to depart without notice; however, they would charge significantly more per day for a comparably sized apartment alternative,’ says James. ‘Corporate housing providers ask for a 30 day notice so they have time to re-rent the apartment and avoid a vacancy.’
With more housing options today than ever before, the answers to these questions are critical to a successful temporary stay. Understanding the reality of today’s marketplace will help set expectations and ensure a smooth transition by alleviating stress. One way to do this is to partner with a qualified corporate housing provider for all of your needs.”
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.
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.
Thanks to our wonderful Account Executive, Tandice Emswiller, at the AvenueWest Dallas office, we recently received this testimony from one of our happy customers:
“Hello AvenueWest Dallas, I worked with you two years ago in finding corporate housing for two months, and really enjoyed working with you. Last year, we went with another corporate housing company but did not have the same experience. Well we are in need of a place for the summer again for two months in about a month. I wanted to know what you had available. We need a two bedroom preferably in the uptown/downtown area but are willing to go to other parts of Dallas if it’s something we really like.” -Latoya
Way to go Tandice! 🙂 If you would like to see all of our amazing properties in the Dallas metro area, click here. Contact Tandice directly for pricing and availability – (214) 754-7171 or via email Dallas@avenuewest.com.
Our newest location officially opened November 21, 2013: AvenueWest Atlanta located at 5905 Atlanta Highway, Suite 101. AvenueWest Atlanta connects private landlords with business travelers, or relocated families in need of full service corporate housing.
AvenueWest Global Franchise has been tapping into the emerging trend of business executives who are finding both financial freedom and life balance through franchise ownership. Jennifer Haigler, the owner of the AvenueWest Atlanta office, along with her husband Rory, came to the realization she needed the flexibility, provided by AvenueWest, when one day she realized she didn’t even know what her young son was wearing to school that day. Jennifer, a veteran of the corporate relocation industry and a licensed Certified Relocation Professional (CRP) says: “It was a profound moment in time for me as I decided I needed to do something to bring some work/life balance back to my existence.”
AvenueWest’s approach to Managed Corporate Housing is an exciting opportunity that taps into both Jennifer’s previous relocation and corporate housing experience and Rory’s real estate experience as they look to build a long term sustainable business. The Haigler’s say Atlanta is the perfect place to set up a corporate housing shop.
Jennifer continues: “Many relocated families and professionals as well as business executives would prefer to stay in our AvenueWest properties since they provide all the amenities of home. Our properties are in real residential settings instead of the more transient environments found when staying in hotels. The cost to stay in an AvenueWest property is also typically less expensive per night than staying in a hotel.”
Rory adds: Atlanta’s real estate market is currently booming, but there is a shortage of homes available for sale in the metro area.
“There seems to be demand from every corner. As the economy continues to strengthen, more and more people are relocating to Georgia and Atlanta in particular. As of August, Atlanta’s employment grew by 57,100 (a 2.4% increase)! Atlanta’s diverse economy generates a constant flow of people moving into the area to find a new home, and short term housing presents the best solution during that time of transition for relocating families, individuals, and executives alike, especially since the homes on the market are being snagged so quickly,” stated Rory.
“Individual homeowners and investors alike who want to offer their furnished homes or condos as corporate rental properties will have the opportunity to make additional revenue in today’s economy. By partnering with us and using our proven Managed Corporate Housing system, we can both benefit from the growing need for temporary housing solutions in the area. It’s exciting to be able to help owners develop their investment properties and turn them into major profit centers,” added Jennifer.
Kimberly Smith, the CEO of AvenueWest Global Franchise, says that opening an office in Atlanta is the latest step in an aggressive expansion plan that the company initiated in July of this year.
“AvenueWest’s privately owned properties offer more choices to today’s executives or relocated individuals who want a fully furnished property with all the comforts of home, high-end furnishings, and many times, amazing amenities over standard corporate housing rentals or extended stays,” says Smith. “With the Haigler’s knowledge of the area and the local real estate, relocation, and corporate housing industries, AvenueWest Atlanta is uniquely positioned to offer the kind of rental properties required by discerning executives and individuals and families who are being relocated to the area. It also offers the opportunity for private landlords to earn greatly increased rental income on their properties.”
If you or someone you know is being relocated to the Atlanta area, you can contact AvenueWest Atlanta directly by calling 678-901-9171 or by emailing Jennifer at JHaigler@AvenueWest.com. If you are a property owner or investor who wishes to put their fully furnished home, condo, town home, or loft into AvenueWest Atlanta’s inventory, contact Rory at RHaigler@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 Managed Corporate Housing program that was founded in 1999.
AvenueWest Northern Colorado, a franchise of Denver-based AvenueWest Global Franchise, opened its doors on November 1, 2013 and is owned and managed by Deb Salek.
AvenueWest Northern Colorado connects private landlords with business travelers in need of full service corporate housing.
AvenueWest Global Franchise has been tapping into the emerging trend of departing business executives who are finding both financial freedom and life balance through franchise ownership. Deb Salek was a former senior level analyst with Qwest Communications and now owns her own AvenueWest franchise. Deb’s exit from corporate America is a developing national trend. Her first step was to decide to leave her office job. She built a successful residential real estate business as a broker associate with RE/MAX, which provided the flexibility she needed with her two young children. Then Deb and her husband, Todd, chose to relocate to Fort Collins, CO, a city they found as the best compliment to their quality of life vision. When looking to target the relocation market more specifically, Deb found AvenueWest Managed Corporate Housing to be an exciting opportunity which taps into both her corporate and real estate experience as she looks to build a long term sustainable business.
“Fort Collins offers this amazing quality of life and energy that is fueling growth and causing a positive relocation trend for the city. With a diverse blend of corporations, Colorado State University, state of the art hospitals, government entities and a burgeoning craft beer industry, Fort Collins economy continues to strengthen. Fort Collins is also in the midst of a hot housing market with property inventory at a premium so it may take people several months to find a new home, and short-term housing presents the best solution during that transition.”
Salek continues: “The people that stay in our AvenueWest properties prefer to have the amenities of home and appreciate that it is a less transient environment than what they would find in a hotel. The cost to stay in an AvenueWest property is also typically less expensive per night than staying in a hotel. There seems to be a demand from every corner: corporations, visiting professors, medical personnel, the oil and gas industry, tourists, and so forth. I see the real opportunity as being with the individual homeowners who want to offer their furnished homes as corporate rental properties. They will have the ability to work with us to capitalize on and profit from the growing need for temporary housing solutions in the area. It’s exciting to be able to help owners develop their investment properties.”
Kimberly Smith, the CEO of AvenueWest Global Franchise, says that opening an office in Fort Collins has been on her wish list since the day she started her managed corporate housing business in the LODO area of Denver some 14 years ago and a priority since launching AvenueWest Global Franchise in 2010. “An executive who wants a furnished property with all the creature comforts of home and high-end furnishings will have a strong preference for AvenueWest’s corporate rental properties over a transient hotel setting or other generic apartment rentals. With Deb’s knowledge of the area and industry, AvenueWest Northern Colorado now offers the kinds of rental properties required by discerning executives. It also offers the opportunity for private landlords to earn greatly increased rental income on their properties.”
To offer your property for rent through AvenueWest Northern Colorado, or to find a property during your temporary stay in the area, contact Deb Salek at 970-797-3099 or via email at: DSalek@AvenueWest.com. AvenueWest Northern Colorado connects private landlords with those in need of corporate housing. Corporate housing is defined as fully furnished rental apartments, homes or condominiums offered for rent on a short-term basis, usually for one month or more.
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 offices in Boston MA, Colorado Springs CO, Dallas TX, Denver CO, Fort Collins CO, Phoenix AZ and San Francisco CA, and has recently embarked on an aggressive expansion plan with expectations to open an office before year’s end in Atlanta GA.
There are so many fun things to do in the valley of the sun and here are some going on this weekend around the Phoenix, AZ metropolitan area.
FREE 21+ Pool Parties! The Talking Stick Resort is hosing one from 11am-6pm this Saturday and Sunday – ages 21 and up. They are located at 9800 E. Indian Bend Road, 480-850-4350. There is also one at El Santo Cantina from 11am-sunset on Saturday and Sunday. They are located at 7301 E. Butherus Drive, Scottsdale, 480-584-3801.
- Farmers Markets around Phoenix: Phoenix Public Market, 721 N. Central Ave, 8am-noon this Saturday. Ahwatukee Farmers’ Market, 4700 East Warner Road, Phoenix, Az 85044, open Sunday from 8am-11am. Roadrunner Farmers’ Market, 3502 E. Cactus Rd, Phoenix, AZ 85032, open Saturday from 7am-11am.
- 6th Annual Tukee Fest: “Rockin in the Park.” 6pm-10pm, Saturday, September 28th, Ahwatukee Park 4700 East Warner Road, Phoenix, AZ 85044. Enjoy live music, sports games, live motocross jumps and tricks, food and drinks available for purchase from Nello’s Pizza, Macayo’s and Tom’s BBQ. Tickets are $10 for adults and $5 for kids 12 and under.
- Vampire Weekend Concert: 8pm Friday, September 27th. Comerica Theatre, 400 W. Washington Street, Phoenix. Tickets are $29.50-$39.50.
Bret Michaels’ Concert: 8pm Saturday, September 28th. Wild Horse Pass Hotel and Casino, 5040 W. Wild Horse Pass Blvd, Gila River Reservation. Tickets are $54-$114
- Keith Urban Concert: 7pm Sunday, September 29th. Ak-Chin Pavilion, 2121 N. 83rd Ave, Phoenix. Tickets are $29.25-$59.
- Jimmy Eat World Concert: 8pm Sunday, September 29th. Marquee Theatre, 730 N. Mill Ave, Tempe. Tickets are $30 at the door and $27 in advance.
- Steve-O performs live at the Tempe Improv all this weekend. Friday and Saturday nights at 7pm and 10pm and on Sunday at 7pm. 930 E. University Drive. Tickets are $20-$35. Age 18 and up. Two drink minimum required.
2nd Annual Roosevelt Row Chile Pepper Festival. Saturday, September 28th from 5pm-11pm at the A.R.T.S. Market, 408 E. Roosevelt St., Phoenix. $10 in advance, $15 at the gate.
- The Taste at Tempe Marketplace: Help raise money for the local Boys and Girls clubs while enjoying samples from 10 different local restaurants. 5pm-8pm, Sunday, September 29th. 2000 E. Rio Salado Pkwy. Tickets are $40 for one or $70 for two.
- Symphony Idol: “American Idol” alums join the Phoenix Symphony this weekend only to showcase pop inspired tunes. Friday, September 27th at 7:30 pm or Sunday, September 29th at 2pm. Tickets are $18-$83. Symphony Hall, 75 N. Second Street, Phoenix.
These fun-filled fall events are not only great for Phoenix Locals, but for the business traveler as well! There is bound to be one (or more) events going on this weekend that will please your whole crowd.
If ever there is a need for corporate housing or short-term fully furnished housing or full property management in the Phoenix metro area, AvenueWest Phoenix can help you out. Contact us today – we would love to find you the perfect housing solution!
Ahhhh summertime. The weather is hot and the living is easy, that is if you don’t have to move! Moving is a stressful process that has way too many moving parts. But, if you get organized and follow the checklist below, your move should have less headaches.
Decide how you are going to get all of your stuff from your current residence to your new one: are you going to hire a moving company or do it yourself? If you decide to hire a professional moving company, shop around to find the one that is going to be the most cost-effective for your trip. You can always hire a go-between company such as Consumers Relocation that will assign you to your very own agent who will find you the best rates from companies that they have a lasting relationship with. If you plan to do the move yourself, be sure you find some friends and family members that can help you out on moving day.
Determine the items that are going to be coming with you on your move and donate/sell unwanted items to make your load smaller.
- Organize and Transfer all of your important documents such as your kids school documents, medical, dental, vision, and veterinary.
- Inventory all of the items that will be coming with you and determine if your current furniture will fit in your new place.
Get plenty of boxes and moving materials such as packing tape, permanent markers (to write on the boxes), etc.
Change your address with the post office. Disconnect your current utilities/cable/phone/internet services and have them re-connected or set up at the new place prior to your move.
- Make travel arrangements for your pets (if applicable).
Notify your friends and family that you will be moving and give them your new address.
- Begin packing the items you won’t be using prior to your move.
Plan your meals for the time before your move accordingly.
Refill prescriptions and be sure you have enough until you can get more in your new location.
- Pack all valuables and essentials needed on hand during the move – these items should be in the car with you.
Drain all water hoses and empty and defrost your fridge and freezer 24 hours before you go.
- Check the house to make sure that you have everything on moving day. If you are hiring a professional moving company, be sure you go over the inventory list before and after you arrive at your new destination.
Hopefully this moving checklist will help anyone relocating this summer. If you are going to be relocating to a new city entirely, it might be wise to get a fully furnished rental in the new neighborhood for a couple months before your move to familiarize yourself with your new surroundings. Or, if you are having problems selling your current house and need to move to the new location right away, you could always hire a property manager that can manage your property on your behalf and get you some additional income until the property can be sold.
A recent article posted at NBCNews.com Business uses Zillow’s Break Even Horizon to determine the top 10 cities where renting is more economically sound than buying and how long it takes on average to break even if purchasing a home. This figure is calculated based on the net cost of purchasing a home vs. renting the same house. Here are the top 10 cities renting costs less than buying:
New York City, NY. Zillow Break Even Horizon: 5 Years; Zillow Rental Index: $2,016; Annual Change in Zillow Rent Index: 19.4%
Renting an apartment in the city would save more money than purchasing a home unless you were going to be living in NYC for more than 5 years. The average home price is $462,500. A 20% down payment is going to be $93,000 for a home this much and with the current rate of 3.277% and a 30 year fixed mortgage, you are looking at a monthly mortgage payment of $2,145 which is higher than the current rental index.
Seattle, WA. Zillow Break Even Horizon: 4.3 Years; Zillow Rental Index: $1,850; Annual Change in Zillow Rent Index: 4.7%
Waterfront property in Seattle averages about $392,200 as of December 2012.
Boston, MA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $2,299; Annual Change in Zillow Rent Index: 11.3%
Based on 25 new single family homes for sale in Boston, MA, the average home costs $727,200. A 20% down payment is $145,000 with a 3.277% interest rate, your monthly mortgage payment would be $3,334. Renting in Boston on average would be a monthly savings of $1,035.
Washington, D.C. and San Francisco, CA tied for 4th for the amount of years it would take to break even if purchasing a home.
Washington, D.C. Zillow Break Even Horizon: 3.7 Years; Zillow Rental Index: $2,439; Annual Change in Zillow Rent Index: 7%
There has been an increase in new home development in the D.C. area. As of December last year, the average home cost $402,400 which is up by 10%.
San Francisco, CA. Zillow Break Even Horizon: 3.9 Years; Zillow Rental Index: $3,281; Annual Change in Zillow Rent Index: 12%
San Fran has seen an 18% increase in home sale prices year after year! Currently, the average home costs $770,600. A 20% down payment of $154,000 with the current interest rate of 3.277% would be a $3,529 monthly payment. By renting, you would save on average of $248 a month.
Portland, OR. Zillow Break Even Horizon: 3.6 Years; Zillow Rental Index: $1,423; Annual Change in Zillow Rent Index:
Portland has the most bike commuters in the U.S. Last year, 21.49% of homes sold were sold at a loss, but the average value of homes has risen 8.8% ($257,400).
San Diego, CA. Zillow Break Even Horizon: 3.4 Years; Zillow Rental Index: $2,116; Annual Change in Zillow Rent Index: 2.9%
The average San Diego home value is up 11% making the average home $404,100.
Los Angeles, CA and San Jose, CA tied for 7th place based upon the number of years it would take to break even after purchasing a home in either location.
Los Angeles, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,311; Annual Change in Zillow Rent Index: 2.3%
Los Angeles has a very high unemployment rate and the home rates dropped about 35% which actually makes L.A. more affordable for home owners. The average home costs $399,800 which was up by 9.7% as of December 2012. If you put down a 20% payment of $80,000 with the 3.277 interest rate with a fixed 30 year mortgage, your monthly payment is going to be $1,863.
San Jose, CA. Zillow Break Even Horizon: 3.3 Years; Zillow Rental Index: $2,513; Annual Change in Zillow Rent Index: 4.5%
San Jose, CA has a lot more people interested in purchasing homes since the average annual income is $92,500. San Jose has a very high employment rate with over 6,000 technology companies. The average home in San Jose is $544,600 so if you put down 20% ($109,000) + 3.277% + 30 years = $2,514 monthly mortgage payment which is $1 higher per month than the current rental index!
Denver, CO. Zillow Break Even Horizon: 2.8 Years; Zillow Rental Index: $1,468; Annual Change in Zillow Rent Index: 9.3%
As of December 2012, Denver’s average home value was up by 14.1% with the average home costing $233,700.
Austin, TX. Zillow Break Even Horizon: 2.7 Years; Zillow Rental Index: $1,516; Annual Change in Zillow Rent Index: 6.2%
At the end of last year, Austin had an overall home value increase of 4.7% = $209,900.
Nashville, TN. Zillow Break Even Horizon: 2.6 Years; Zillow Rental Index: $1,190; Annual Change in Zillow Rent Index: 3.8%
The average home cost is now $140,000, which is up by 6%.
Most of the cities listed above experienced an overall increase last year in their median home values which is great news overall for the market!