Furnished Corporate Apartment/Housing Questions

3 Replies

For those of you who own corporate rentals, I have a couple of questions.  I don't yet have a furnished apartment, but I'll be doing it the next time someone moves out of one of our rentals.  I have a pretty detailed inventory list, but I just want to know this . . . .  

First--do you supply all of their items like shampoo/conditioner, toothpaste, laundry detergent, etc.?  I'm thinking about providing a "welcome basket" with all of those items, but then leave it up to them to replenish them as needed.  Maybe add in a service for extra charge if they want us to replenish the items for them?  

The other question I have, since they are short-term rentals, do you charge nightly?  I'm thinking about a monthly fee, but then charge more if they only plan to stay weekly.  I don't even know if I want to deal with nightly, but I know it would be a huge convenience for the renter, and it would be good for us too if the rental is vacant one week and we can pick up some more cash that we might not have gotten if we didn't allow nightly.  Maybe nightly is something I can add later when I get a handle on the whole thing.  What does everyone else do?   

@Jen Faulkner

You may find more information if you look up Short Term Rentals or Vacation Rentals. You would be operating under the same concept but corporate housing targets a particular niche.  

I do not have any short term rentals but I guess you can operate it as you see fit . I think it would make sense to have a starter kit, and then communicate to the tenant if they are responsible for replenishing it.  

As for rates, you can charge or quote on a nightly basis,  but give breaks the longer they stay. if a guest would like to stay a month, and you state $100.00/night or $3000.00 for the month. what sounds better?  I think this can avoid the sticker shock.  As for one night stays, I would quote a rate that would make it worth my time and cost for a one nighter.  getting the room serviced for a  1 night stay requires the similar amount of work to someone staying a week.  I feel this is why you would give a break on the rate for longer term stays.  

If you haven't already checkout AirBnB or some of the other vacation rental sites.  When it comes to Corporate housing, look up AMLI. They have properties nationwide.

Ravi

@Jen Faulkner

Most will only offer monthly rates, but having nightly rates would be good too so you can rent it out short-term. 

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