How can I attract more Corporate Rentals Monthly Clients ?

Question

Hello BP community! I am looking for some guidance from short term rental experts who specialize in corporate housing 30 day+ monthly furnished rentals.

I have an apartment in NYC which is fully furnished in a nice doorman building, I'd like to explore corporate housing monthly rental instead of LTR to maximize my return. So far, I have listed it on Airbnb, booking.com, and homeaway but they are attracting more leisure travelers who are looking for short term stay less than 30 days, usually 3-7 days only. Any strategy to attract more 30 day + clients would be greatly appreciated!

I have read CHBO and Homesuites are two a good places to advertise, but CHBO charges a fair amount of membership fee. As for Homesuites, I have submitted my property to be listed but still haven't heard back after a few follow ups. Does anyone have experience with CHBO or Homesuites could share their experience with these sites and is it worth the annual membership fee? :)

I'd also like to know if anyone has any success renting out to 30 day+ clients on Airbnb, booking and homeaway?

Thanks for reading and look forward to hearing from some of the STR corporate rental experts here!

Cheers,

Elizabeth

Benjamin Vail · Answer

I am also interested in getting more 30 day + bookings. We have had a lot of success finding these clients on Airbnb. If you are only interested in 30 day or longer stays, you are able to set a 30 night minimum on your Airbnb listings, and that should help you filter out from being seen by shorter stay guests. Have you tried that?

We still like to fill in small gaps, with short stays, so we are still a 1 night min. However, using pricelabs, and our unique pricing strategy, we have many of our homes that are available to be booked by 30 day + guests with very little advance notice. The key is preventing shorter stays from booking, so that your have long gaps of availability in your booking calendar. One of my favorite bookings we got this year was a 45 night stay, that was booked 1 week in advance of the check in date. I have found that those guests are willing to pay a higher nightly rate because they are desperately looking for a place to live, and 30 days at one of our houses, is way cheaper than 30 days at a hotel or other short term rentals.

There are more and more platforms popping up all the time to list 30 day + rentals. To name a few on top of the ones you listed:

Furnishedfinder

30DayStays

Homads

Homefornow

Xome

ect.

As @Paul Sandhu will tell you, I think there is still a lot business that can be conducted using Craigslist as well.

I also have reached out to Hospitals, universities, and large local business, to let them know of our available properties if they should have a client who is in need in the area.

I think it depends on your market, and your target audience as to where is it best to find mid-term renters, but I think this is a market that will continue to grow and develop as more and more people decide to move around more often, work remotely, and work on short-term job contracts.

Cheers,

-Benjamin Vail

John Underwood · Answer

I have got a 30 day rental rental on Vrbo and the same people come back every December. They are from Canada and have family in the area.

Carolyn Fuller · Answer

I suspect that the best solution varies from location to location but for those owners with units near universities, SabbaticalHomes.com is unbeatable for extended stays. I found CHBO to be a complete waste of money.

Airbnb and VRBO are both very expensive when you think about how much they take in service fees and bank fees so I no longer allow 30+ day rentals via those platforms. I use them only for the gaps in academic term rentals.

SabbaticalHomes costs $45 per year. I also like to contribute an additional $50 to SabbaticalHomes every time I get a rental through them but that is purely an optional contribution to a great service provider.

If you can find a contact within a company or university who knows the extended stay needs of their contractors or visiting scholars, that is obviously a super source.

Paul Sandhu · Answer

I just rent my STRs to travelling workers with a per diem.  Refinery contractors.  You need to advertise directly to them.  Advertising to their H.R. department might work occasionally.  My towns population is only 9500, so my strategy will probably not work in NYC.

Look at your competition.  Imitate them.  Try do your place at a lower cost or provide better service at the same cost.  If your competition has thought out a good promotional campaign, you might want to copy it. But be careful, if they see you are copying them they will go out of their way to put you out of business.  Don't ask me how I know this with my 23 STR monopoly in this town.

Here, a cheap motel room with 2 beds is $400/week.  I charge $600/week for a 3BR house, fully furnished, bills paid.

How can I attract more Corporate Rentals Monthly Clients ?

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