In your mind, Airbnb is the sole short-term rental property investment option in the market today. Let’s take a peek at what this investment option entails and why it’s a smart choice in 2020 and beyond.
Connection between Security and Corporate housing
With the corporate housing rental option, you can rent out properties for more than 30 days at one time. This option is quite different from the Airbnb model, where you would rent out properties for a few days at a time.
Although Airbnb has skyrocketed in popularity during the past several years, the managers of buildings are beginning to turn away from this model due to its security risks. Unfortunately, Airbnb doesn’t perform due diligence for screening renters, such as conducting background checks.
However, this couldn’t be further from the truth, explains Brian Ferdinand, the managing partner of SoBeNY, in a recently released article. The reality is, the real estate investing world is extremely diverse, so it includes rental property options that you may have never heard of—like corporate housing rentals.
However, the best corporate housing companies do conduct comprehensive background checks of guests before renting out their units to them. This includes reviewing potential guests’ activity on social media. This greatly limits the risk for vandalism or having unauthorized parties on your property.
ADDITIONAL SECURITY CONSIDERATIONS
A common problem that property investors face when renting properties is the challenge of dealing with a wide variety of tenants or clients. In many situations, working with tenants of varying backgrounds can easily be exhausting and time consuming. And, of course, you may constantly deal with uncertainty, as you may wonder whether your property will remain in good condition while in the hands of your various tenants.
With corporate housing, you minimize this challenge. That’s because corporate housing firm owners and investors often work with companies seeking housing for their traveling employees. These employers have special reasons for using corporate housing firms for specific periods of time and thus generally handle these arrangements professionally. As a result, when you use professional employers as your corporate housing unit clients, you can rest assured that your tenants will be the cream of the crop. In fact, many corporate travelers can be categorized as high-end clients. If you impress them, you can be confident that they will recommend your services to other potential high-end clients. And this will only benefit your bottom line in the coming months.