If you own rental property, you're probably looking for long-term, month-to-month tenants. If you are, you might be doing yourself out of some serious rental revenue. This is particularly true if you own multiple units. Instead of renting to individuals, you might want to consider providing corporate housing.
The main benefit of becoming a corporate housing provider is that you can increase the cost of your monthly rental fees by charging a per-person fee instead of a per-family fee. For instance, if a corporation needs to house a team that consists of four people, you could be charging rent for each team member. If you're not sure how to find corporate tenants, here are a few tips to get you started in the right direction.
Local Construction Projects
If you're not active in community expansion projects, you should be. Once a construction company wins the bid for large construction projects, they send their workers to the community. While the project is underway, the construction teams must live in the surrounding communities. You can benefit from community development projects by providing your rental units to the construction companies operating out of your area.
Cross-Country Trucking Companies
Many cross-country trucking companies will provide hotel services for their long-haul truckers. Not sure what trucking companies pass through your area? Take a trip through hotel parking lots – especially late in the evening and early morning. Make note of the trucking companies that are represented. Once you've made a list of the trucking companies utilizing local hotels, contact their corporate offices and offer your units for corporate use.
If you have rental property located near major airports, you have an untapped resource for your units. Most airlines provide hotel accommodations for their pilots and flight attendants during layovers. You can offer your rental property to those flight crews, which will allow them to enjoy a home-away-from home atmosphere while they rest up for the next leg of their flights.
Door-To-Door Sales Crews
Companies that employ door-to-door sales crews often require those crews to travel to various communities across the country. These sales crews operate far from home, which means they're going to need housing while they're working. You can provide that housing in your rental units.
If you have rental property, and you want to increase your income, you need to consider becoming a corporate housing provider. The information provided here will help you locate companies that would benefit from your services.
Click here for information about corporate housing available in your area.