As an investment property owner, it can be challenging to determine exactly which market will generate the most bountiful and reliable profits. Residential renters can be the most reliable but they don't pay temporary housing premiums and vacation rentals are lucrative but they also tend to be irregular and seasonal. However, one market is in season all year long that still gives you an opportunity to make short-term-rental style profits. The answer is corporate housing.
Corporate Housing And Furnished Apartments For Investors
Corporate housing is furnished apartments and temporary housing rentals where professionals stay when their business trips last longer than a week or two. This gives them the ability to relax and work in a quiet residential setting for a more practical budget and environment than hotels. Because there are always professionals flying and driving in and out of the city, multi-family housing like duplexes to quadplexes and apartment buildings are prefect for a full-scale conversion. All you need is furnishings, a luxuriously stylish design for each unit, and hospitality-like services available when your temporary residents need a little assistance. Here's how to do it.
1) Update the Appliances
Start with the appliances. The modern standard is less than five years old and unscratched stainless steel. They should run smoothly and, because utilities are included in the weekly rent, it's in your best interest to get energy and water efficient models.
2) Hire an Interior Designer
Next, you're going to want to fully update your furnished apartments in style and design including furnishings. If you don't have a natural eye for interior design, and not everyone does, hire someone who can help you achieve a cool modern professional look that compliments your building. Keep them around as consultation on future steps.
3) Repaint the Walls
Popular wall colors and space-enhancing designs change over the years and if it's been a while since your last repaint, take the time now. Cool blues and grays are in fashion now, especially in the kitchen and as darker accent walls. If you go with white, choose cool blue-tinted and soft grays instead and accent with slightly shifting dark blue-ish grays.
4) Replace the Lighting and Plumbing Fixtures
Consult with your interior designer on the right kind of fixtures for your brand and target audience. Your style can range from elegant traditional brass and bronze fixtures to sleek cutting-edge tech fixtures. Just choose a theme and make it flow smoothly from room to room. Replace the lights, faucets, handles, and don't forget the cabinet knobs while you're at it.
5) Remove Signs of Wear
Any signs of wear and tear on the furnished apartments you're converting need to be removed. Refinish the floors and steam-clean the carpets or, if there's too many scuffs or stains, simply reinstall the flooring entirely. This could be your chance to choose higher-end floors and more elegant designs for your luxury corporate housing units.
Join us next time for the rest of our corporate housing conversion tips in the second half of this two-part article!