Move over Air BNB there is a new short term rental investment in town…..Corporate Housing! What is a Corporate Rental? Corporate rentals are properties typically condos that are in close proximity to major employers and typically rented by said employers to house their out of area employees on a short-term basis. A week, a month, a year, it really depends on the company and the extent of the project the employees are working on. Typically, these condos are furnished, and offer not only a quick commute (sometimes even walking distance) to the employer but also convenient access to amenities such as food, entertainment, recreation as well. Anything that will help their employee with their quality of life.
Why invest in Corporate Housing? There has been a big push post Corona virus with Corporate housing as most employees work remotely now and many have moved substantial distance from their employer, sometimes even out of state with their new remote work options. That means, when a project or meeting requires them to be in attendance with the employer corporate housing is a great benefit. Another uptick in the demand for corporate housing is with the currently HOT housing market. This is a great option for someone who has sold their home and needs a temporary housing options while they look for a new home. The rates are high which makes them extremely attractive for investors and just like Air BNB or VRBO there are sites where you can advertise your corporate housing to minimize vacancy and maximize profits! Here is a sneak peek at average corporate housing rates in the Puget Sound.
Bellevue 2 bedroom $2800/month
Seattle 2 bedroom $3000/month
Redmond 2 bedroom $2800/month
Bothell 2 bedroom $2400/month
Thinking about investing in Corporate Housing? Check out condo listings in the Puget Sound here! 2 Bedroom Condos Puget Sound surrounding