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If you’ve been a landlord or in the Airbnb world, you may have heard of mid term apartments or corporate housing for rent. Some gurus say this is the best strategy for those on the Airbnb hamster wheel, but could it actually be all that they’re saying it is?
I have been renting to corporate travelers since 2020 and have learned so much about the industry. Like any real estate investing strategy, there’s good and bad. Let’s break it down below.
This post is all about corporate housing for rent.
Best Tips For Corporate Housing For Rent
Where can I list my property for Corporate housing?
1. Furnished Finder
Furnished Finder is by far the best listing website for connecting single owner or small portfolio owner landlords to individual traveling professionals. Sometimes recruiters will get on and request housing on behalf of a client but it’s usually individual travelers communicating directly with landlords.
2. Airbnb
Airbnb is a great spot for connecting with travelers as well. By putting a long term stay discount on your listing, this shows prospective travelers you’re willing to work with them on longer stays.
Another way to attract long term stay guests is to put it in your listing that you will welcome traveling professionals.
Are you new to Airbnb? Use my referral link and I’ll coach you through setting up your first listing! Airbnb will give you a $48 bonus for using me as your Airbnb ambassador for listing set up after hosting your first guest!
3. Facebook groups
Participating in local Facebook groups for traveling professionals or putting up a Facebook Marketplace listing is a great way to get long term stay guests. There are a number of traveling nurse groups where you can post your listing and connect with prospective travelers.
4. Long term housing websites
Posting to long term housing websites that you have a furnished rental available is another way to market your property. Most of these websites allow renters to search by a “furnished” filter so this is definitely a place you can capture traveling professionals.
Do people search Airbnb for Corporate housing?
Yes, there’s an Airbnb for work specific search where potential guests can go and search this way. Hosts can set up their listings to attract both travelers and business travelers.
Personally, I have received a few bookings through Airbnb for work for corporate housing placements and even insurance placements.
Where do I connect with temporary housing placement companies?
A quick Google search will show you all the nationwide ones and if you google your city next to the search the local ones will come up. Furnished Finder also has a list on their website of top placement companies in your area.
Another great strategy is to look on job boards for your market and see all the companies recruiting “Travel Nurses” or “Temporary….” professional positions. Call those recruiters and tell them you provide temporary furnished rentals for traveling professionals and ask who they refer their new hires to for housing.
How do I screen and set up a Corporate housing tenant?
These tenants tend to have 1-3 month contracts, with the possibility of extension. Most states consider any tenant staying in a unit over 30 days to be a long term tenant. Therefore, they would have any rights that a long term tenant has in that state.
For landlord friendly states, your approach may be more relaxed but in tenant friendly states, you’ll want to screen your tenant the same as any long term tenant.
If you have no long term rentals or are not familiar with this process, here are the basics but make sure to consult with an attorney and this is not considered legal advice.
- Screen your tenant using KeyCheck or another background check company. It is typical for the potential tenant to pay for the screening.
- Collect a rental application and ask for proof of employment, income verification, references and make sure you have a copy of their ID. Check all of these resources.
- Have them sign a rental agreement that is up to your states standards and clearly lays out all the terms of their tenancy.
Again, consult a lawyer, especially in tenant friendly states. A great resource I use is AOAUSA. You can connect with real estate attorneys that specialize in tenant law and they have templates for everything for each state.
Unexpected problems with Corporate housing tenants
There are a couple of things that could go wrong when housing traveling professionals. The biggest issue is what to do about canceled contracts.
This is why consulting with a real estate attorney is so important, especially one that has expertise in landlord and tenant laws. Having an ironclad lease agreement that protects your monthly income is going to be huge.
You’ll also want to understand what your market does with canceled contracts. As a landlord, your competition is with other landlords so ensure that the safeguards you have in place are competitive but also protect you.
What other corporate housing questions do you have? Let me know in the comments below!
This post was all about corporate housing for rent.
This post may contain affiliate links, meaning if you decide to make a purchase via my links, I may earn a commission at no additional cost to you. See my disclaimer for more info.
