Denver, CO: Eric Smith, President of Denver-based Corporate Housing by Owner announced today that the company has seen a 20% increase in furnished properties becoming available as corporate rentals and getting rented. "In the last six months, we've watched a significant jump in the number of owners taking advantage of corporate rentals as a profitable alternative to selling their homes in a down market. For the cost of furnishing the home, owners are able to turn a cash drain into an income producing property."
Corporate Housing by Owner is an Internet based service that enables corporate travelers to locate, select and rent appropriate rental properties across North America. CHBO markets to and has created specific user features to promote Corporate HR managers and relocation companies also take advantage of the listing service on behalf of their employees.
Rising prices in the traditional hotel and hospitality venues are another factor driving the number of furnished rentals up. Houses and condos in pleasant communities are often more cost-effective and offer more features than a typical hotel. Many travelers also find them more enjoyable since they offer the full range of the "comforts of home".
"I consult with owners all the time" said Jeremy Blackburn, CHBO's Chief Operating Officer, "and there are so many good reasons to turn a property into a furnished rental. If an owner is not getting the rates they want because of increased competition, this is a way to differentiate your property and rent corporate. In some cases, the owner is actually being relocated to another city by an employer. In this market many corporations no longer want to buy their employees homes as part of the relocation package. The employee is better off renting the existing house."
The 2008 Corporate Housing Industry Report reports that, Corporate housing is expanding across the United States, and operators expect growth to continue. Corporate housing was a $2.95 billion dollar industry in the 43 MSAs reporting in the United States in 2007– up 20% from $2.46 billion in 2006. The industry gained over 7% in occupancy, 11.5% in average rate and 1.4% in inventory."We know from our own experience that we had more than 5000 housing requests that weren’t immediately filled with properties in the first quarter of 2008" notes Smith.
For further information contact:
Corporate Housing by Owner
http://corporatehousingbyowner.com
1.877.333.2426
marketing@mychbo.com
