Business professionals seeking corporate housing are increasingly turning to mid-term rentals (MTRs) for their accommodation needs. Monthly rentals at a house, condo, or even a nicely outfitted room are an attractive option for travelers who prefer not to stay in traditional hotels or extended stay facilities when they have long work assignments. Whether you're an experienced landlord or considering renting out your property for the first time, targeting this specific group of tenants can be highly lucrative. Below, we provide valuable information on who they are, what they seek in a rental, and effective ways to market your property to attract them.
First, let's define what we mean by Corporate Housing.
Corporate housing refers to the need for fully furnished temporary housing for people traveling for work for periods of at least 30 days, but less than 1 year at a time. Employees across a variety of industries may require this type of housing throughout the year. We'll dive deeper into some of the common jobs and industries that attract these types of tenants below.
Who are the travelers that need corporate housing?
The following are some specific types of travelers who are potential corporate housing tenants:
1. Business professionals requiring temporary housing for one month or longer. These tenants often include people traveling to attend a training program or certification for a few months, people responsible for setting up or opening a new office, or corporate contractors traveling to visit the home office of a company for the duration of their contract. This group of tenants are typically given a stipend by their company to pay for their accommodations in full during their stay, so they're a very reliable income source.
2. Digital nomads and remote workers, who can work from anywhere. With the return-to-work movement after the pandemic, remote work has remained at record high levels and many individuals are choosing to pursue jobs that allow them to work from various locations throughout the year. "Digital nomads" as they're deemed, are a great tenant pool to attract to your rental with reliable income. These tenants may stay for 3 to 6 months of the year, choosing cities and locations that conveniently allow them to enjoy entertainment and outdoor activities on the weekends when they're not working.
3. Professional Athletes are a fantastic tenant many overlook as an option for their mid-term rental. Your property will need to be located in a location that is convenient to training facilities, but if it is, you've potentially struck a gold mine! Many professional athletes, particularly professional baseball players, attend required training camps ahead of their regular season start. For professional baseball players, their camps run in the Spring (February & March) while professional football players report for training camps in Summer. Do some research on your market and see if any minor league or major league teams have training camps in your area to tap into this potential tenant pool.
4. Internships. Many large companies offer summer or semester-long internship programs and these interns can be a great source of rental tenants for you to consider. As an intern, these tenants may or may not receive a housing stipend so they will likely be working with a more limited budget. If you offer room rentals or budget-friendly accommodations in comparison to hotel pricing this could be the target audience for you! Consider which large companies have a presence in your rental's location and explore with their Human Resources department if they have an internship program. It could be a great way to get your foot in the door and introduce your rental property as an option for their future interns to consider once they've signed their offer letters.
5. Construction contractors. If you live in a growing metropolitan area, chances are you see new buildings going up and word of new companies moving to town pretty regularly. For many of these projects, large development companies bring in crews from out of town to help support the construction with contract employment. Working with a fixed budget provided by these development or construction companies, these contractors could be a great tenant opportunity for you to consider as they look for affordable alternatives to staying in hotels. These crews could also be a great option to consider if you have a larger rental with 3 or more bedrooms, as you can often find groups of contractors looking for housing together.
6. Production and film crews. Individuals that work in the film industry can often require temporary housing for multiple months at a time as they travel to a new location for a shoot. Members of production and film crews may be attracted to renting a rental property instead of staying in a hotel or extended stay facility due to the high nightly rates many of these charge. Between pre-production work and time needed to actually shoot the project, these travelers can often need 4-7 months of rental availability for their stay.
Now that you know a bit more about who these corporate housing tenants are, let's look at what you need to consider outfitting your rental with to attract this audience.
Corporate housing tenants have specific requirements for their accommodations. Here are some key features they look for:
Fast and reliable WiFi.
A dedicated workspace, such as a desk or office nook.
Pro tip: Providing a computer monitor that can be connected to is a big bonus!
A full kitchen equipped with essentials like blenders, toasters, and pans.
Access to safe and dependable parking. Many will be bringing a car or renting one.
Pro tip: Offering free parking can be a huge differentiator between rentals as many tenants may need to commute to an office.
Convenient location close to their workplace.
A comfortable bed for a good night's sleep. If your property can fit a King bed, it will help it stand out!
Access to a nearby gym for fitness needs.
Private outdoor space, such as a backyard or porch, to unwind after work.
Pet-friendly accommodations, as being away from pets for extended periods can be challenging.
Does your property have what it takes to house these tenants?
If you want to attract corporate housing tenants, consider the following marketing strategies:
Timing is everything: consider when your ideal tenants may be in the market for a rental. On average, tenants using Furnished Finder shop for a rental 34 days in advance of their stay, but some of these tenant audiences might be looking further in advance if they have more notice about their upcoming relocation. If you're targeting the professional athletes then think about when their training camps are set to begin. If you're targeting Summer interns, look into when summer internship applications begin for the companies in your area. Then get your Furnished Finder listing (opens in new tab) in tip top shape ahead of that window so it's ready as soon as they're looking.
Network in your local community: Work assignments arise regularly, but there may be an increased demand when new businesses open facilities or offices in your area. Stay up-to-date with your local news to learn when they announce new businesses moving to town to capitalize on these opportunities. Think about additional call-ahead work you could do to organizations that may need mid-term housing in your rental's market. Consider getting in contact with departments that support the tenant types above like:
Human Resources, Careers or Placement office of large corporations with a presence in your area
Real estate development companies that may be placing contract construction crews in your area. (Tip: look for company names on the side of construction areas)
Contact the offices of training programs or camps for professional sports organizations in your town (MLB, NFL, etc)
Ready to rent? Follow these steps to get started renting to corporate housing tenants:
1. List your property on the Furnished Finder platform (opens in new tab). Our platform specializes in mid-term rentals (30 days or more), making Furnished Finder the best site to list your home if you're hoping to attract professional renters rather than vacationers.
2. Ensure your property listing includes all the necessary amenities important to business travelers (such as WiFi, parking, full kitchen, outdoor space, and pet-friendly options).
3. Make sure to select "Free Parking" and "Pet Friendly" filters on your listing if applicable, as they narrow down search results to only include properties with these amenities for travelers searching the Furnished Finder website.
4. Craft attention-grabbing headlines tailored to this audience on your Furnished Finder listing. For instance:
"Corporate Housing within 5 minutes of Apple Campus"
"Perfect home base for a summer internship in the city!"
"Work-from-home bliss in a Quiet Neighborhood"
5. Highlight your property's proximity to nearby offices and business districts in your listing description. Pro tip: create a dedicated section in your listing's description, ideally at the top, to emphasize this differentiator.
6. Check out the Corporate Housing playlist (opens in new tab) of episodes from The Landlord Diaries, our weekly podcast about mid-term rental success. You'll find a curated set of episodes that cover this topic in particular with more tips and tricks for attracting this audience.
7. If you secure a Corporate Housing tenant, before they leave, be sure to ask them for a review and a referral to their colleagues or Human Resources department so you can continue building a pipeline of similar tenants.
We hope you found these tips helpful and you're well on your way to securing your first corporate housing tenants. Furnished Finder (opens in new tab) is here whenever you're ready to get your rental in front of millions of travelers looking for stays of 30 days or more!
List your property on Furnished Finder today (opens in new tab) and save $10 annually with promo code FFNEW10, exclusively for first-time Furnished Finder landlords.