If you’re interested in producing more cash flow in the months and years ahead, then you may want to consider renting out corporate housing units. These types of units are attractive to both landlords and guests, which makes it a win-win investment option compared with other types of accommodation, according to travel expert Brian Ferdinand in a recently released article. Let’s take a look at why corporate housing is so popular today.
BENEFIT OF CORPORATE HOUSING DURING THE GLOBAL COVID-19 PANDEMIC
Brian Ferdinand is the managing partner of CorpHousing Group, a leading corporate housing firm. In the recently published article, Ferdinand emphasizes that reputable firms provide today’s owners of luxury apartments with a better way of navigating our “new normal” during the global COVID-19 pandemic.
For instance, the challenge with operating a hotel during a pandemic is that you may struggle to keep your property sanitary enough to meet Centers for Disease Control guidelines, which is critical for keeping the coronavirus at bay. After all, you may end up dealing with large crowds in your hotel lobbies, which can increase the risk of the spread of the virus. In addition, because turnover in hotel rooms is high compared with other types of accommodation, you have to work that much harder to make sure that your rooms are fully cleaned and disinfected between guests’ stays.
With corporate housing units, you don’t have to worry about accommodating and serving large numbers of people in one space. This makes this type of housing safer to use during COVID-19. In addition, the turnover rate is a lot smaller, which makes it easier for you to clean your units between guests. Ideally, you should give yourself at least 24 hours to clean a unit before welcoming another guest to it.
INCOME GENERATION BENEFITS OF CORPORATE HOUSING
Another benefit of corporate housing today is the significant rental income levels associated with it.
When you rent out a corporate housing unit, you should provide high-quality furnishings as well as amenities such as water, phone, and electricity. After all, you’ll be catering to today’s busiest corporate travelers, which might include many highly ranked ones. Of course, this will dramatically increase your rental costs, but it will, in turn, boost your rental income.
All in all, corporate housing can be an excellent way to boost your bottom line—and in a relatively afe way—during the current global pandemic.