Corporate housing has become a great resource for finding flexible, fully furnished something every business and professional is lusting after. Be it a business traveler, a digital nomad, or a company that would want to house employees on temporary assignments, a corporate lease apartment might be that deal-maker. But how exactly does one get this done? This guide takes you through all you need to know in order to get a corporate lease apartment, from research down to the finalizing of the lease.
Conduct Thorough Research
Start by identifying your needs and understanding the market conditions in your target location. For instance, cities like Houston, Silver Spring, and Pentagon City are known for their high demand for corporate housing due to their proximity to business centers and military bases.
Research the average rental rates, vacancy rates, and the types of properties available. Are you looking for a luxury corporate unit or something more budget-friendly? Knowing the market will help you negotiate better terms and avoid overpaying.
Assess Your Needs
To find the right fit, you need to assess your specific requirements.
- Duration: Are you looking for a short-term rental or a long-term lease agreement?
- Location: How vital is commute time? Do you need to be close to business centers or public transportation?
- Amenities: Do you require fitness centers, laundry services, or workspace for business travelers?
- Budget: What’s your monthly rent limit, and does it include utilities and other additional payments?
In searching for corporate housing, I found it was much easier to have a firm list of priorities. It allowed me to sift through and narrow my options down to properties that fit our needs.
Work with Access Corporate Housing
One of the easiest ways to secure a corporate lease apartment is to work with a reputable corporate housing provider like Access Corporate Housing. These companies specialize in connecting businesses and individuals with fully furnished apartments in highly sought-after locations.
Write Up the Rental Contract
Once you find an ideal corporate apartment, the second step is preparing the rental contract. The rental contract includes all the details, including lease duration, monthly rent, and other conditions.
Read the contract carefully. Are there clauses regarding maintenance requests or damage insurance? What happens if you need to terminate the lease early? These are important questions to be asked before one signs anything.
Consider Connecting with Local Corporate Housing Providers
While national providers like Access Corporate Housing are great, don’t overlook local corporate housing providers. They often have in-depth knowledge of the area and can offer unique properties that larger companies might not have in their portfolio.
For example, during a project in Houston, I connected with a local provider who offered a fully furnished apartment in a quiet neighborhood just minutes from downtown. It was the perfect balance of convenience and comfort.
Ensure Your Corporate Lease Agreement is Correct
A corporate lease agreement is different from a traditional rental agreement. It typically includes terms specific to corporate tenants, such as payment of rent by the company rather than an individual.
Double-check the agreement to ensure all legal terms are transparent and fair. If unsure, consult a real estate CPA or legal expert to avoid potential risks.
Think About Forming an LLC
If you’re managing multiple corporate housing units or planning to expand your rental business, forming an LLC (Limited Liability Company) might be smart. It can protect your assets and simplify tax reporting.
I’ve found that having an LLC adds a layer of professionalism and makes it easier to manage properties and communicate with property owners.
Create an Attractive Airbnb Listing
If you’re considering subletting your corporate apartment during periods of low occupancy, creating an attractive Airbnb listing can help maximize your rental income. Highlight the property’s unique features, such as its convenient location, comprehensive amenities, and sense of luxury.
I once listed a corporate unit on Airbnb during a two-month vacancy, and it generated enough income to cover the monthly rent. Just make sure to check on guests and comply with local regulations.
Automate Your Business to Simplify Administrative Tasks and Reduce Costs
Managing a corporate lease apartment can be time-consuming, especially when juggling multiple properties. Automation software like Landlord Studio can help streamline rent collection, maintenance requests, and accounting tasks.
Finalize the Lease
After reviewing and negotiating the terms, you’re ready to finalize the lease. Make sure all parties sign the agreement and secure any deposits required. Once the lease is signed, you can arrange move-in dates, utility setups, and any last-minute details.
How Do you Get Approved for a Corporate Lease?
Getting approved for a corporate lease typically requires proof of income, a good credit score, and sometimes a letter from your employer. Corporate tenants often have an easier time getting approved than individual tenants, as companies are seen as more reliable.
Who Qualifies for Corporate Housing?
Corporate housing is ideal for business travelers, military personnel, digital nomads, and anyone needing temporary accommodations. It’s also an excellent option for companies relocating employees or hosting long-term assignments.
Can a Corporation Lease an Apartment?
Yes, corporations can lease apartments for their employees. Many property owners prefer corporate leases because they often have long-term commitments and fewer risks.
Are Corporate Leases More Expensive?
While corporate leases may have higher monthly rents than traditional apartments, they often include additional services and amenities that justify the cost. Plus, their convenience and flexibility can save you money in the long run.
Conclusion
Securing a corporate lease apartment doesn’t have to be complicated. Research, evaluate your needs, and work with reputable providers, and you will find the perfect fit for your temporary housing needs. Corporate housing offers a very viable and attractive option for business travelers, companies relocating employees, and those exploring the rental arbitrage business.
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FAQs
Corporate housing is typically fully furnished and all-inclusive and designed for short-term or long-term stays. Traditional apartments are usually unfurnished and require longer lease commitments.
Corporate housing is typically fully furnished and all-inclusive and designed for short-term or long-term stays. Traditional apartments are usually unfurnished and require longer lease commitments.
It depends on the terms of your lease agreement. Some landlords allow subletting, while others prohibit it. Always check with your property manager before listing your unit on vacation rental platforms.
Start by researching corporate housing providers in your target city. Companies like Access Corporate Housing, Churchill Living, and Zeus Living specialize in corporate rentals in major cities.
Most corporate housing units come with essential amenities like furniture, kitchen appliances, Wi-Fi, and access to fitness centers. Some also offer additional services like housekeeping and laundry.
Yes, corporate housing can be a lucrative investment, especially in cities with a high demand for temporary accommodations. However, before investing, it’s important to factor in leasing costs, property taxes, and potential risks.
