Growing trend in corporate housing–renting your own rooms?
Posted on 03. Mar, 2010 by Kat Schneider Fotheringham in Blog, Business Travel, Uncategorized, corporate housing, executive accommodations, international business travel
With the economy still inching its way slowly back to recovery, it really isn’t a big surprise to see this specific trend developing in corporate housing.
Back in the day, they used to call it “taking in boarders.” Well obviously, times have changed, and even more importantly, the potential clients you might be renting your extra space to aren’t exactly what would be considered “boarders.”
From Chicago to New York to Los Angeles, people with large, expensive homes and mortgages are doing what they can to stay in their homes. And that now includes renting out space to individuals who need a place to stay while they are in town on business, or in the process of relocating.
To successfully bridge your home into a rental space, you will need to be sure you are zoned for this type of accommodation. Improvements will need to be made to your home to ensure the room you hope to rent is commercially viable and meets local zoning regulations. You may not think this is mandatory, but the first time your neighbor notices you have “company” and finds out who that company might be, they could potentially cause you significant problems if they decide to report it to your local municipality. It isn’t worth the fines you’ll incur or the hassle this may cause.
The rest is really just common sense. You’ll need to provide any tenants with a clean, pleasantly decorated space, and modern amenities like wireless internet connections, cable, etc. You’ll also need to supply appliances so they are able to cook and store their own food if needed, and many corporate housing tenants living in residential spaces do. You’ll also need to place ads offering your corporate housing suite for rent or lease. For your own benefit, do keep each and every receipt for the work and materials required to make your space habitable.
It isn’t terribly complex to figure out what it takes to make people feel at home, but these are all very important details, and the bare minimum you’ll need to accomplish before you can offer your room to potential clients. Corporate housing can be a very fulfilling–and in this economy–wise choice for generating income. Consider every aspect of your current daily life before you jump in–if you have an intense need for privacy, for example, this career path may not be for you–then get moving.
The economy is coming back, and companies are sending employees on projects and relocating people in key positions again. If you’ve got a corporate housing solution that makes sense and is an affordable option, you’ll soon find no shortage of inquiries for your space. It could be the best move you’ve ever made.
