CHBO's 2012 Annual Report Reveals Short-Term Housing Regulation Impacting Corporate Housing Trends
DENVER, Jan. 17, 2013 /PRNewswire/ -- CorporateHousingbyOwner.com (CHBO), an online marketplace connecting private landlords of furnished, short-term rentals with tenants in need of temporary housing, today releases the results of its 2012 CHBO Annual Report. CHBO surveyed hundreds of "by owner" corporate housing landlords to identify trends, challenges and opportunities in furnished monthly apartments.
The survey reveals a 13% drop in the number of people referring to their short-term rental property as a " vacation rental." Kimberly Smith, co-founder and CEO of CHBO, says this shift is due in large part to the increase in regulation targeted at rentals offered for less than 30 days.
"Cities like New York and Chicago have established strict legislation regulating weekly and nightly rentals, leading many landlords to transition their vacation rentals into corporate rentals," says Smith. "This transition enables them to continue to monetize their short-term, furnished rental properties with less turnover and often higher-quality tenants."
Other key highlights include:Positive Outlook: 92% say their properties were "profitable" or "breakeven" in 2012; 36% predict 2013 will be more profitable than 2012. Future Investments: 40% say they plan to invest more in real estate in 2013; only 17% say they wouldn't. Satisfaction High: More than 90% say they've had a positive experience with their corporate housing tenants in 2012. Security Deposits Decrease: 82% say they require a refundable security deposit —down from 89% in 2011. In a growing trend, 8% say they require Accidental Rental Damage Insurance (ARDI) as a security deposit alternative. CHBO conducted the survey in Q4-2012. It was completed by individuals who owned or managed a furnished monthly residential rental in 2012. The CHBO Annual Report reflects findings from individual property owners, rather than from full-service, corporate housing companies.
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