This month the annual Corporate Housing Industry Report came out showing that gross rents for Serviced Corporate Apartments was $2.66 Billion in 2012 and 37% of that business or $984,200,000.00 was a direct result of Relocation needs.
According to the Annual “By Owner” Corporate Housing report 43% of property owners report having tenants related to a Relocation.
Last year the CEO of CHBO served on the US Advisory Council for the ERC / Employee Relocation Council the trade organization that represents the entire Relocation Industry and according to ERC we have seen a return to Pre-Recession “New Hire” Relocations but we are still waiting to see a resurgence in “Talent Management” Relocations.
What does this means for you? We expect a continued increase in relocations in 2013!
The NY Times recently ran an interesting article “To Relocate or Not? It’s More Than Math.” They asked some great questions about minimizing risk. We believe that taking the time to “Test Drive” a neighborhood by staying in Corporate Housing before you buy will allow you to make the best real estate investment choice.
Do you know anyone who is “testing” a neighborhood before they buy?