Category Archives: Relocation Advice

Relocation Questions & Data

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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?

 

The Top Moving Destinations According to U-Haul

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You see those colorful U-Haul trucks making their way throughout America. But have you ever wondered where they’re all going?

According to data from U-Haul, a large number of people are relocating their lives to Houston, TX.

In its National Migration Report, U-Haul ranks the top 50 cities where Americans are moving. The 10 top moving destinations are:

  1. Houston, TX
  2. Orlando, FL
  3. Chicago, IL
  4. Las Vegas, NV
  5. San Antonio, TX
  6. Austin, TX
  7. Brooklyn, NY
  8. Philadelphia, PA
  9. Kansas City, MO
  10. Sacramento, CA

Click here to see the entire list of the top 50 moving destinations in America.

Are you relocating to one of America’s top cities? Perhaps you need short-term housing in Chicago, or a corporate rental in Houston? Visit CorporateHousingbyOwner.com, or CHBO, to find a furnished rental in Las Vegas or any of the cities that made the list.

The Latest Professional Athletes Homes for Sale

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Here’s a list of some of the latest real estate moves for professional athletes this month:

The move from New York to Los Angeles is nearly complete for LA Laker’s head coach, Mike D’Antoni. His Rye, NY compound, which includes a golf course, is for sale and going for close to $7 million.

Minnesota Twin’s owner, Jim Pohlad, is the owner of a new $3.35 high-rise home in Hollywood’s luxury Sierra Towers, Sierra Towers is a celebrity hot spot, and is said to be home to Elton John and Matthew Perry too.

This month, former Pittsburgh Pirates All-Star, Andy Van Slyke, listed his St. Louis mansion (which includes an indoor batting cage) for nearly $4 million. 

Read about other pro athletes on the move on Realtor.com.

If you’re relocated for business, rather than rush to buy, why not rent a home until you figure out where you want to live long-term? Instead, rent a furnished, corporate rental and try an area before you buy. Find a corporate rental in your city on CorporateHousingbyOwner.com.

Darrelle Revis Moving from New York to Tampa Bay. Where Will He Live?

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In light of this week’s big sports news that star cornerback Darrelle Revis has been traded to the Tampa Bay Buccaneers for the 13th overall pick, it got me wondering about the uncertain life of a professional athlete.

Athletes are often getting traded and moved around, making it hard to put down roots in one place. If they are traded, should they sell their home or keep it? In their new city, should they buy a new home or rent? Where exactly does an athlete call home?

I think that a “relocated” athlete should consider keeping the home in the city he eventually wants to call home upon retirement. Trades happen often and players are shuffled around, but eventually they will want a single place to call home.

Wherever that home is, it might sit idle for years while on the road and that’s wasted money. One solution is that a pro athlete can rent out his home as a furnished, short-term corporate rental to a qualified, high-end renter or another professional athlete in the same boat as himself. Then during the off-season, he can go back to his home for a few months.

Meanwhile, the question remains whether an athlete should buy a new home in his new city. It can be a risky deal, as trades come and go. If he’s uncertain about where he’ll be long-term, I suggest renting. It’ll save him a lot of headaches in the end that come with selling a home on a moment’s notice – you never know if the market will be good, bad or ugly.

On the other hand, if he believes the trade is for good and he wants to put down roots in his new city of play, then buying is a great option too. Even better is to rent a furnished property for a few months, get the lay of the land (also known as “try before you buy”), and then commit to a home and neighborhood. CorporateHousingbyOwner.com has plenty of rental properties in Tampa Bay for Revis to enjoy try out before deciding where to live long term.

Find Corporate Housing in Tampa Bay

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Where to Live? Here are the top 10 cities people are moving to

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According to the US Census bureau, more than 36 million Americans relocated to another state in 2012. Where are they moving to? It seems that the quest for better weather was the primary motivator. Maybe your corporate rental‘s city is on this list?

Here are the top 10 moving destinations as featured in CBS Marketwatch.

10. Sarasota, FL – Sarasota is home to one of America’s top three beaches and offers plenty of outdoor activities and world-class food.

9. Charlotte, NC – the city’s financial center is a huge job attraction, as is the NASCAR Hall of Fame.

8. Seattle, WA – if you don’t let a little rain dampen your spirits, this city offers beautiful scenery, great home prices and excellent food!

7. Denver, CO – don’t be fooled by the snow – it’s just in the mountains! People move to Denver to enjoy the mild weather, dry climate and beautiful outdoors year-round!

6. Houston, TX – mild winters and southern hospitality make Houston a downright treat!

5. Chicago, IL – food, diversity and world-class entertainment create the Windy City’s not-so-secret charm.

4. Orlando, FL – this city is a golfer’s delight – move here and enjoy ample greens and warm weather year-round.

3. Phoenix, AZ – it’s warm and sunny every day. Enough said!

2. Dallas-Ft. Worth, TX – decent housing prices and good job opportunities lead the charge for relocations to this warm weather city.

1. Atlanta, GA – locals enjoy the nightlife and the culture of NY and Chicago without the cold weather. It’s the most popular place to move for the second year in a row!

Key Findings from the Corporate Housing Provider’s Association Conference

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Our team recently attended the Corporate Housing Provider’s Association Annual Conference and we wanted to share two bits of interesting data and information we gained, literally hot off the press!

First, we learned that later this month the annual 2011 Corporate Housing Industry Report will be released. We got a sneak peak of the findings at the conference. The good news is that the corporate housing industry is poised to continue to grow.

Some stats:

  • Size of the corporate housing industry = $2.49 billion (up from $2.47 billion in 2010)
  • Number off corporate housing rental units in 2011 = 62,204
  • Average Occupancy Rate = 89%
  • Average Daily Rate = $127.01
  • Client segments: 29% Relocation, 14% Government/Military, 5% Insurance & Emergency, 21% Project/Training, 5% Interns, 26% Other

The second interesting tidbit of data we learned came from eBay, whose head of HR served as the opening speaker and who offered us a rare glimpse into the perspective of a corporate housing “corporate” client.

Last year, eBay spent $6 million dollars on corporate housing in connection to relocating 1,068 employees. It further spent $1,840,000 on corporate housing not related to relocation, a figure which was up from $786,000 in 2010.

In 2010, eBay used 17 different corporate housing providers. In 2011, the company reduced that to number to nine (9) providers. In 2011, eBay had 10,000 new hires – in 2012 the company predicts 14,000 hires.

We hope you enjoyed these interesting stats and tidbits of information we took away from the CHPA Conference. If you’re a corporate housing provider – perhaps you’ll join us there next year!

And just for fun, here’s a photo from our booth:

Corporate Housing by Owner booth at CHPA

How to Secure Corporate Rental Occupancy Over the Holidays

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Are you a corporate housing landlord worried about securing a renter and/or having full occupancy over the holidays and into the New Year?

Here are a few tips from Corporate Housing By Owner for avoiding vacancy during this traditionally slower time:

  • Keep Your Current Tenant: Now is a great time to try and negotiate with your current tenant to stay longer.  Offer them a lower price or special concession for extending the length of their lease.
  • Drop Your Price: If you’ve been advertising your property at its usual rate without any bites, you may want to consider lowering the price for the next month or so.  A price adjustment may just pique the interest you are looking for.
  • Be Flexible With Lease Terms: If your goal is to rent your unit, be open to negotiating lease terms you wouldn’t normally entertain during busier times of the year.  An occupied unit at a lower price or shorter lease is always better than a vacant one.

For corporate housing tenants, this is a great time to ask for concessions knowing that corporate rental landlords want occupancy during the holidays and it can be hard to get.  If you are currently searching for accommodations, you may just be able to negotiate a lower price, flexible lease term or some great incentives.

Both parties win at this time of year – landlords have an occupied unit and tenants get a great deal! Good luck and happy holidays!