Corporate housing


#1

I’m interested in providing furnished corporate housing instead of renting to individuals. But how to find corporate tenants? Any challenges and issues?


#2

https://zeusliving.com/property-management

I haven’t used this one but got this info from my friend.


#3

Would corporate rental be exempt from rent control?


#4

:joy:Yes. Who wants to give rent control to evil corporations?

If I’m a builder, I would only build condos. If I have an apartment, I would only rent to corporations or universities, no natural persons please :joy:

Maybe google should start offering corporate housing as a long term benefit instead of relocation benefit


#5

Zeus is a decent one, they sign 2 year contracts and their fee is first month free so in essence they pay you 23 months, but you get guaranteed rent for 2 years, and they deal with staging and furnishing and cleaning between corporate tenants. They give somewhat reasonable offers.


#6

If the corporation will enforce the rules and handle evictions otherwise forget it.


#7

I tried a few addresses and Zeus does not operate In all the areas I tried. Anyone is lucky enough to have a property Zeus is willing to accept?

Is there any other companies similar to Zeus?


#8

@BAGB - They target mostly SF, and areas near the big tech offices, so PA/MV/SV. They emailed me via my CL posting and made me an offer. So I went through all the motions, but ultimately found a good tenant on my own in the 11th hour right before the deadline to accept the offer.


#9

Do they mostly rent to new tech employees as a relocation benefit?

Also is their offer competitive with the market rent? If there’s no rent control, I wouldn’t bother with them unless they offer a lot more. Neighbors could hate you.


#10

Yes, it’s mostly to new tech employee relocation. So they probably have open contracts with FB, Google etc. I’m guessing they charge the companies probably a high amount like 7-10k if I was to guess. The offer was close to the market rate to slightly below.


#11

On second thought, I am willing to accept a market rent from Zeus. Their tenants are high quality and it’s a triple net lease. Do they take care of all maintenance and repairs?

Do they want class A properties? Is old house acceptable to them?


#12

I think so. You do have to fix what they ask for when they do initial inspection, but after that they deal with the maintenance.


#13

Here Aboda does the corporate housing. They lease apartments from apartment buildings, furnish them, then rent them to companies as short-term housing for employee relocation. I’m not sure how big they are or if they rent houses.


#14

I am talking with Zeus (apparently they are interested in my property) but my main concern is neighbors…
As a matter of fact, the person who lives at the next door of my new property made very rude comment to me when I told her that I would rent it out for a while. Since then, I hired gardener and tried to maintain the front yard well and hope that I can find nice and friendly family to live happily on that block.

However, I just declined 4th application and feel really tired now…
It looks like I am not really good at tenant screening (especially in terms of efficiency).
I got over 50 inquiries from zillow but still couldn’t find well qualified applicants.

Frankly, I wouldn’t like it if my next door neighbor turn their home into corporate housing.
What do you guys think?


#15

Your neighbor is not going to be happy no matter who your tenant is. She was already rude before you even took any action.


#16

At least she didn’t threaten you. You can get a section 8 tenant to test how good a heart she has :joy:

I find that neighbors not the landlord who has the most problem with section 8


#17

What are the problems?


#18
  1. The applicant was great. Enough income/ good credit. I accepted it. However, he changed his mind the day before we were supposed to sign the lease.
  2. The applicant’s credit was too low with past due card payment and history of bankruptcy.
  3. The applicant’s income was way too low. She said she would have good asset after she sell her current property but after I review her mortgage amount and price estimate of her home, I found that she won’t have much cash in her hands after selling it.
  4. There were many wrong information in their application. One of applicant’s credit score was too low. However, they showed me good liquid asset thus I considered them more seriously. However, I talked with their previous landlord today and found that they made 6 late payments within 2 years of lease.

#19

Lower your asking rent.:joy:


#20

Good people have become owners already. You can try to attract new people relocated from other places. Maybe send your ads to the recruiters at your company and attach to the offer letter :rofl:

My experience shows that new people from other states are the best tenant. Local tenants are the worst. Tenant ethics in other states are way better.