service apartments vs corporate rentals
- Thread starter giraffez
- Start date
there are different types of corporate rentals - what do you specifically mean?
an odinary apartment can be still be a corporate rental.
a service apartment can't as it is mostly leased to the hotel or some company like or quest.
i had a standard apartment furnished and renovated for 1k a week to a corporate as opposed to 450 per week when it was rented to students.
Are there? Really just a furnished apartment rented out to corporate clients
Is there a reason to steer clear of these?
So does it mean service apartments are guarantee income if they are leased out to other company to lease out again.
Can't an apartment be leased out to corporate clients and still be managed by an agent.
As long as they can be changed to a 'normal' rental or 'normal' sale I wouldn't be concerned. Is someone trying to sell you this as a reason to buy?
There's a poster here (Jen perth?) who owns 'normal' units and leases them out short term (6 weeks + from memory), might be worth talking to her.
They can generate a good return but are a hell of a lot of work. Do you really want a second job as a cleaning lady? These tenants have very high expectations. On a change of tenants you will have to clean every last inch of the unit and the outgoing tenant generally just ups and leaves. You will have to wash all kitchen utensils, clean ovens, wash all bed furnishings and generally get the place up to hotel room standard. It's like a hotel room except you service it at the end rather than every day.
A corporate rental is generally a property (furnished or unfurnished) which is leased to a corporate client (who then uses it to provide staff accommodation eg FIFO for remote areas). There is no management company involved unless you have engaged a real estate agent to collect the rent.
A serviced apartment is generally a managed (furnished) property where you either get an agreed return & annual increases either as a share of total income or only the direct bookings to your property. This operates like a hotel room which you wouldn't know if each unit was owned individually or severally but the management is uniform. The manager arranges cleaning, bedding etc.
A serviced apartment is generally a managed (furnished) property where you either get an agreed return & annual increases either as a share of total income or only the direct bookings to your property. This operates like a hotel room which you wouldn't know if each unit was owned individually or severally but the management is uniform. The manager arranges cleaning, bedding etc.
